Saving money during the first part of adulthood is the most challenging thing you will ever do and it can seem completely impossible on all accounts. In order to save money we need to have money to spare, and as a young adult, you may not think you have this. But here are some helpful tips to get you on track and allow you to save money for your life.
Cut out unneeded spending during your everyday life. Make coffee at home instead of buying one at work, cook your own food and avoid spending sprees. Think about ways you can cut your other costs in life too. You could refinance your student loan with refinancestudent.loan for manageable payments, change your energy provider for a lower price and other things too.
Name your savings account
When you open a savings account you will likely just leave the name as it is, because who thinks of naming their savings account anyway? However, you can name your savings account something fun because this will likely encourage you to save more money. If every time you go to view your account you are faced with one which is called ‘Holiday fund 2018’, you are much more likely to save something on there.
Set up your savings at a different bank
If you seem to find that every month you take money out of your savings account and place it in your current account to spend, you need to change your habits. Open up your savings account with a completely different bank and then you won’t see the account every time you log in to your current account. This will stop you from dipping into your savings at every possible opportunity and allows you to save up more money in the long term.
Use only cash for a month
When we go into the shops and spend money with a credit or debit card, it is easy to become carried away because we simply a not see the money leaving our purses. However, if you challenge yourself to only use cash for a month, you will soon notice that you spend less money, because you don’t want to spend it. When you pay with cash you can see the money leaving your purse and it feels more real, and this stops you from going over the top with your spending. Wherever you can, bring cash with you.
Bring food on the go
One of the easiest changes you can make during your days is to bring food and drink with you. Rather than just buying a coffee and lunch at work, you can save much more by buying your own food and preparing it for the week. It will likely be much healthier for you too and this can be beneficial.
Entertain at home
Rather than going out every weekend you need to save the money by staying in and entertaining at home. Entertaining at home can be more fun than going out sometimes and you have the added bonus of wearing your pyjamas!