I would be the first to admit that I like spending money. However, this month has been a bit of a spending spree. However, from today onwards, I am only spending money on necessities. I have plenty of clothes in my wardrobe, I’ve stocked up on toiletries and I have nothing significant to pay out. However, I usually am good at saving money and spending within my means. My parents have brought me up to only spend what I can afford and give me a good value of money. Here are my top tips for saving:
1. Open up a seperate savings account to your main bank account.
My savings account is an ISA as the rates tend to be better than a regular savings account. The best things about this is that I can take money out when I need to if I have a large purchase to make.
2. Transfer money regularly to your savings account.
I always transfer my student loan across to my ISA as soon as it comes in. At the end of every month, I also transfer my remaining balance when my new pay packet from work comes in.
3. Look out for special offers and plan shopping trips
I only buy skincare when it’s on a special offer, I tend to buy clothes when I have a money-off voucher or student discount from a website, I go into bargain shops to hunt out those good deals. I’m always in my local Home Bargains, Poundland and Discount UK looking for deals on food, toiletries and stationary.
4. Make social activities as cheap as possible
Don’t get me wrong, I love going out for food but my friends are all about saving money too. We only go out about once a month for food and I often have them round for a DVD day and serve a mini-buffet for dinner. For dates, Tom and I just end up grabbing a pizza or a curry from Asda and watch TV at one of our houses. We also only go out on dates about once a month at the moment. We’ve both just joined a new gym for £16 a month so we’ll go there as much as possible.
5. Sell your old stuff and make money online
I sell old textbooks, clothes and cuddly toys on eBay. I wouldn’t say I make much money but the money I make is my clothing budget. I also take part in surveys online and before you know it, you’ve got enough points to have a £10 Amazon voucher!
6. Put all change in a jar at the end of the day
I will always have a piggy bank. Any copper and silver, other than 50ps, go in a tub that I count every couple of months and put it into my bank account, I often find I’ve got at least £100 in the tub when it comes to the time to empty it! I also save £1 coins for parking that I keep in a seperate purse.
I love being able to have enough money in savings to fund my future. I don’t have a huge amount but by adding a small amount to it every month, I have a cushion should I ever need it.