Great Money Tips for 20-Somethings

At first glance, it seems difficult to live the life you deserve on the salary of your first job. Most money advice for recent college graduates revolve around how you should start now in the planning your retirement savings goals and how to choose the right investments. I've gathered some tips on how to make the most of your "fun" money and how to save while you are moving into your own apartment or socializing with friends.

Moving back home with your parents isn't always an option, especially if you've lived on your own in college. The best advice on this subject is to get one or two roommates and move out. You can't put a price tag on that feeling of independence and freedom. However, paying rent on your own apartment is pricey. Put the word out at your job, on your MySpace page or search Craigslist and find someone with whom to share expenses.

A good way to avoid overpaying at bars and clubs is to pay cash only at the bar. To save money at the end of the night, avoid using your credit card to start a tab. If you pay one dollar per drink as a tip to the bartender, it comes out to be much cheaper than paying a 15 to 20 percent tip when you settle the tab later.

Another way to save when you're out at bars or concerts is to slip one or two small bottles of liquor (the kind they give out on airplanes) into your back pocket. You'll always save money this way by avoiding the high costs of buying drinks at the event. Be sure to keep the bottles sealed until you get inside.

BYOB restaurants are better than places that serve alcohol. The same bottle of wine that costs you $15 at the store will cost $25 to $30 at the restaurant. This strategy also helps if you go out with friends who like to order fancy (i.e. expensive) drinks. If you share the tab, you won't ever have to subsidize someone else's drinking.

Finance expert Suze Orman suggests that if you have credit card debt and cannot pay the entire amount off each month, at least pay the bill on time. Paying bills late will most definitely wreck your credit score. Orman also suggests that if your credit score is good; apply for a credit card transfer which offers zero percent interest for a limited time. This way, you may be able to pay off the balance before you start to accrue interest.

It's possible to enjoy the social aspect of being young and on your own, even if you are carefully watching your finances. All it takes is a little research and patience to obtain what you want in life.