At 22, I became the youngest full-time female trader>1. Limiting lifestyle inflation
At my first job>2. Paying rent in advance
I pay my rent for the entire year up-front. This way, if I run into an unexpected situation that affects my finances, I know I'm covered and don't have to stress about my housing expense.
If you can't pay for a full year in advance, try to pay for six months, then start saving for the next six months. If you set a fixed amount of money aside and stick to your budget, you'll be less likely to spend>3. Choosing an electric vehicle instead of a gas car
When I moved from New York City (where public transportation is the norm) to California in 2021, I knew I'd have to buy a car. For environmental reasons, I opted for an electric vehicle instead of a gas car. It ended up making a world of difference for my budget.
While the average tank of gas in California is $4.68, I spend less than $30 per month to charge my car. There are so many new electric cars hitting the market, and I recommend looking for>3. Not spending money>4. Sharing streaming subscriptions with my family
I pay for our Hulu family subscription. Meanwhile,>5. Canceling my gym membership and working out at home
Gym memberships can be great, but also very costly. In New York, it can set you back by up to $3,260 per year.
For me, bodyweight exercise that I can do anywhere is my best friend. I've also invested in weights and some other gym equipment, which allow me to work out at home alongside my favorite YouTube workout videos.
I also take advantage of hiking and other free, outdoor activities that gets me moving. I love biking, and while I don't own>6. Knowing my risk tolerance
Understanding your risk tolerance can help dictate how you save and invest. I'm conservative with my investing choices, but I balance it with practical risks.
For example,>7. Planning off-season vacations
Since we're still living in a pandemic, I often work from home. But even with increased flexibility, I still need to keep my mental sanity in check. So, I travel.
Going on vacation during the off-season helps me save a lot of money. One of my favorite places to travel in the U.S. is Florida. I pay 45% to 65% less on airfare and beachfront rentals in the spring and fall than I would in the summer. And the weather is just as amazing!
