Young People’s guide to saving money

Posted on:   Posted by:

Let’s save you some serious £££!

Saving money is hard, especially when you are a young person. There are so many reasons why you may want to save money. Whether it’s to buy some new clothes or driving lessons or to save for university or a trip away from home. Here are some useful tips to help kickstart your money-saving.

Ask for pocket money

If you’re living it home, ask your parents for pocket money in exchange for doing chores around the house. You don’t have to get much, but even 20p every time you do the dishes can add up. Say you wash the dishes 5 times a week – that’ll add up to £1 weekly. If you wash the dishes 5 times per week for a year, you’ll end up with £52! Remember, not all families will be able to support each other with pocket money and that’s completely okay. There are other options for you, such as getting a job.

Get a job

Getting a part-time job is an excellent way to start getting some income. It’ll give you more responsibility and an understanding of saving your own money. There are so many part-time jobs you can do which are flexible around your current commitments. Popular part-time jobs include getting a job as a cashier for a supermarket, a retail assistant, doing the paper round, dog-walking and babysitting. You can find lots of different jobs online using job-search sites such as indeed.co.uk and reed.co.uk. Depending on the type of job, you might also gain an understanding of how national insurance and tax works which will be extremely useful to you in the future.

Create a savings account

Having a savings account may seem daunting, but it’s a great way to keep your saved money separate from your spending money. Putting a little amount aside into your savings account monthly will enable you to save up for one of those big spends. Savings accounts usually have slightly more interest than current accounts, so you’ll gain a bit of money for just letting your cash sit there!

Use student discounts

If you are a student, sign up for student discount cards. Some are free or require a small fee for the card, but it can save you loads in the long run. UniDays, Student Beans and TOTUM are all really popular student discount platforms that can be used at many name brand retailers which can get you a good chunk off your purchase.

Don’t be impulsive

If you see something that you’d like to buy and it’s non-essential, don’t purchase it straight away. Wait at least two weeks before you buy it. Quite often, you’ll forget about the things you wanted or you might talk yourself out of it because you realise you don’t need it. If you do still want it though, shop smart. Look around for the best offers to save a couple of quid on your purchases – every little helps!

Useful links:

Visit TheSprout’s Money Information Page

Cyber Essentials Logo

Funding Partners

families first
cardiff partnership
promo cymru
TheSprout : News and Information for Young People in Cardiff