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. Make the most of any University discounts if you’re a student.
If you work for the NHS, there are lots of discounts you can access. However, many other companies and institutions also 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
Not-So-Modern Girl 
These are some really great suggestions to help save money. Money management is such an important topic that should be taught to children and young people.
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I think so too, especially if you want to save for your first home or just put some money aside for the future x
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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!
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That’s great! I think eating out takes more money than you think 🙂 x
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Opening a savings account it’s so important and really help with preparing for any future goals like having a car or saving for a house
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That’s great, I’m so glad!
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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 🙂
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That must be so much easier to track what you’ve spent and earned- if my work picks up I may have to steal that one 😉 thank you for sharing Lisa, I’m glad you found it helpful x
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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!
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That sounds like a very organised way to keep track of everything 🙂 I’m glad it’s helped x
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I agree that having a separate account for non-essentials makes sense. I am envious that you finish work at 1pm. I would have a nap every afternoon if I could. Haha
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Haha I finish my job at that time, but then I start on my freelance and blogging- so I’m often working later than I should! Thank you so much 🙂
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Brilliant suggestions, planning my meals definitely reduce spending too much money by a lot! I know exactly what you mean with Apple Pay, I only use it if I forget my card. x
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I think that’s very smart! I think meal planning can save money 🙂 thanks for sharing x
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These are ALL great suggestions. Thanks for sharing! I personally pay myself first when I get paid, which helps.
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Thank you! That’s a nice idea x
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Great tips! Planning ahead makes such a difference.
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Thank you! I agree x
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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,
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Thank you!
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Thank you Alicia, I agree!
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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.
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Thank you! Yes I think it makes you think- or it should anyway haha I’m still working on it x
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These are such great money saving tips! Thanks so much for sharing them!
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Thank you 😦
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Oops 🙂
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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.
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Thank you! I think that’s a great benefit of it yes, thanks for sharing x
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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!
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Thank you Heidi 🙂 I think it can be hard to stick to a budget- but this helps x
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These are great tips. Planning your meals can save so much money and can also help you have takeaways less.
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Thank you Kelly 🙂 I think so too, it’s so tempting to get a takeaway but it’s a good idea to reduce them when possible x
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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
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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!
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Thank you Molly 🙂 that’s a great idea! I definitely have a lot to learn x
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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
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Thank you Elle 🙂 I think it can definitely help especially when you’re paying rent or bills regularly x
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These are all great ways to save money. I like the idea of having a separate account with a weekly budget. Planning your meals also saves a TON of money. Thank you for sharing!
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Thank you 🙂 planning meals saves so much money, waste, and helps me stay healthy x
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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! 💚
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Thank you so much Ami 🙂
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I don’t use Apple Pay even though it’s set up on my phone as I know it’s dangerous for me to have that easy access to my card! A great post about money-saving tips! x
Lucy | http://www.lucymary.co.uk
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Haha it can be so tempting to spend when you know how easy it is
thanks for sharing Lucy x
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These are all great tips, especially setting aside set amount of money each month. That makes a world of a difference!
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Thank you 🙂
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Love these suggestions! I’m planning to open another bank account for savings and non-essentials. Thanks for sharing 😀
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Thank you! That sounds like a great idea x
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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 🙂
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Thank you! Yes I think guilt-free spending is the best 🙂 that’s a great tip! Food and drinks can be so expensive, so enjoying time at someone’s house is a fantastic idea. Thank you for sharing x
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A separate account for non-essentials – really a great idea. Other points are also really helpful. Thanks much for this informative blog post 🙂
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Thank you so much x
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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
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Yes I think Monzo is similar to Revolut cards. That’s a great idea, than you for sharing 🙂
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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.
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Thank you for sharing Charlotte, I hope you manage to reach your goals 🙂
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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
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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 🙂
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These are great tips. I always try to budget myself and tell myself that I won’t eat out every week. I have tried to only eat out if I need to.
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That’s a good plan! I try to only eat out when I go out with friends and family- but it’s hard haha x
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I like discounts! Meal planning on a weekly basis is one the best way to budget as well. Thank you for sharing!
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Thank you! Yes I agree, meal planning makes sure I am healthy and on budget x
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This is such a good post, I’m loving all of your tips, especially the one about creating a separate account xx
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Thank you so much Della, I think that one can really help x
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That a good idea, it can be so hard when you’re out with friends but I think that really helps 🙂 thanks for sharing Rosie!
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These are all great tips, Eleanor! I have done the same with my Apple Pay card and put a secondary one to avoid spending all my money – it’s just too easy to tap away here and there!
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Thank you Simona 🙂 I think it’s the right choice for me too haha x
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Good ideas. They should teach budgeting in schools. If you still go into the office try taking a pack up lunch most days. The spend on bought sandwiches and lunches can really build up.
If you know you’re going to be getting your own place in a years time start a budget savings account well before you move in so you’ve got something towards all the costs you have to pay up front as soon as you move in.
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That’s a great idea, spending money on food and drink out can get quite expensive! Thank you for the suggestions John, I agree that budgeting, taxes, finance etc. should all be taught in schools
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