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6 Easy Tips for Gen Z to Save More Money

Hacks
March 4, 2024

Are you tired of watching your bank account drain faster than ever before? You are not alone. Saving money seems like a Herculean task in today's world of instant gratification and endless spending temptations.

But fear not! We have collected some easy (and, yes, effective) tips to help you pad your wallet and maybe, just maybe, make your financial anxiety a thing of the past. Let’s dive right in:

Automate Your Savings Account

Saving money requires discipline. But let’s be honest, discipline can be hard to come by. Here is where technology comes to the rescue. Most banks now offer the option to automatically transfer a set amount of money from your checking account to your savings account each month.

Mikhail / Pexels / Here are some easy - and effective - that can help you keep more of your money in your bank account.

Set it and forget it. Decide on an amount you will not miss too much (even $10 a week adds up) and automate that transfer. Over time, you will be surprised at how much those little contributions grow.

Walk, Bike, and Use Local Transport

Cars are expensive. There is gas, insurance, maintenance, and parking. And for city dwellers, it can be more of a hassle than it is worth. Plus, there is the environmental impact to consider.

Whenever possible, opt for walking, biking, or public transportation. It is cheaper, often quicker, and hey, it is good for the planet. If you need a car occasionally, consider car-sharing services instead of owning one.

Your Food Service App Is Eating Your Money – DELETE It!

Yes, they are convenient. Yes, they bring you food while you are binge-watching the latest series. But have you ever stopped to calculate how much more you are paying for that convenience? Delivery fees, service charges, and not to mention the premium you pay for the food itself. It adds up... quickly.

Ketut / Pexels / Do not spend all your money on expensive food apps. Learn to cook at home and stay away from food apps to the best of your abilities.

Delete those apps! Rediscover the joy of cooking or pick up your food directly from the restaurant. Not only will you save money, but you might also unleash your inner chef or enjoy a nice walk. It is a win-win.

Keep Proper Track of Your Spending

You can not manage what you do not measure. Many of us spend money without really knowing where it goes. That daily coffee and the impromptu online shopping sprees? They all add up.

Use a budgeting app or a simple spreadsheet to track your spending. You might be shocked to see where your money is going. Knowledge is power, and in this case, it is the power to cut unnecessary spending.

Fix Things on Your Own (As Much As You Possibly Can)

In the era of YouTube tutorials and Reddit advice, "I don’t know how" is no longer an excuse for not fixing things. Whether it is a leaky faucet, a torn shirt, or a slow computer, there is likely a step-by-step guide out there to help you fix it.

RDNE / Pexels / Do not hire a professional mechanic for small fixtures (it costs an arm and a leg.) Instead, learn to fix minor things on your own, and you will save a lot of money.

Next time something breaks, take a moment to research if it is something you can fix yourself before calling in the pros. Not only will you save money. But you will also gain a sense of accomplishment and a new skill.

Cut Unnecessary Spending

This tip is about being honest with yourself. Do you really need the latest iPhone, another pair of shoes, or that gym membership you barely use? These purchases add up and can significantly impact your savings.

Before making a purchase, ask yourself if it is a want or a need. Wait a few days before buying to see if you still want it. Often, the urge to buy will pass, and you will save money in the process.

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