Looking to save up for a deposit on your first home? Or are you wanting to get the funds together for a few months of travel? Perhaps you’ve been reading up on the benefits of investing young for a fun and prosperous future.
Whatever your motivation, if you’re under 30 and trying to save money, we have seven great tips to help you hit that target fast.
Don’t trust yourself to put money away at the end of each month. Invariably you’ll spend it long before! Set up a standing order that puts a certain amount away as soon as you’re paid. That way you protect the savings and get used to living without them.
Many of us are spending £50 a month on our mobile phones. That’s £600 a year! While it’s nice to have the reassurance of unlimited calls and texts, you may find that a pay as you go mobile saves you over £30 a month. With Wifi available almost everywhere these days, you might not even need mobile data – which will boost your savings further. Give it a try and see how much you save.
Supermarkets rely on us to buy a few added extras every time we shop. A new top, a treat for dessert, an extra bottle of wine… by planning a shopping list before you set foot in the store, and sticking to it, you will save at least £10 a visit. Those savings will soon add up. After all, every little helps!
Gym membership can cost anything from £20 to £100 a month. Quitting your contract and putting that money straight into your savings will quickly boost your funds. And your health and fitness doesn’t need to suffer. There are millions of free exercise videos on YouTube with everything from weight training to aerobics and yoga. Meanwhile running, walking or cycling will give you the added benefit of fresh air.
Turn unwanted items into savings by selling old DVDs, books, clothes and shoes on an auction site or at a car boot sale. Designer or desirable items can fetch significant sums towards your investment goal.
If you buy lunch every day at work you might spend £4 a day… add in £2.50 for a coffee and £1 on snacks. It doesn’t feel like a lot, but that’s £7.50 a day, £37.50 a week…. £1,800 a year! Make a sandwich, soup or salad at home and save big bucks for your future home, car or holiday.
Do you subscribe to multi-channel TV? Chances are you’re spending more than £20 a month on the privilege… alongside Amazon Prime AND Netflix too. Cut the TV package and just choose one TV-on-demand provider. There’s always something interesting to watch – and even if not you can enjoy seeing the digits on your bank account increasing!
Follow these tips and you’ll instantly be saving more than £300 a month – without too much pain. In a year you’ll have £3,600 – a great step forward towards those all-important life goals.