I am not a financial adviser, this post is just a few basic and simple money-saving tips for young people, using my own experience and common sense!
As a young person, you can feel a lot of pressure to save for the future.
Whether you want to move out of your parents house or you want to get on the dreaded property ladder, it can be daunting to feel such pressure.
This is especially the case if people around you are “ahead” of you with their money-saving journey.
However, saving money as a young person doesn’t need to be complicated!
It can just be as simple as budgeting, or even finding a few money-saving tricks when you go out with friends.
As a student, you’re really pushed to make the most of any possible discounts, but there are also a few other ways to save money and put aside a bit for the future.
In this post, I’ve come up with 6 simple money-saving tips for young people.
1. Create a separate account for non-essentials
This is one of the best things I’ve done in the past- and it can really pay off if you use it right!
I got a Revolut account because it is easy to use, and your money can be easily converted into other currencies if you need it.
I transfer a weekly budget into this account and I only use it for non-essential bits and pieces, such as when I need to grab something from the shop or when I want to go out with friends.
The account cuts you off when you go over the limit, and I like the flexibility of knowing I’m never eating into my essential bank account when I’m out and about.
2. Don’t use Apple Pay
Okay, so I do actually have Apple Pay- but I have it linked to my secondary card.
This means I’m never taking money out of my main bank account, which I need for rent and general living expenses.
Getting Apple Pay or similar alternatives is scarily easy. It makes frivolous spending easier too. The easier it is to spend money, the more money you’ll spend!
If you know you won’t be able to control your spending, get rid of Apple Pay.
3. Choose discounts
One of the best, simple money-saving tips is to always choose discounts whenever you can- and you can do this whether you’re a University student or not.
If you work for the NHS, there are lots of discounts you can access. However, many other companies and institutions offer national or local discounts.
Local businesses in particular will help you save money, or they might offer a loyalty card.
It only takes a second to check on a company website to see if you could save a few pennies!
4. Choose something to limit
A simple money-saving tip for young people is to choose something to limit in your day-to-day life.
For me, I noticed I was starting to eat out more- and the weekly cost was building up.
I finish work at 1pm so it’s very tempting to nip into Subway or a local deli instead of cooking lunch at home.
However, if you choose something to limit, it could save you more money than you think.
For people who love coffee, try and make it at home or limit yourself to a couple of takeaway coffees per week, and see if it helps your bank balance.
Or if you spend a lot on clothes, try and stick with the clothes you have for one month, and see if it makes a difference.
5. Plan your meals
Planning your meals is a simple money-saving tip for young people, and it can have a real impact!
I noticed this most when I was at University.
I wouldn’t plan my meals and I would end up ordering food or buying something on the way home from University.
This isn’t great for you, and it also means you end up spending more money.
Try to plan and budget what you’re going to eat in advance and stick with what you’ve already bought, so that you know you’re within a particular budget.
6. Open a savings account
Opening a savings account means you have somewhere to put the money you’re saving, and there’s something about separating savings that shows it’s not for spending.
Add to your savings account at the same time every month.
This could be £50 or even £100 every month after payday, or when student finance money drops. Every little helps!
How do you save a bit of money here and there? Do you have any ideas that could help young people save money? Do you like trying to find new ways to save money?
Let me know your thoughts in the comments below 🙂
Happy reading x