Our 10 Easy & Sensible Ways to Save Money
A few weeks ago I did a talk at Greenwich University - a Big Picture Seminar. The event was really well attended, with more than 150 students coming along to discuss the important topic of money management, both for their present lifestyles and their future.
Unsurprisingly, the hottest topic was student loans. We recognized the importance of financing your studies in a manageable way, but also how to actually make sure you have enough money to fund your day to day life. Weekly and monthly budgets are tight for those guys, be their income from maintenance loans, “bank of mum and dad” or income from paid work.
Christina, who has been my intern at Vestpod, also joined the conversation and shared some of her best money savings tips. She recalls that her biggest challenges during her uni days were:
· Saving earlier
· Knowing how to make more money
· Sticking to a budget
So while I know most of you reading this are no longer at college (much as we might wish we were!), I do think we can all be inspired by the lessons we worked through with the Greenwich students to come up with some cool saving tricks. They may seem small, but mini-hacks like these can add up to save a decent pot of money at the end of the year and perhaps even more importantly, engender in you the right saving mindset. So here are my favourite ones:
Food shop in the evening. There will be more offers to take advantage of. And consider keeping your eyes low to register the best deals: the goods placed on shelves at eye level tend to be the most expensive.
Travel off peak or by bus. Plus looking out of the window at the people and buildings as you pass is surely better for the soul than staring at your phone in a black tube tunnel?
Try having a No Spend Day each week. Prepare a packed lunch, have your to-go coffee cup ready and experience the smugness (I mean personal fulfilment) of knowing you can get through a day without shedding a tenner on stodgy processed food that probably doesn’t make you feel so great anyway.
Go back to cash! Why not take cash only on nights out? It’s definitely a good way not to overspend. And who knows, you might feel 15 years younger going out with just a twenty in your back pocket…
Pack lunches. This is a way of bringing the spirit of No Spend Day in to every day: it doesn’t need to be a boring old sandwich wrapped in clingfilm and looking sadly up at you from the bottom of your handbag. So many cool influencers and bloggers are sharing their favourite lunchbox recipes (hey Hazel @thefoodmedic on Instagram). If you meal prep on a Sunday and save say £5 a day, that’s £1,300 a year! Hello weekend at a 5 star hotel- I mean, emergency fund…
Shop vintage and help preserve the planet. Don’t we think there are enough “things” out there already? When we buy something new, we continue to produce more. But most of the things we need can be bought second hand. I have started to buy all my books second hand, and that can be done via Amazon or eBay as well as your local charity shop. And the same for clothes: everyone knows that in smart areas of town ladies regularly donate last season’s dresses and bags to their local thrift store, so get ready to snap them up.
Food wise, don't shop when you're hungry. How many times were you tempted to pick up that Nakd bar at the checkout? They are here for a reason and it’s not to help you get richer.
Invest in a money book that will pay for itself in saving and investment tips. “You’re not broke, you’re pre-rich” costs £7.91 on Amazon at the moment or borrow it from someone in the Vestpod community. The fabulous e-book from blogger Alex Stedman is also full of saving tips (£4.99)!
Revise your subscriptions to streaming services like Netflix. And are you really getting the most out of Amazon Prime or is it encouraging you to make more needless purchases? Get with the program and reduce your bank fees by checking out an app such as Bean or Emma.
Check out your local farmer’s market. Buying fruits and veg from there is often cheaper than at the supermarket.
Armed with these handy hints, there’s time to add a good chunk of cash to your Christmas budget, holiday budget or just to lessen the load of any debts you might have. And you’re going to feel so good each day that you follow one of our tips because you’ll know you’re doing right by your future. Just like a good student.
Do you have any tips to share? Please comment below!