I am not a financial advisor, 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- especially when people around you might be “ahead” of you with their money-saving journey.
But saving money as a young person doesn’t need to be complicated or daunting. It can just be as simple as budgeting, or even finding some money-saving tricks when you go out with friends.
As a student you are really pushed to make the most of any possible discounts, but there are also 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. I used to be a student, and I’ve recently moved out of my family home- fending for myself for the first time. Check out my tips for some money-saving ideas!
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 put a weekly budget in this account and 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- meaning 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- and 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 as easily as a regular bank card or bank account, get rid of Apple Pay.
3. Choose discounts
One of the most simple money-saving tips is to choose discounts whenever you can- whether you’re a student or not.
If you work for the NHS you often get discounts, and other institutions or companies often offer discounts- you just need to do a bit of digging for them.
Local businesses in particular often offer specific discounts- and it only takes a second to check on their 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 racking 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.
But 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 drinks per week, and see how 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 a student. I wouldn’t plan my meals and I would end up ordering food or buying something on the way home from University- which is unhealthy and 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, such as £50 or £100 every month after payday, or when student finance money drops.
What are your money-saving tips? 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