5 financial tips for young adults

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Let's face it, saving can be difficult at any age but it can be especially arduous when you're young. With the constant call of outings with friends, new outfits for all occasions, trips away for every long weekend; it can be hard to rationalise having dedicated savings accounts or even saying no to a couple of extra costs.

After all, you're only young once; isn't this the time you're meant to be having fun? With these five tips, you'll learn how to have your cake and eat it too, or at least understand how to be a little more stable with your savings and still work in a sneaky expense every now and then.

When it comes to saving, particularly when you're younger and less experienced with money, creating that nest egg can feel a little pointless. It can be hard to ignore the constant call of retail therapy especially when you're not working towards anything.

So, find your purpose. Whether it's moving out, saving for a car, a holiday with your friends, or simply a special purchase that would usually be out of your price range; finding a motive to put money away is an incentive to stop casual spending.

Ensure your saving efforts are not going to waste. If you have one, compare credit cards to find one that best suits your lifestyle and can assist your efforts to be frugal, via their rewards and annual fee amount.

Alternatively, look into programs that benefit you as you save to make the whole experience less taxing and more gratifying.

As soon as the clock strikes midnight on your eighteenth birthday and the word "adulthood" hangs over your head, the urge to move out can be stronger than ever.

Be it to forge some independence that was previously out of reach, or maybe it just seems like a fun idea to move into a share house with your friends.

However, unless you absolutely need to leave, living at home is the best route for economic freedom. It may seem ideal to be able to come and go as you please, but staying an extra few years with mum and dad gives you the opportunity to save money that would otherwise be going towards rent.

If you're really itching to see how you'd go living outside of the family nest, make a monthly contribution of rent to your family. By the time you leave, it will be second nature and not a shock to the system.

After all, once you move out you'd like to stay out, so waiting that extra while ensures you're not only financially responsible but financially ready.

When you're in your late teens and early twenties, everybody is at different stages of life. Comparison is not only the thief of joy but also the thief of finances.

By attempting to keep up with your friends' lavish lifestyles that involve their seemingly endless amounts of time dedicated to budget-sucking activities like festivals and trips away, you're only sabotaging yourself.

It can be difficult to opt-out of the second friends night out this week, or turn down that interstate weekend away; but rest assured, by staying in your own lane and putting your money towards your own priorities you will be much happier long term and your goal to be financially independent, or at least financially responsible will be well within sight.

Much like the tip to not attempt to keep up with others lifestyles, do not fall for the illusion of social media.

Online, people can project the image of opulence and having it all, but for many, this is all smoke and mirrors. Comparing your everyday life to somebody else's highlight reel is unfairly setting yourself up for failure as the situation they position themselves as having is so often unattainable.

As well as presenting an ideal life, social media treats outfit repeating like the ultimate faux pas. Influencers are rarely if ever seen in the same outfit twice and with an increasingly sped-up trend cycle, the stylish top you spent last month's salary on will likely be out of favour by your next pay cycle.

Stick to what works for you and instead purchase items that can be worn in multiple different ways or are of good quality so that they will last past one season. Remember that social media very rarely portrays the more mundane sides of life so don't fall for the image of elaborate lifestyles and onslaught of new clothing.

This may seem like an incredibly obvious tip but learning how to grocery shop the correct way is an art. If you're living out of home, chances are that the supermarket is one of the most constant locations you visit.

Week in and out it can seem like a salary sucker, with large amounts of money being spent on food that's gone by the time you next visit. However, there are ways you can cull your spending.

Every supermarket offers varying options of the same product at different price points for most of their items. So whilst the jar of pesto with the pretty packaging may call out to you initially, instead opt for the home brand choice that will save you a few dollars.

This doesn't seem like much to start with, but if you apply this rule to the entirety of your grocery run, you'll find that you've cut out a chunk of your usual bill. Once you get to the checkout, make sure you're making the most of the possible rewards programs.

By accumulating points, you'll eventually be able to spend them on vouchers for products or even put them towards other things like frequent flyer points.

Whether you're tapping that rewards card every trip to the supermarket, or perhaps staying in with mum and dad a couple of nights a week instead of an expensive night out. Whatever you choose to do by working your way through these tips, you'll be well on your way to financial security.