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Articles > Money January, 03, 2017

Best Ways To Save Money And Stop Spending It

January, 03, 2017

Jodie Coulson Student Panel member. Member since September 2016.
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So you’ve got big plans to buy a car, go travelling, pay off student loans or eventually get a mortgage for a flat / house. But how to afford it when these days young people are struggling to buy their own homes?! Never fear – I’ve put together my top five ways to save money and help you reach these goals. You may think you’ve tried everything but I bet you won’t have thought of these…

Set Yourself A Tax Amount

I set myself a tax amount of 100% because it is one of the easiest ways to save money! What I mean by tax is when you spend money – even if it’s only £2 – match it and put that amount into a savings account. This works for three great reasons. Firstly, it makes you actually think about what you’re spending, something which definitely helps me put in perspective what is actually worth spending money on. Constant take-outs isn’t one of them.

Secondly, because you’ve had to match yourself, there will be less money in your monthly pot to actually spend. Useful for those of you who have absolutely zero self-restraint. And finally – when you run out of money, you’ll still have that fund for emergencies! (No, Maccy Ds are not emergencies).

Use A Change Pot

This one may sound silly, but it’s one of the tried and tested ways to save money for something special. Get a tin or piggy bank of some kind and stick all your loose change in it. Even better are those ones you have to smash in order to get into them – it’ll stop you dipping in all the time. You tend to notice money disappearing if it goes in big chunks rather than little increments. This is a handy way of saving extra dosh without feeling the pinch too much – and if you do it a lot, you’ll be surprised how much you have at the end of the month/semester/year!

Save £2 coins

If you like having the jingle-jangle of change in your pocket and don’t want to put it all into a pot, then just promise to save any £2 coins you get. They don’t come that often so it won’t make a huge dent in your wallet, but just by saving the few that you do get, you’ll find they build up quickly. Some collectible £2 coins can actually be worth quite a bit of money, so when the time comes to smashing open that jar you might just find a hidden gem worth much more than £2!

Budget For Your Week!

Again, this one sounds obvious but it will help you out massively. Budget yourself – say £100 a week (probably less if you live at home and don’t have to provide for yourself)- and then take that money out of the bank. It’s easier to see what you’re actually spending when you physically have the money on you, so this will help you both with spending less, and at least being more conscious about where your money’s going.

Hand Over Your Card.

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Okay so this might seem a little drastic, but I promise it can really help you. If you don’t think you have the self-control to spend just your budget, enlist the help of a friend or family member. Take out your weekly budget and then give them your bank card. You physically won’t be able to use it at all, so you’ll stay within your budget. Plus, it’s likely you won’t want to look like you have no self-control to whoever you gave the card to, so hopefully that will stop you begging for access!

And that is it! Start using these ways to save money and hopefully you’ll be on your way to achieving your wildest dreams!

 

If you want more clever money saving ideas then check these out!


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  1. Bijal
    January 23, 2017 at 10:48 pm

    I think self control is definitely important, buying things that aren’t really necessary like the random impulses does save you so much!

  2. Bells
    February 3, 2017 at 3:03 pm

    I tried so many ways of saving money and found the best way is to try spend less on days out, go for a walk or see what you can do for free, it’s surprising!!

  3. blessed
    January 12, 2017 at 7:17 pm

    I think another way of saving money is by giving it to the custody of someone who stays away from oneself.

  4. Giulia
    August 31, 2017 at 5:54 pm

    Starting uni life this week and already looking for tips and tricks on how to save up money. I think this article will be very helpful for the next months. I’ve never thought about setting myself a tax amount, but I guess I’ll start ASAP.

  5. Pol
    August 30, 2017 at 8:16 pm

    Great article, albeit some options for saving could have been mentioned. People can easily save money by investing in High Grade bonds, blue chip stocks, or even in Certificates of Deposit. This would make savings grow and reach your target more easily.
    And more difficult but also more efficient, rather than cutting on spending, one can reach his financial goals by boosting income.

  6. k
    April 3, 2017 at 3:32 pm

    think about long term happiness by saving money and spending it on the right need.

  7. mark
    March 8, 2017 at 1:16 am

    yahh< i think it's good idea

  8. Ayesha
    February 22, 2017 at 1:38 am

    I enjoy budgeting and saving money, I do this using apps, my supermarket, promo codes. I will keep your tips and try them out for my holiday spends

  9. Lee
    February 4, 2017 at 10:36 am

    I think these are great ideas I lack all control when it comes to spending money

  10. Alexandra
    February 3, 2017 at 12:42 pm

    I think I will try the first one, sounds great! Never thought about this, thank you!

  11. Taz
    February 1, 2017 at 8:31 pm

    This seems quite helpful! I will definitely try these tips! But the one main difficulty would be controlling myself from buying more clothes or shoes…

  12. stanley
    February 1, 2017 at 12:45 pm

    Stop buying what you don’t need with money you don’t have

  13. Alex
    January 29, 2017 at 8:19 pm

    The biggest problem is girls buy loads of clothes and boys buy loads of games but if you’re low on money you just need to figure out whats a need and when am i going to run out.

  14. pradyumn
    January 28, 2017 at 5:18 pm

    I think we can save money if we have control over ourselves

  15. Mon
    January 26, 2017 at 9:54 am

    It’s useful, I already use these tips!

  16. yasir
    January 15, 2017 at 1:41 pm

    every person sets goals, aims and thinks of their future.. and it’s a hard struggle to achieve these goals, but if you try and take advice like this article, you will achieve success..

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