Share your best ways for a young working adult to save money (with a goal towards a big ticket purchase).

Saving money, especially for a significant purchase, is an admirable financial goal. Here are some neutral tips that can help a young working adult save money effectively:

1. Set Clear Goals: Define your big-ticket purchase goal precisely. Knowing what you're saving for will help you stay motivated.
2. Create a Budget: Make a detailed budget that includes your income, fixed expenses (rent, utilities, loans), and variable expenses (food, entertainment). This will give you a clear picture of your financial situation.
3. Track Your Expenses: Monitor your spending diligently to identify areas where you can cut back. There are many apps available that can help automate this process.
4. Prioritize Saving: Treat your savings goal like a fixed expense. Allocate a portion of your income directly to a savings account as soon as you receive it.
5. Emergency Fund: Before focusing entirely on your big-ticket purchase, ensure you have an emergency fund in place. This fund should cover at least three to six months' worth of living expenses.
6. Automate Savings: Set up automatic transfers from your spending account to your savings account. This way, you won't forget to save each month.
7. Reduce Unnecessary Expenses: Evaluate your discretionary spending and identify areas where you can cut back without significantly affecting your quality of life.
8. Cook at Home: Eating out can be costly. Preparing meals at home is not only cheaper but often healthier too.
9. Explore Secondhand Options: Consider buying secondhand or refurbished items when possible. This can significantly reduce the cost of big-ticket purchases.
10. Negotiate: Don't be afraid to negotiate prices, especially for significant expenses like electronics or furniture. Many retailers are open to haggling.
11. Comparison Shop: Research prices and options extensively before making a purchase. Online price comparison tools can be incredibly helpful.
12. Avoid Impulse Buying: Give yourself a cooling-off period before making any non-essential purchase. Often, you'll find that you don't really need it.
13. Utilize Cashback and Rewards: Use credit cards that offer cashback or rewards for your regular spending. Just make sure to pay your credit card bills in full each month to avoid interest charges.
14. Side Hustles: Consider taking on part-time or freelance work to boost your income. The additional earnings can go directly toward your savings goal.
15. Stay Informed: Keep an eye out for promotions, discounts, and sales. Timing your purchase during a sale can lead to significant savings.
16. Review Your Progress: Regularly evaluate your progress toward your savings goal and make adjustments as needed.

Remember, saving money is a gradual process, and it requires discipline and patience. Having a clear plan and staying committed to your goal will increase your chances of achieving it.

​

I am currently a Financial Advisor as well, so feel free to reach out to me on IG (@ngooooied) if you have any further questions！

Budgeting best way to track and see what works/doesnt! You can check out this page for how to create a budget that works for you!

Budgeting and credit cards

I am still a student in my early 20s. currently, the way I save money is I will force myself to come out with $500 every month to buy the SSB to build a bond ladder. if I have extra money I will invest some in the money market fund as they are paying not bad in terms of interest rates. I also had some REITs that are paying a bit of dividends. As long they don't go bankrupt the money will keep coming in while I focus on what I have to do in life. All the money comes from allowance and part-time jobs. I have been doing this since last year August. As for now, I am able to get about $10 every month as an interest. 10 years down the road I know I will have the money saved 10 years ago. now it might not sound like a lot however with the compounding effect and in the future I'm going to work, I will be able to save and invest more for my future big ticket purchase.