7 Simple Money-Saving Tips for Young People

I am not a financial adviser, this post is just a few basic and simple money-saving tips for young people, using my own experiences.

As a young person, you can feel a lot of pressure to save for the future.

Whether you want to move out or you want to get on the dreaded property ladder, it can be daunting to feel like others are “ahead” of you in 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.

In this blog post, I’ve come up with 7 simple money-saving tips for young people

There are lots of ways to save money, including:

  1. Create a separate bank account
  2. Don’t use Apple Pay
  3. Choose discounts
  4. Limit just one thing
  5. Plan your meals
  6. Open a savings account
  7. Join loyalty schemes

Let’s take a look at how you can use each of these tips to save money.

1. Create a separate bank account for non-essentials

This is one of the best things I’ve done – and it can really pay off if you use it right!

I got a digital Revolut account because it is easy to use, and your money can be easily converted into other currencies if you need it.

Piggy bank with coins: money-saving tips for young people

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 or Google 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 a similar alternative is scarily easy. It makes it easier to spend and harder to stick to a budget. 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.

You can also get a TOTUM card for up to 3 years after you graduate – so make the most of your student discount for as long as possible.

Sale tags: simple money-saving tips for young people

Your workplace may also offer perks and discounts. For example, if you work for the NHS, there are lots of discounts you can access.

Local businesses may offer a discount for your job or age group, and it never hurts to ask. It only takes a second to check on a company website to see if you could save a few pennies!

4. Choose one thing to limit

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 any 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 for lectures.

Someone shopping with a metal basket: simple money-saving tips for young people

This isn’t great for your health, and it also means you end up spending more money. Try to plan and budget what you’re going to eat in advance so that you know you’re within a particular budget for your food.

6. Open a savings account

Opening a savings account means you have somewhere to put the money you’re saving. You can earn interest and separate out “spending” and “saving” money.

Add to your savings account at the same time every month. This could be £50 or £100 every month after payday, or when student finance drops. Every little helps!

7. Join loyalty schemes

Loyalty schemes are your best friend if you’re trying to save money as a young person. Many supermarkets run loyalty schemes, such as Asda Rewards, Sainsbury’s Nectar or Tesco Clubcard.

fresh produce in a supermarket: simple money-saving tips for young people

These programmes let you earn points whenever you buy something – and you can often get special discounts and offers on certain products, too.

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

Unknown's avatar

Author: Not-So-Modern Girl

I’m Eleanor, welcome to my little corner of the internet! I’m a freelance content writer and book lover from Yorkshire. On my blog, I write about life as a 20-something, including posts about freelance life, blogging, book reviews and more. I also write resources for bloggers and writers on my Gumroad account, including my ebook 'The Art of Blog Writing'.

82 thoughts

  1. 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.

    Liked by 1 person

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  2. 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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  4. 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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  5. 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

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  10. 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

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  12. 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

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  14. 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

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  15. 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

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  17. 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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  18. 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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  19. 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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  21. 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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  25. 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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  26. 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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  27. 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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  28. 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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  29. 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

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    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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  30. 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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  35. 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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  42. Fab tips – meal planning is essential and having lunch for work everyday so I’m not tempted to nip out. I have a save the change account where if I do spend on my card, it rounds up to the nearest pound and the difference goes into a separate account – I use that for Christmas.

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  44. Great tips!! Especially the meal planning to avoid take out food since that adds up super fast. I think the extra account is a good idea. I have one for travel stuff only so I put money into it and it builds up. Another thing is an app like Acorns, (maybe only in US but there’s my link https://share.acorns.com/dreahunt), you can set it to take away a small number like 50$ a month and I started doing it a few years ago and it’s super helpful and adds up. I purposely chose an amount that I wouldn’t miss every month although you can certainly put way more. Anyway, maybe you have something similar in the UK. 🙂

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    1. Yes that’s very true, a take away is easy but expensive! Wow thank you Andrea, this will be super helpful for me and my readers – I love finding new ways to put a little bit aside. I think sometimes it’s about changing your mentality, as much as it’s about saving money. That’s great! Thank you for reading and commenting x

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