Saving money can be extremely difficult, especially for students. When most people around you and people you see on social media are going out every other night, travelling the world or just buying brand new clothes and you can barely afford next weeks shopping, it can get pretty stressful. It’s no secret that I am not exactly rolling in cash right now (hence the name of this site), but I have found some very easy ways in which I can budget and save money and in some cases make a little extra money as a bonus. Let’s take a look at how you can spend less money and put some of that money away for a rainy day.
I’m not sure if this one is just me, because a lot of people I know never have this issue, but I used to spend £50+ on shopping every week – and that’s just for one person! Even if you don’t spend anywhere near that amount, there still might be ways you can cut that grocery bill down.
If you have the time and energy, why not look around at different supermarkets instead of just your favourite or the closest. Compare the prices of products and see if you could save by changing where you shop. If you’re too lazy to actually go to those shops (like me) then just take a look online and compare.
I also like to actually buy less food than I think I will need for the week, so that reduces the amount of food I throw away. I couldn’t even begin to tell you the amount of times I’ve seen people in my house throw away food this year. All that money could have been saved. If you buy less food then discover that you need more, just make another trip or order it right to your door.
Walk or Cycle
This requires effort, but maybe you could try walking or cycling if you have a bike. Save yourself from having to pay that bus or taxi fare, or save yourself some extra petrol every week. Plus, as a benefit, it’s much healthier to walk or cycle anyway.
Putting Money Away
Saving money doesn’t always have to mean throwing £10’s or £100’s in a savings account. If you have online banking, at the end of every day take a look in your bank account and if you have some spare change, put it in a savings account. For example if you have £203.56 in your account, put the 56p away. It might not be much now, but in a years time you may find that you have over £100 saved up.
Alternatively, try this: on day one, put 1p in a savings account. Day two, put 2p in, so now you have 3p overall. Day three, put in 3p. Increase this by 1p every day and in 365 days you’ll have saved £667.95. If you don’t want to do it for a full year, then you can do it for 100 days and save £50.50.
If you are looking to get a subscription to something like Netflix or Amazon, why not ask a friend or a family member if they want to share with you and split the bill. It could save a little bit of money throughout the year. If you already have a subscription, ask someone if they want to share and they might offer to split the bill with you (if they’re nice).
Cashback sites get you some of your money back when you shop. You’re not going to get back the majority of your money, it might be less than £1, but if you’re going to shop anyway, you may as well claim some of that cash back. Better in your pocket than in theirs. Why not take some of that cashback and place it in a savings account?
So those are my top suggestions on how to save some money. These methods have worked for me. What methods do you have?