I’m moving in with my partner in June and, as we are also planning a few little holidays throughout the year, I need to be careful with my money. I’m still a student (for a few more months at least) so I have a student loan to rely on but I also work, so the majority of my student loan is going into savings.
What are you saving for?
When saving, it’s important to have a goal in mind, whether that’s saving for a new phone or even a pair of shoes, you should constantly remind yourself why you are saving. It can be easy to stray from budgeting and spend money carelessly but, if you keep it in mind and in plain sight (I use Pinterest boards to keep me inspired), you won’t forget why you are saving and will be more determined to do so.
Have a savings account (or two)
I have three different bank accounts. One is my current account which I can use online/in-stores and it’s where all my money is paid into. I have two separate savings accounts from that, the first is where I put my rent money once I get paid so I always have enough, and the second is just general savings. Distributing your money means you only have access to what you have in my current bank and, though I do transfer money over where I desperately need it, the process of online banking gives you a minute or so to think about your purchase.
Don’t forget to treat yourself!
Another crucial tip is to treat yourself. I know what you are thinking, surely this defeats saving? I’ve found that if but myself something every now and then, say I order food or do a little shopping, it prevents me from splurging in one big go if I get fed up of saving. You can’t restrict yourself completely and need to remember that treating yourself is also important. I always make sure that these aren’t excessive, still giving myself a budget.
Keep an eye out for sales.
I never buy anything at its full price, only if it’s on sale or if I get a discount. This might sound silly but it works. By limiting myself, I automatically disregard anything at full price, leaving my bank account thanking me for it. I only by things at full price on rare occasions, such as my pandora charm which I will be adding to after my assignments are handed in this month.
Only bring cash.
If you are going on a night out, bring cash with you so you have a limit to how much you spend. I often bring my card but only leave a certain amount on it so I can’t go over. This way I’m sticking to a budget but I still am able to transfer money for emergencies.
Learn how to cook.
Those Dominoes deals can be pretty difficult to avoid, especially as a student where I’m getting discount codes thrown at me every five minutes and leaflets posted through my door. Having the ability to say no will save you a ton of money. Eat in, it can be fun trust me. My boyfriend and I are always cooking at home, only going out occasionally, and it teaches us new recipes which I love sharing with my friends.