You’ve hit 20 and it’s great. Freedom and adventure. It all sounds amazing until you realize that most everything you want to do costs money. So, what can you do to make the most of your 20’s and enjoy life, while still being able to afford the necessities of day to day life?

Well down below are 10 rules that will allow you to have the best of both worlds, without having to sacrifice your dignity.

Rule 1: Use a percentage-based scheme to save you money.

This was initially created by Elizabeth Warren with her 50-30-20 plan. To do this, you look at how much of your total income you need to survive. By need, we mean bills, rent, and groceries. Work out what percentage of your wage this is. Then look at the rest and break that down into percentages for wants and savings. 

Rule 2: Prioritize! Prioritize! Prioritize!

Take a look at the money you get and what you plan to spend it on. If you don’t need something, wait a week before getting it. If you still want it then move forward. This will help save you from the clutches of impulse purchasing.

Rule 3: Do the penny challenge.

This involves saving a set amount every day for a year. You start on day 1 with $0.01 and add another each day. So by day 2 you’d put in $0.02, day 3 you’d add $0.03 and so on. On day 365 when you add $3.65 you will have $667.95 in your bank!

Rule 4: Fake it ‘til you make it. 

We all love going out for our favorite beverages, especially with summer creeping up around the corner. However, each trip to your local coffee shop eats away at your wallet, especially the popular branded stores. 

So if you really want your beverage fix, then why not try making your own at home? This is tried and tested and comes at just a fraction of the cost. Plus, most coffee chains are now in supermarkets, so you can use their beans in your concoctions too!

Rule 5: Even more DIY!

Why stop at beverages? If your room needs a spruce-up but you’re on a budget, you don’t need to spend all your hard-earned cash on decor. It’s easy to find inspiration online for a variety of ways to change up your style. This may mean a fresh coat of paint or adding a throw or some cushions. Job done without the nasty price tag attached!

Rule 6: Don’t be afraid to use charity shops for clothes.

We’re all more than happy to donate our old clothes to these shops, but why is there a stigma attached to buying there? There shouldn’t be. Imagine getting a fantastic new outfit, paying only a small amount, AND knowing your money is going to a good cause rather than a large corporation. You may have to search more, but in the long run, you will save a lot of money.

Rule 7: Don’t forget to treat yourself.

If you try to save all your money and don’t enjoy the moment as well, then it will become a chore rather than the build-up to something exciting. While it is important to put money away, remember that you have a life too and should set some money aside for having fun.

Rule 8: Avoid taking out finance on products if you can. 

Chances are, at some point you will have seen a new computer or car advert stating, “finance available” and be tempted because you can have what you want and be able to pay it off in small installments. But this won’t be doing your bank balance any good. Overall you tend to pay a lot more than the retail price on something that will instantly start losing value. So live within your means and you’ll be better off overall.

Rule 9: Get to know your area.

Even the simplest of things can save you money. Start looking into your supermarkets and local stores for reduced items. These tend to be in one section of the store, and you can end up buying quality food or other items for far less than they usually sell for. These items tend to have a small shelf life, so stock up and fill your freezer. Cheap meals anyone?

Rule 10: Always pay off your debts.

While we usually focus on how we can personally save money, it is important to mention that if you have borrowed from someone, you should always try to pay them back promptly. Never treat yourself if you know someone has been kind enough to lend you money they might need right now. This is a good practice to have since after all, wouldn’t you want to be treated the same? 

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So, what are some money rules you might have?