5 Ways to Become Financially Free(ish) in Your 20s

– by Jennifer Enchin – 

drinks

We millennials don’t need to be rich, but it would be nice to be able to pick up the round

Please share, it’s good karma! 🙂

For some reason, the millennial generation is famous for being perpetually broke. Blame it on the economy, blame it on the job market, blame it on our famous “laissez faire” attitude, but we’re not exactly swimming in the dough. We don’t even want to be rich; we just want to be able to buy our friends a round of drinks when the mood strikes. Is that so much to ask? We want to become financially free to do what we want, within reason of course. Here are 5 ways to make your bank account hum.

  1. Save Up a Good Chunk Of Change
cash

You didn’t listen to your parents, but just a little savings goes a long way

I know, Captain Obvious to the rescue. You already know that saving equals good. Your parents have probably told you this a thousand times, but you don’t do it, do you? By keeping your savings account full, though, you’ll never feel stuck for money and you’ll even give yourself the illusion of being financially free.

The best way to slowly grow your savings is to make an automatic transfer every week. Commit to about 100 dollars per month and you’ll have a rainy day fund to dip into when the urge – or when catastrophe – strikes.

 

  1. Use Your Skills
Have a skill like playing guitar? Earn some extra money in your spare time

Have a skill like playing guitar? Earn some extra money in your spare time

Do you have any abilities or talents that can be potentially sold as a service? Maybe you can teach guitar? Or cook meals for busy moms who don’t have the time? You can even go back to babysitting – a good babysitter is practically impossible to find. Start thinking about the possibilities. Think of what you’re good at, and then figure out how to sell it. You’d be surprised what some people are willing to pay for.

 

  1. Become a Private Contractor

Increase your money flow by becoming a private contractor for companies like Uber, Favor or Foodora. It’s something you can do in your spare time and will give you that extra flow of cashola. The best thing about being a private contractor is that you create your own schedule and work on your own terms. It’s almost like being the boss of your own company!

 

  1. Make a Budget for Your Groceries
Save money on groceries to give yourself more money for fun stuff

Save money on groceries to give yourself more money for fun stuff

Why not give yourself a grocery budget so you have more room to spend on the fun stuff like eating out or going to a concert? Grocery shopping is already a chore, so guess what? We’re going to make it even more mundane by giving you a spending limit. You actually might start liking the challenge of keeping within a budget on your grocery shop. It’s almost like a game. Look for the sales and try cheaper protein sources like beans and tofu. By cheapening up one area, you’ll free up some cash to spend more on fun stuff!

 

  1. Sublet Out Your Living Room or Office

If you need to add some more cash to your savings account and you have an extra room, why not sublet it out? Websites like AirBnB make it easy to connect with travelers who need a place to crash for a week. You’ll meet some new friends and you’ll get some extra cash for basically doing nothing!

 

Jennifer Enchin is a freelance writer living in the big city of Toronto. A self proclaimed musical theatre geek, philosopher and playwright, Jennifer spends most of her time in the rehearsal studio or dreaming up the next big hit.

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