Growing up and handling your finances is a step everyone has to take at some point in their life. For some, it might be easier because they are used to handling their own money from early on, but not everyone has that experience. It is necessary for every young adult to learn how to save money and keep track of their expenses. We hope that this blog helps you learn how to efficiently save money and you can gather a few tips and tricks. We have gathered a few ways in which you can be smart about your spending habits and how to help with saving up!
Keep track of your spending
It is highly important that you become aware of all the money you spend on a day to day basis. You can use an app of your preference to track every time you spend money or if that is not to your liking, you can keep the bills and write your expenses down in a spreadsheet or a notebook.
Furthermore, to succeed in budgeting you need to set long-term visions about your saving goals, to be able to plan your budget ahead. It is recommendable to be flexible when you begin saving as you do not know what your preferences are like yet or where you are able to save most. Hence, do not give up if the first few weeks do not go exactly like your plan and keep trying to find what works best for you.
Food and Drinks
Many of us do have class throughout the whole day and have to stay at the university during lunch, and if you eat at the cafeteria every day it can end up being a big expense for you. An affordable and healthy option is to meal prep! Meaning you prepare and cook your food to bring with you to university. You can prepare it either the day before or if you do not have that much time during the evening you can do it during the weekend and keep it in the fridge or freezer, depending on the meal. If you are interested in doing this but do not know what to prepare we recommend you look at one of our many recipe blogs.
If you find yourself spending a lot of money when buying food, you should consider finding cheaper supermarkets. It is even better if you go to your local market and do your groceries there, the markets are usually cheaper than the big superstores, and another pro is that they usually use less plastic. You should also research your area and try to find the nearest bulk-store close to you. In these stores you can buy food in bulk sizes, meaning in bigger sizes if you wish and you pay per kilo. This option is also nice because it makes it possible to have to go shopping less frequently for dry products (grains, pasta, cereal, etc.)
If you are looking into buying more expensive things, such as a new bike, electronics or furniture, you should definitely find your closest second-hand stores. Second-hand appliance stores are a great option if you are in need of any small house electronics or others, and we recommend you check any bikes-stores for previously owned bikes. If you are looking for affordable furniture there are also second-hand stores as well as plenty of Facebook pages. You should join second-hand furniture groups and if you are living in student housing the probability that there is a Facebook group of your housing/residence is very high, so make sure that you check them every now and then for some nice bargains.
There are also plenty of websites where you can buy and sell books. If you are looking for university required books make sure to check these websites to save some pennies. You should also find peers of your course in the year above you, as they might know someone that is trying to sell the book you’re looking for.
Tips and Tricks
Make sure to ask for a student discount at every place you go, you might be surprised where you end up saving money. Some clothing stores such as Urban Outfitters and Asos offer about 10% discount for students and there are multiple places such as museums, spas, gyms and pools that offer discounts. So make sure you ask for a student discount before you pay.
Lastly, we recommend you to open a savings account for all the money you save to make sure you do not spend it. If this does not work for you and you keep finding yourself spending your saved money, you should try putting all the saved money in a real piggy bank or in a lockable box. This technique might make help you not taking the money out. Obviously, it is necessary that you do not forget to put money in.
If you are looking into making money rather than saving, and you are looking for a job or internship make sure to check out the Career Platform for open vacancies and career advice.