As a student, you can find yourself spending huge amounts of money without meaning to however, one of these money-saving methods is bound to work for you whether it’s budgeting or committing to a 52-week savings challenge may free you from all your money worries.
Increase the money you set aside per week, with week one starting at £1. By week 52 you’ll be putting aside £52 and the total amount saved could be £1,378!
It’s seriously effective and you can even use this handy checklist to make sure you do those weekly payments. I’d recommend putting this money into a savings account as this will make you less likely to spend it. Also, try not to take money out from this account and think more about what you’re spending your money on and if it’s actually adding to your happiness.
Check your bank statements and add up the money you spend on luxuries. Once you know this, you know how much you can save by living a more basic lifestyle.
A money jar
Get yourself a money jar, preferably one that you have to smash to open as this will stop you from withdrawing from it at any point!
With this method, you can just add any loose change as you go or if you’d prefer, add a certain amount each week. At the end of the year, you can smash the jar and see how much you’ve saved (and it’s also quite satisfying to smash!)
The £5 challenge
Every time you get a £5 note as change you have to put it away and cannot spend it meaning you have to break into a new £10 or £20 note. This will seriously put you off those impulse buys and hopefully leave you with a grand sum of lots of £5 notes at the end of the year!
I’ve tried to do this on multiple occasions but have found you can budget all you like, it’s your mindset and willingness to follow your budget that’s the hard part! I suggest ruling out impulse buys, they may not seem like much at the time, but they will add up.
Secondly, scrap those expensive brands and go back to basics. Whether its supermarkets or clothes shopping, its super easy to save once you stop getting things you don’t need. When you’re thinking about buying something, ask yourself if it’s actually going to add anything to your life, maybe even try and hold off the purchase and see if you still want it in a few weeks, then if you do you can get it.
Make a meal plan. This will stop you from buying more food than you need and stop food from going out of date as you can plan to use it in advance. For me, this was a big one and it meant that I ate healthier as I wasn’t just eating anything I could find in the cupboard (usually pasta!).
Stop getting takeaways!
If you’re really craving a Dominos or a curry, go to your local supermarket and get their alternatives. This can be a great way to get a few friends together without having to spend loads. A sharing takeaway box from the supermarket can be around £3 per person which is a huge saving compared to the £15 takeout for two.
An effective way I’ve saved money
There are always things I want to buy or do, so now instead of buying something on impulse as soon as I see it or want it, I’ll put the money I would have spent into my savings. This way my account would be the same as if I’d bought that item, but I will have it in my savings for when I want a nice holiday or something I’ve wanted for a long time.
Don’t worry if you don’t see results straight away, try different things and see which ones work best for you. Have a goal set in mind to work towards and this will help you stay motivated. However small your savings, it’ll all add up.