10 savings tips for your 20s when you love spending money

Young people vintage shopping

Whether you want to live it up on a Euro summer trip or just have some extra cash in the bank for a rainy day, saving in your 20s can be tricky. Everyday expenses can add up and you don’t want to sacrifice your social life - money is made to be spent right? 

What if we told you there are some simple ways to help you save money that won’t leave you living like an NPC in your own life. 

Here are 10 tips a 20-something who loves spending money probably won't recoil at the thought of:

Achieving your financial goals is the new impulse spending.


1. Treat cafe coffee as a delicacy

No, buying a coffee is not a daily birthright, it is a special little treat. If you are buying $5 coffees twice a day like the rest of us caffeine addicts, that’s $50 a week (roughly $200 a month!). Brewing your cup of joe (or matcha) at home or in the workplace as your daily ritual puts some money back in your pocket and still satisfies your cravings.

2. Uber eats does not replace grocery shopping

It is very easy to rack up food delivery costs, it’s just so easy and convenient - especially when you’ve been out the night before. However, grocery shopping allows you to pay for what you need and getting creative in the kitchen is fun, as well as cost effective.

3. Enjoy a drink at home rather than out

It may not be as glamorous as ordering fancy drinks, but mixing up your favourite drink at home is a great way to still enjoy nights out without the usual morning-after bank account fright.

4. Stream for free

Did you know you can get free content online? From YouTube movies to a Kanopy subscription through your local library, there's a lot of ways you can watch your favourite movies without spending a dime. Streaming services, whether you have 1 or 5, are an additional cost you pay every month that you can potentially do without. 

If you have a passion for fashion, you might want to buy into the latest trends. Second-hand shopping can be a cheaper alternative to find the vibe you are after, and is a greener option to buying new clothes.

6. Walking is fun

You might have heard of the hot girl walk. I have now decided that this actually includes walking for transportation. You might not be on board with this if your destination is too far - totally fine - but walking is free and a great form of exercise. Two birds, one stone.

7. Do you actually use your gym membership?

Religious gym goers, this isn't for you. I am talking to the people who think planning to go to the gym is the same thing as going. Is your gym membership rotting away but you’re scared to get rid of it? Cancel it. Get creative with your exercise and think about the money you will be saving weekly.

8. Budgeting isn’t just for the older generation

Taking control of your spending isn’t just something you do when you’re ready to buy a house, it can help with any financial goals no matter how small. Yes, it will be tedious to track your spending, but once you have done the budgeting groundwork it’ll be smooth financial sailing. Check out our guide on how to create a budget or use our budget calculator to get started.

9. Set up automatic payments for savings and bills

Did you know that we only wake up with a certain amount of decisions available in our brain? Hands free payments are a way of the future and can help reduce money stress. Scheduling automatic payments is a great way to ensure your money is being taken care of in the background of daily life.

10. Consider opening a high interest savings account

Choosing a good savings account for your needs can compliment your savings goals. There are a few things for you to consider when looking at savings accounts and at Mozo we compare all the data for you to make it easier.

Check out some of our picks:

Compare savings accounts - last updated 19 June 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.

  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

  • PremiumSaver

    5.45% p.a. (for $0 to $250,001)

    1.50% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.


^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.