6 Simple Money-Saving Tips for Young People

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

67 thoughts

  1. Before Covid I used to work and be outside for 12-15 hours daily. I would usually eat and buy coffee and the daily budget for these two things was really big. I realized that during lockdown when noticed how much money could be saved just cutting of those two things. I also have a separate account for my daily expenses and for the main expenses. I think your tips make perfect sense!

    Liked by 1 person

  2. My student days are a looooooooong time in the past (!) but meal planning was an essential part of saving money. I also like the idea of having a separate account for non-essentials – I have a separate account for my freelance business, which makes end of year tax returns etc so much easier. Really helpful tips, Eleanor, and not just for young people 🙂

    Liked by 1 person

  3. These are all incredibly important to remember! My husband and I have a super detailed spreadsheet of our financial obligations each month and then what our income is and how we can budget between the two of us. It has made such a difference in the way we spend and save!

    Liked by 1 person

  4. I am a firm believer and always have been since reading The Wealthy Barber many years ago. These are great tips and are sure to benefit many! Thanks for sharing,

    Liked by 1 person

  5. All great suggestions for saving money.

    I think once you set up these automatic things, like a spending account, you naturally only spend what you have in there.

    Liked by 1 person

  6. Really great tips for young people starting to manage their own finances. I love the idea of having a separate account for the non-essentials. It limits the possibility of using money meant for something else and getting into debt.

    Liked by 1 person

  7. These are wonderful tips! I wish I had thought of having a separate bank account for “fun” spending when I was younger. It would have kept me out of debt, for sure! Thank you for sharing!

    Liked by 1 person

  8. Some great tips. I really wish I was more sensible with money when I was a teenager; I really did throw it away on too many nights out. Not using things like Apple Pay which makes overspending too easy is a great tip x

    Like

  9. These are great tips — and ones most of us could/should use. I have a separate account for all bills so that there is no mix ups and I use rent money mistakes, etc. I wish I had got more financially literate when I was younger as it would have helped avoid the issues I’ve had in the past. Thanks so much for sharing!

    Liked by 1 person

  10. I’m always looking for tips on saving money so this blogpost has come in handy! I’m thinking of opening a separate account so I don’t take from my main. I love these tips, thank you so much for sharing Xo

    Elle – ellegracedeveson.com

    Liked by 1 person

  11. Thats a really good idea about having a separate account for non-essentials, I never thought of that! I’m going to use my other account for that from now on, thank you for sharing these tips! 💚

    Liked by 1 person

  12. This is all great advice! I have a non-essentials account too that I treat as a kind of “petty cash.” I love it for the same reason you mention that I know I’m not using up any essential money and I can spend it guilt free.

    One thing that I love doing which saves money is normalizing hanging out with people at home. It can be so fun to cook dinner with friends instead of going to a restaurant or have someone over for tea instead of going to a coffee shop. Going out is fun too, but adding in times of hanging out at home can help with saving and creating memories 🙂

    Liked by 1 person

  13. A separate account for non-essentials – really a great idea. Other points are also really helpful. Thanks much for this informative blog post 🙂

    Like

  14. I believe Monzo allows you to track your spending in real time. You could also get a top up credit card to control you spending. That way you can add your budget to it for nights out and leave the rest of your cards at home, that way you should never spend more than you want to

    Like

  15. This is a great reminder for me. I really need to save money. I have recently opened a saving accounts. Hopefully this will help me. I have find that planning out my meal has helped save money. Thank you for sharing.

    Liked by 1 person

  16. Hi! I’m Matt 🙂

    Thanks for publishing your six simple tips!

    I’ll add something if I may.

    Always spend less than you earn, and always save before you spend.

    Living within ones means is always a good idea. Borrowing to pay for living costs is always going to lead to unhappiness, frustrations and potentially unserviceable debt. I’ve been there, seen it and done it with regards to owing a lot of people a lot of money!

    If someone has a plan to buy something, I recommend putting the money aside and into a savings account before spending a penny on anything else.

    Payday is savings day. Whatever is left over should be used to live within those means.

    Thanks for giving me the opportunity to comment 🙂

    M – http://www.ThisHappyHuman.com

    Liked by 1 person

    1. Hi Matt! Thank you so much for your input and suggestions. I completely agree that debt should be avoided unless absolutely necessary, and trying to live within your income is always a smart move for your mental health and the state of your finances. I always try to put a little bit aside at the end of the month- and I love that turn of phrase, payday should be savings day. Even if you only save a little bit each month, it can soon amount to quite a bit. Thank you for sharing your thoughts and connecting with me, I appreciate it 🙂

      Liked by 1 person

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