Boy in cape.

Ways to save money

It's easy to overspend when starting out, so here are ideas for cutting down expenses.

Young adults may find it difficult to save toward big financial goals — such as buying a house — while still enjoying their hobbies and social lives. The good news: You don't have to sacrifice fun with these simple ways to save money.

Use coupons and sign up for automatic-coupon browser extensions

Several websites and apps offer great deals to save on hundreds of items whether you're at the grocery store or the mall. Sort your printed coupons by retailer or store section in a binder and keep them in your car for easy access. Meal planning around your grocery store sale flyer in addition to using coupons can increase your savings further.

Signing up for browser extensions that automatically apply coupon codes to online purchases can make saving easier when you don't already have a coupon and don't have time to search for one.

Host a potluck dinner

Cooking meals at home is usually healthier than eating out, so skip happy hour "deals" and host a potluck dinner with friends instead. Set a budget beforehand and ask each person to bring one or two entrees, sides, drinks or desserts.

Find free activities

Local community calendars often list events and activities many of which are free to the public. If none pique your interest, make up your own: Go on a walking tour of interesting spots in your neighborhood or city, take up geocaching or look into volunteering for a local community organization.

Shop secondhand

Browsing secondhand stores is a great way to find deals on clothes, books, sports equipment and furniture. Before purchasing, always check the quality of the items and make sure the offer is legitimate. You can also refresh your wardrobe by organizing a clothes swap, or make some extra cash by selling unwanted clothes to a local consignment store or one online, like Tradesy or Poshmark.

Reduce electric usage

Household appliances that stay plugged in could account for up to 8% of your energy usage even when they're not in use. Unplug certain items, such as computers, DVD players, coffeemakers, lamps, phone chargers and other kitchen items, to help reduce your electric bill.

Try no spend days

Every day you don't spend money you are saving. Challenge yourself to a no spend day once a month, then change it to one day a week and see how much you can save.

Pack a lunch

The average American spends $3,000 a year eating out. Think about how much of that is spent at lunch and how that amount would look in your bank account instead. Packing a lunch is an easy solution to save some money.

Consolidate debt

If you are making payments to multiple creditors, it's possible you could save by consolidating your debt.

Save automatically

Have money automatically deposited directly to your savings account from your paycheck. Called "paying yourself first", this can be an easy way to save.

Apply the 30-day rule

If there's something you want to purchase, write down its cost, and then revisit it after 30 days. You may no longer feel it's necessary, or you may decide it's something worth saving for.

Decide how hard you're willing to work for something

Divide the cost of something you want by your hourly wage. That will show you the amount of hours you'll need to work to pay for the item. Then, decide if it's really worth your time.

Don't give up

If you make a mistake, don't let it keep you from moving forward. Look at your mistake for what it is — a lesson to learn from. Think about what led you to making it, and try to remember that in the future. Remember all the good choices you've made and don't let one mistake make you feel like a failure.

The information in this article was obtained from various sources not associated with State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates). While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. State Farm is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. State Farm makes no guarantees of results from use of this information.

Start a quote

Select a product to start a quote.

Find agents near
you or contact us

There’s one ready to offer personalized service to fit your specific needs.

Related articles

Financial wellness tips to help improve your financial future

Get ahead and learn how to improve financial wellness through simple spending, saving and budgeting tips.

Budget breakdown

You can have a budget — and still live the life you want to live. Budgeting is a simple and reliable resource for shedding unwanted debt, reaching financial goals, living a healthier financial lifestyle and maintaining true financial wellness.

Who wants to be a millionaire? Find out how long it takes

Enter your age, savings plan, and what you currently have saved to discover the time it will take to reach your goal.

Types of personal assets and how to manage them

The basics on the types of assets, how to protect them and when it's time to liquidate.