Do you wish you had a bit of extra cash in your account? Are you stuck on ways to save money? Do you want to do something about it? Well then, look no further you have come to the right place! Oh wow that sounded like an ad for one of those we can help you help yourself adverts. As a uni student every penny counts so managing your money well is very important. I’m not going to lie, I’m really bad with managing money but I have learnt a few tips on how to make my money work for me. It can be hard to save, especially if you don’t have a large income coming in. As P.T Barnum once said “Money is a terrible master but an excellent servant”. I have come up with a couple of tips that will hopefully help you save and be practical with your spending.
1) Find out where your money is going
I know it’s painful to think about where your money is going but it has to be done. When you look at a breakdown of your expenditures you’ll soon see that there are definitely some things that you can live without for example, I found out that the majority of my money goes towards food and clothes. My impulse buys and love of junk food has left my bank account looking depleted. One minute I am window shopping and the next minute I walking home with a bag of clothes. Now I try to shop for necessity instead of on impulse. Don’t get me wrong, it’s good to splurge and treat yourself sometimes but not on a regular basis.
2) Set yourself a goal
If you have a target amount or something that you want to save for then it can act as good motivator. Every time you want to spend money on doughnuts or chips just think no, I’m saving for that holiday I want to go on next year or whatever it may be. I like to think of it as saving money now to get an awesome reward in the future.
3) Give yourself a weekly or monthly budget
Weekly or monthly budgets will help you reduce your chances of splurging and focus on what is necessary. For example, if you have a £100 budget for the week you could use £30 on food (that’s your weekly shopping done) and have £20 that you can do whatever you want with, the rest of it you save. I find that I’m more likely to spend if I use my card so I withdraw the amount I want to spend for the week so I can see how much I’m spending and where it’s going. It’s an easier way to monitor where the money is going.
4) Focus on yourself
Everyone has a different financial circumstance. Someone else’s budget may suit them but not suit you. Concentrate on what is best for you.
5) Set up a savings
Set up a savings account and pay money into it every week or month. Try not to check up on how much is in the account regularly because you may be tempted to spend it on something silly. I would say check it every 3 or 4 months that way when you do check you’ll have a nice surprise waiting for you.
Fry some eggs; find Narnia and thanks for reading!