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14 Money-Saving Tips Every 18-Year-Old Needs to Know

9 days ago

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It's time to become an adult! When you turn 18, you are officially an adult, and there are some things you need to know.

The great thing about being 18 is that you still have your whole life ahead of you. That means that the things you do now, the skills you learn, and the habits you start will have an outsized effect on the rest of your life. You can become financially free and you can become rich- you can do the things you need to get there now.

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If you adopt a frugal lifestyle at 18, you create a habit that will allow you to become financially free in years to come. When you turn 18, start doing these frugal habits, and you will quite literally change your life.

1. Learn To Cook

If you don't know how to cook yet, you must learn. Being able to cook for yourself is the biggest life hack.

Learning to cook will save you a lot of money. Eating out daily can cost a fortune in the long run. Check out recipe blogs or watch YouTube videos to learn how to cook decent meals to feed yourself.

2. Buy Used

If possible, avoid purchasing things you need new. Go to thrift stores or yard sales and look for the stuff you need to save money. You can also ask your family members to gift you stuff they no longer use. Especially for a young person, textbooks, clothing, sports equipment, a bike, or even a car are all better used. Get in the habit of sourcing used items before buying them new.

3. Keep Track of Your Spending

Knowing where every penny you have goes, you can make informed choices about your purchases. This is the best way to know exactly where and how your money goes. Use an app like Mint, Quicken, or a spreadsheet to keep track of these expenses. Categorize everything - rent, food, entertainment, and other expenses you have.

4. Avoid Being Cheap

Being cheap can be expensive in the long run. Buy something because you find value in it and not because it is cheap. Buying something cheaply that will break down and replacing it again soon may be more expensive in the long run. Be smart and frugal, but not cheap.

5. Leave the Joneses Behind

Peer pressure is real when you are a teenager. But don't let that derail your future. Don't buy things you don't need to impress your friends. Don't start your life in debt by accumulating stuff you do not need just to look cool among your friends. Stay away from drugs and alcohol- your real friends will respect your decisions.

6. Have an Emergency Fund

An emergency fund is an important contingency plan for when things go bad. You never know when that will happen, and it is good to stay prepared. Start saving money, and you will start up for a better financial future than most Americans.

7. Don't Use Delivery Services

If you can help it, avoid delivery services because they are a money pit. It soon turns into an addiction you may not afford. Many young people are in massive debt as they try to justify spending hundreds or thousands of dollars per month on delivery services they cannot afford. Avoid using them now so you get into the habit of doing things yourself.

8. Invest

Investing when you are just 18 will make a huge difference in your future. Take out 20% of whatever you make and invest in something that gives you cash flow. You may choose to invest in long-term stocks that have a compounding effect. If you start early, you will have a considerable amount tucked away within several years.

9. Live Life

Go for things that give you joy and truly matter to you. Concerts? New shoes? Fancy cheese? Travel? Whatever brings value to your life is worth investing in. Do not ignore those things. Have fun and enjoy life, but do not overindulge. Don't throw away your youth just to save money.

10. Learn To Say No

Don't be quick to agree to what everyone asks of you. People could waste your time, money, or energy. Do not be pressured to go partying and spend too much on booze. Don't feel like you have to give of yourself when you don't agree with things. Stay true to yourself.

11. Learn To Make Do With Less

It's amazing to be able to live a life with less. Living a minimalistic lifestyle will serve you well as you go into adulthood. Ask yourself if you really need something before you buy it. Always work with what you have and avoid getting into unnecessary debt. Be creative.

12. Make More Money

At 18, it's time to start making money. Working on building a nest egg now and gaining skills to help you make more money as you get older. Focus on investing in yourself with education and networking so you can have many options as you get older.

13. Learn to DIY

Just like learning to cook, learning to do some DIY and basic building and maintenance tasks will serve you really well over your lifetime. Get a basic tool kit to help you fix things around the house. This will save you money you would have spent on a professional. Do basic repairs and simple installations yourself. YouTube is a gold mine for tutorials on how to do a bunch of things around the house.

14. Learn to Do Free

Get things for free! There are so many things that you can get for free if you know where to look. Learn to love the library. Many libraries have free free audio and e-books! Some also work for free with Hoopla (TV shows, movies, and more e-books) or Kanopy (foreign films, documentaries, and indies). Learn to look for free activities so you don't need to spend money on entertainment. Not everything needs to cost money.