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14 Great Money Saving Tips For People In Their 20's

Updated: Nov 11, 2021

If you struggle to save money on a regular basis, you are not alone.

In the UK, the average amount of savings for people between 18-24 years old is just £2,481. And for 25-34 year olds, it is slightly higher at £3,544.


This website was created to improve those statistics!

In this article, I will share 14 great money saving tips that will help you decrease your wasteful spending, which will leave you with more money to save (and invest ;))!

I will cover expenses such as food shopping, household, insurance, motoring, furniture, eating out and leisure!

Don't waste your food!

Did you know that the average person throws away £15 worth of food a month?

That's £180 per year!

To prevent food wastage, make an effort to buy only what you think you will eat during the week. You can do this by planning your meals for the week ahead, and then buy accordingly.

If you do end up having food left over which is approaching the end of its shelf life, you can freeze things like milk and bread to make them last beyond their use by date, as a last resort.

Also, make use of plastic food bags to make sure things like cheeses or meats don't go off quickly, and seal them properly. I had some cheese go off the other day and I was heartbroken :(

Cut back on takeaways

I can hear the boos already!

Everyone loves a takeaway, but did you know the average person in the UK spends around £450 a year on takeaways?

This roughly translates to 3 takeaways a month, at an average cost of £12.34 per takeaway.

Of course you may spend more or less than that. But it is worth considering cutting down on your Friday night pizza banquets.

Having just one less takeaway a month could save you £148 a year!

And if you really can't do without them, check whether the food delivery services you use regularly have any reward schemes or special offers (don't buy an offer just for the sake of it though!)

For example, companies such as Uber Eats and Deliveroo offer big discounts on first time orders, so its worth considering them next time if you don't use them already.

Shop around for insurance at renewal

When your insurance policies come up for renewal, it is always worth spending a bit of time using price comparison sites such as to see if you can get a cheaper deal elsewhere.

This applies to any insurance you may be paying out for: car, health, contents, home, travel etc.!

You can save hundreds of pounds a year for just a few minutes of research.

My car insurance renewed in October and I had a quick check before my renewal to see if I could get it cheaper. Luckily my provider has given me a great deal and I don't need to switch (£30 cheaper than anyone else), but I wouldn't have known that if I hadn't looked!

Keep A Good Credit History

If you have a good credit history, it is likely that your insurance premiums across the board would be lower.

You can keep a good credit score by repaying debt on time, not applying for credit too much, and even updating your details on the electoral register when you move can help!

This can save you money as you'll qualify for better interest rates on credit cards, financing cars or other loans.

If you've never checked your credit score before, you can do it for free on websites such as Experian. The higher your score, the better!

Buy second hand furniture

Some people are sceptical about buying second hand furniture, but they really shouldn't be.

If you're looking to move out of your parents or about to buy your first home, you can save so much money by buying used furniture, instead of brand new!

Most people look after their furniture very well. Even if it is in slightly less desirable condition, it doesn't take much effort or money to get rid of a few scratches on wood or give a sofa a clean!

Websites such as Facebook Marketplace and eBay are filled with quality second hand furniture. I bought a wooden TV cabinet from Facebook Marketplace for £30 when I moved and its as good as new.

So if you're looking to buy some of your own furniture for the first time or want to upgrade some of your old or worn out stuff, give it a try!

Make use of price matching deals

Some companies have a price match policy, whereby if you find their product cheaper elsewhere they will refund you the difference.

Curry's are a popular example of this. Granted there is a bit of work involved (you have to sign an online form and make a claim, which could be rejected), but if the price difference is significant, I believe it is worth at least giving it a go! even give you a refund if the price of an item you bought on their site drops within 7 days of you purchasing it!

Don't Use Your Cars Air Con at Low Speeds

Moving onto motoring now and did you know you could save a fair bit on fuel if you didn't use the air con in your car at low speeds?

Instead, use your car windows to cool down or get fresh air!

However you should do the opposite when travelling at high speeds, windows up and aircon on. Such as when you're on a motorway. This is because opening your windows at high speeds increases the drag, which means the engine has to work harder and thus uses more fuel.

It's a small habit, but it could save you a good amount if you are driving regularly!

Never Buy A Brand New Car

New cars are notorious for losing value immediately after purchasing them, which is why I recommend you should never buy a brand new one.

Instead, I'd recommend buying one that's at least three years old and done a maximum of 30,000 miles. This is because it's new enough to be reliable (touch wood, not always the case), but old enough that its value has fallen a long way from its initial price.

This is what I did with my current car, a Vauxhall Corsa. I bought it in 2017 when it was three years old for £8,000. Considering brand new Corsa's in 2021 are worth £16,000 I probably saved at least a few thousand buying used rather than new.

It's also a good idea to trade-in your old car for the new one if its possible, as this will save you even more money!

Buy In Bulk

There are items that you need at home every week, so it is cheaper to buy these items in bulk so you don't pay for them as often.

You should buy items such as toilet paper, bin bags and cereal in their maximum possible size.

For example when I moved into my first house in May, I bought a 24 pack of toilet roll, and I have not bought toilet roll since. And I'm not even half way through the pack yet! (apologies if that is TMI :D)

Switch Plugs Off

Turn everything off around the house that you are not using, and you could save a lot more money than you think.

Leaving phones or laptops on charge when they are already full is like walking around your neighbourhood dropping pennies everywhere.

Leave your router and TV on, that's it!

Use Loyalty Cards or Vouchers When You Eat Out

Most restaurants nowadays have some sort of loyalty or reward scheme, even if you eat out a few times a month, it's worth getting them!

With Nando's you can earn free stuff after spending £21, and with Turtle Bay you can start earning rewards from £7. There are several takeaway restaurants such as Subway & KFC that have good reward schemes too.

I know it doesn't look very cool using coupons or loyalty cards/apps, but I think its far cooler to not pay more than you need to!

Don't Buy Drinks When Eating Out

This may be an unpopular one, but consider not buying any drinks when eating out at a restaurant.

Tap water is free, whereas a glass of wine or a pint of beer is normally north of £5!

Soft drinks are around £3 so for a family of four you could save £16 in one go if you just drank water.

(Ok, might be tricky to convince the kids, but try it every now and then!)

Pay Monthly For The Cinema

Going to the cinema is painfully expensive nowadays. First there's your admission ticket, then the price of popcorn and a all adds up.

However some cinema companies offer a subscription, such as Cineworld, which means you pay a monthly fee to watch as many movies as you want and can get discounts on purchases inside the cinema. However this only applies to 2D movies, if you want to see 3D or IMAX you will still have to pay a reduced fee.

If you regularly visit the cinema this will save you huge amounts of money. For the Cineworld card you only need to go twice a month to start seeing savings.

Buy Video Games Second Hand

Video games are another commodity that seems to be getting ridiculously expensive, but it needn't be that way.

There are second hand stores such as Cex that sell pre-owned products (not just video games but phones, consoles and blu-rays as well).

You can get big discounts buying games like this. For example Star Wars: Jedi Fallen Order is currently £45 brand new from GAME at the time of writing, but you can buy it at Cex for just £15.

I've bought some relatively old games from there that cost me just a few quid and I had a great time with, so it's worth looking at places like this!

Looking for pre-owned games on eBay, Facebook Marketplace and Amazon are good places to get discounted games too. People sell their unwanted games for much cheaper than they're worth just to get rid of them!

If I helped you save money with this article, please consider buying me a coffee on Ko-Fi. Any coffee's received will be reinvested back into the website and not uploaded to Instagram with a self-absorbed caption.


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