Very few of us find budgeting all that easy. But creating a strong budget and following it is essential to building your pathway to financial independence. Here are some easy budgeting tips to keep your spending in check and savings on the rise.

ALSO READ: How Do Banks Make Money: The Honest Truth

1. Make your own coffee


Everyone loves coffee. Nowadays most people need coffee, just to get through the day. Starbucks and other overpriced coffee companies provide convenient coffee to-go. However, their prices have gone up a lot over the recent years. 3 to 5 dollars a day adds up to thousands of dollars per year. Getting some coffee beans or instant coffee and making it at home is much cheaper and tastes just as good, if not better.

2. Find a Roommate or Move In with Family

Living on your own as a young person can create a tremendous financial strain. Living expenses have gone up, and rent never was very cheap in the first place. Some literature suggests that taking on a roommate can save as much as 700 dollars or more every month. However, a roommate is not everyone’s style. A person might feel more comfortable living with parents or other family temporarily, until they get on their feet.

3. Go for a Low Interest Credit Card

If used correctly, credit cards are a great way to build personal credit. Credit is required for a lot of things, including renting an apartment, buy a house, and sometimes even just get cable installed. Be sure to get a credit card that has plenty of rewards and has a low interest rate. A high interest rate will stop you from paying it off sooner. Always be smart when choosing a card.

4. Try a Budgeting App


Budgeting for bills and debt is very important. There are some incredible budgeting apps like Digit, Acorns and Mint. All you do is input your income and bills, and it helps you budget money every month. It’s as easy as pushing a button!

5. Small Investments Add Up

Getting started in small investments or high interest savings accounts is a great idea to start turning money into more money. Saving is important for retirement and emergency funds, but earning interest every month is even better. No matter how small it is, every little bit helps.

6. Skip the Fast Food

Like Starbucks and the coffee situation, fast food can get very expensive, and quickly. Packing a brown bag lunch is far cheaper in the long run, and you have the opportunity to be healthier as well.

7. Save On Gas

If you live in a metropolitan area, or where locations are closer together, taking public transportation might not be a bad idea. Gas is very expensive, and you can save a bundle on filling up by taking a bus, subway, or other mode of transportation to get around town.

8. Don’t Compare

A lot of millennials are active on social media and have a close eye on what their friends and classmates are doing. Some can fall into the trap of comparing themselves to the progress of others. This can cause some millennials to engage in unnecessary spending to keep up with their friends. Do not fall into that trap and you will avoid the financial trap.

9. Follow a Money Saving Blog

There are many great resources and deal blogs online that provide readers with useful saving tips and information. It’s a great way to stay up-to-date with all the latest money saving trends, and budgeting tips.

10. Get a Little Side Job

A miracle of the internet age is the availability of side jobs in abundance. Most millennials have above average computer skills and can make some money online or at least finding a small side gig online. Some of these jobs include:, testing websites for cash, and even taking consumer surveys.

11. Build an Emergency Fund

Coins in glass money jar with emergency label, financial concept. Vintage wooden background with dramatic light.
Coins in glass money jar with emergency label, financial concept. Vintage wooden background with dramatic light.

A major key to saving money is to build up a beefy emergency fund. The thing about emergencies is that they are unexpected. A broken car or a broken bone can wipe out an entire month’s paycheck if emergencies have not been accounted for. No matter if it is a savings account or a jar on the desk, save up some cash.

12. Start Saving For Retirement

Millennials are entering their mid-twenties now and should start thinking about retirement if they haven’t already. Retirement can sneak up unexpectedly and it means the end of a revenue stream. Surviving on a steady paycheck and surviving on a fixed amount of money are two totally different things. So be smart and save!

Two ways you to start saving for retirement investing money in your 401(k) or setting up an IRA account. A lot of people chose to do both.

What is an IRA????

What is a 401(k)?????

To learn more about tools, tips and tricks that will help you manage your spending (and your life), check out the WSS course ‘MANAGING MY LIFE 101’.


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  1. I really appreciated your article as it gives all the information required for me…………..Thanks for the information. Now i can invest in stock market with all the information in my pocket.

  2. Grate tips, thank you!
    I totlaly agree with most of it. But i’d better make a little another priority.
    2. Find a Roommate or Move In with Family – in my country if you are oboute a thirty and you don’t have your own appartment it’s a real money-eating-monster. This is the biggest payment.

    8. Don’t Compare – this is also a very hard thing, some guys buy a very expensive electrinics and gadgets they will not totaly use. Sometimes it looks wery wierd, when dude is running out of money but he has a new iphone which he has bought in credit on the top of it’s price.

    5. Small Investments Add Up – this is what many young people just don’t even think about. And it’s very important. The earlyer you’ll begin the earlyer you’d have a big profit.

  3. Many milinnials are drowning in debt due to student loans. Its a huge scam that young kids don’t understand when they sign up for them. They don’t understand the interest rate is 6.8% and that quietly accumulates the entire time they are in college. They don’t have to start paying back until graduation so they don’t even think about it. Many aren’t taught this type of economics in high school either so they don’t understand the end game. It’s sad. They end up in debt to the banks for life after graduation.