I'm 21 and this is the first year I have finally started to take my own finances seriously, it's not all about spending all of your money on clothes and make up and food (especially food) it's more about saving for my future. Taking any money I earn and taking a percentage of it away and popping it aside for things I may need in the future, whether this be saving for my future house, car or even a holiday I am still keeping that money away for something I may need in the future and I am happy with that. Did you know more time is spent organizing music collections than is spent sorting out pensions!
For the last few years every penny which I earned was spent straight away and although at times that has to be the case for bills and rent, I am trying to be more conscious with the money I spend and trying to stay out of the red. It's important for to remember although I have student money now and two jobs there will be a point when I don't get that student money anymore and I can't fall back on other people wanting them to bail me out. I have to rely on myself and that time has started now. For this post I decided to share some of my top tips for saving with you and hopefully they help you out in some way or another. Did you know 10% adults don't even review their own finances?
The amount of times I've set a budget, and planned to stick to it and within hours I've seen an amazing pair of shoes in the sale and blown a weeks budget in one sitting, it happens we are all human. But it's important to remember that money could be used for something more important. Do you eat lunch out everyday whilst at work? Do you go to the cinema on a weekend? If you want to stick to your budget include it in there, don't feel bad that might be higher at least you're being honest and more likely to live within your means.
Put money aside (change works for this):
My biggest tip for this is to get a tin which you can't open unless you obviously use a method of force, meaning you're less likely going to want to go in there. The idea behind this is to get loose change out of your purse/wallet whenever you get home and chuck it in there, the more often you do it the more that it adds up. I have two separate ones, one for anything over 10p and one under 10p that way it's easier to separate out at the end! Once it's full you take it to the bank or a coin star and you've got some extra money for a rainy day.
Do you want it or do you NEED it?
I am the worst for this, I'll go out and end up seeing things I want and referring to it as needing it and buying it anyways, if you have 50 nail varnishes you do not NEED another, nor if you have multiple jackets or similar t-shirts. Only buy things you need and which you'll use, that way you'll save money cutting out the things you don't actually need.
Keeping on top of your financial admin is important to stay in the green and be great with money, to secure yourself a money worry future when you hit the age of your pension. The lovely people at Standard Life have created a book full of useful little tips to help with savings and being more money aware. Which you are able to download online and I will also be giving away two copies on my Twitter, stay tuned if you fancy winning yourself one. I hope this has helped give you some tips for saving and you managed to somewhat enjoy it!
*In collaboration with Standard Life