• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

1. Try this budgeting hack

So you’ve made a trip to Costco and arrived home with more slices of meat and fresh produce than you know what to do with. Even if you got a good deal, how can you ensure you haven’t purchased too much food and won’t end up wasting any?

As usual, it starts with having a budget, and this simple technique popular among Gen Z can make it easy to not overspend on things like groceries.

It’s called “cash stuffing” and it’s a trend that has spread on TikTok and YouTube.

Just take your paycheck in cash and divide it into envelopes based on your budget, including expenses and savings. You could use the 50/30/20 rule and split your income that way — 50% for your needs, 30% for your wants and 20% for your financial goals.

So if you have $100 set aside for groceries each week, take that amount out of your "groceries" envelope and bring it with you to the store. The idea is this is the maximum amount of money you have to spend on food. If your bill ends up above $100, you will be forced to put some items back, which can reduce the amount of food going to waste in your fridge. This not only keeps your spending in check, but also encourages you to be more frugal while shopping.

Meet your retirement goals effortlessly

The road to retirement may seem long, but with WiserAdvisor, you can find a trusted partner to guide you every step of the way

WiserAdvisor matches you with vetted financial advisors that offer personalized advice to help you to make the right choices, invest wisely, and secure the retirement you've always dreamed of. Start planning early, and get your retirement mapped out today.

Get Started

2. Check thrift stores

Another tactic for cutting back on your spending is to shop at thrift stores and snag any great deals on clothing, furniture, cookware, dinnerware, and all kinds of accessories.

Many young Americans are becoming more conscious about the environmental impact of their shopping habits and are opting for sustainable and affordable alternatives.

Just don’t go overboard with all the discounts and buy more than what you need — it’s important to shop with intention.

You can put any cash saved toward your emergency fund or retirement savings.

3. Diversify your income

Gen Z is hustling to make up for the narrowing gap between the current cost of living and their wages, whether that includes taking up a side gig or taking more risks with the stock market.

Consider renting out your garage or a spare room in your home through Airbnb. Or take a look at what’s lying around in your closet and sell any gently used clothes and electronics on reselling platforms like Poshmark and eBay.

When it comes to investing for your retirement, it’s probably best not to place your odds at the races — which often comes with more risk than reward.

Consider more “shock-proof” assets like real estate or gold instead.

Sponsored

This 2 minute move could knock $500/year off your car insurance in 2024

OfficialCarInsurance.com lets you compare quotes from trusted brands, such as Progressive, Allstate and GEICO to make sure you're getting the best deal.

You can switch to a more affordable auto insurance option in 2 minutes by providing some information about yourself and your vehicle and choosing from their tailor-made results. Find offers as low as $29 a month.

Serah Louis is a reporter with Moneywise.com. She enjoys tackling topical personal finance issues for young people and women and covering the latest in financial news.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.