One thing they seriously need to teach in school, is how to manage your funds, and that everything you do in life probably requires a credit score, and how the hell to get a good one! I’m now only discovering what managing money really means in my early twenties and more importantly, how NOT to manage your money!
This post is to help people like me avoid the pitfalls that I’ve had, and for you not to learn lessons in managing money the hard way.
25 Money Managing Tips
Here’s my list of 25 things that we all know we should do with our money, and in an ideal world we all would, but sometimes even the best of us need a little reminding of how to manage our hard earned cash.
1. Shop in the sales! The first thing I always do when online shopping is have a browse in the sale first! When you’ve found your personal style rather than just following fashion trends this becomes much easier! Don’t forget, sales are also a great place to start for those wardrobe basics!
2. Speaking of shopping and fashion, my favourite site for the last few months has been Shop Style. It searches the internet for you, say you’re looking for a denim shirt, in a size 12 under £50, it will show you hundreds, either based on most popular, relevance or price! So an amazing way to find new shops you’ve never used before and grab a bargain! Sign up and they’ll also email you when items you have saved go into the sale!
3. I used to work in H&M and I still shop in there a lot to be honest. It’s great value for money aaaaaand, they offer £5 off your next £25 spend if you bring in a carrier bag of your old clothes! You can take in up to 2 bags per day, per customer, so drag your Mum or significant other with you to carry your bags!
4. Budget apps have been helping me cut back vastly over the last few months as I have a lot of saving to do! On Trees is amazing, you securely login to all of your accounts, from savings to credit cards, and it gives you summaries of how much you’ve spent on what items. You can set budget limits for things like, coffee, it will notify you when you’re getting close! Amazing way to work out your finances without using a confusing ugly Windows Excel Spreadsheet.
5. Sim only phone plans! These days people are paying close to £70 a month for the newest handset and a mobile plan which offers them, well, not a lot! You’ll be saving yourself probably about £30 a month, (£360 A YEAR!) if you buy your handset outright and get a Sim Only deal! The best deals can be found on U Switch! Be sure to check mobile coverage in your area before picking a network.
6. FREE WIFI! At home we are with BT for our internet, which means we can download the BT Wifi app login to our account and have access to all of the free BT Wifi! This is brilliant for saving your data on your new Sim Only plan, be sure to check with your internet provider for free wifi deals.
7. Sharing is caring. I pay for Spotify and Jack pays for Netflix, we share this with each other and my Mum… If you’ve got a streaming service you can share and swap with a friend – go for it and save yourself that extra money!
8. I’ve also recently got into cash back shopping apps, it’s as simple as scanning the barcode of the product and taking a picture of the receipt! There are a few that are so easy to sign up to my favourites are, Checkout Smart and Shopitize. I’m not going to lie it doesn’t always save you money, so use it on things you’d normally buy, it does take time but once you get into a habit of doing it, it becomes so simple.
9. Write a shopping list and never go food shopping when you are hungry! If you write a list of the things you need you are less likely to forget what you actually went in for, spend more than you wanted and sneak that half price share bar of galaxy into the trolly. For stationary geeks like me, there’s nothing quite as satisfying as writing a nice neat list with a smoothly flowing pen!
10. At the start of the year, I purchased a Costa reusable cup. Not only are you saving the planet from waste but you’ll also save yourself a few bob on your cappuccino, don’t forget to give them your loyalty card for extra points towards more FREE COFFEE!
11. Use up your beauty products. This is one I struggle with as I love to try and review new stuff all the time! I recently made a rule to myself not buy any more skincare and beauty products until I’ve used all my current ones up, then if items happens to be on offer when you’ve ran out then by all means take advantage of Boots 3 for 2 offer on skin care, but remember don’t purchase any more until it is all gone!
12. If like me you are a regular waxer, ask your beautician if they have a loyalty card. I’ve really made the most of that discount after every 6 treatments! You could even treat yourself to something like a pedicure with that cheeky money off.
13. Change your bank! If you are over 18, have a few monthly direct debits and over £1000 paid into your account each month, you could be eligible to get FREE MONEY just for switching bank accounts, The Co-Operative are offering £150 and Halifax are currently offering £100, be sure to check which account would benefit you the most and if there are any extra monthly charges!
14. Withdraw cash! If you take the cash out that you have to spend, when it’s gone it’s gone, which will make you more cautious with your spending habits and you are also helping to keep the Royal Mint in business!
15. Bank account rewards! I’ve recently made money back on purchases as my bank rewards me with a cash back percentage when I spend in certain places, such as New Look, Just Eat and Morrisons, pop into your bank and see what cash back rewards you can get!
16. Loyalty & Points Cards! I can’t even count the times I’ve been saved, on a skint lunch break, by points on my Subcard. Also my collection of hot drinks stickers from McDonalds saved me from many a coffee drought! Boots and Superdrug Loyalty cards are also great for picking up the odd birthday present for your gal pal at work! Also, download the Boots App! There’s always extra bonus points for buying things you would normally buy, plus the vouchers we tend to get in the post – who else always forgets to use them?!
17. Something I’ve been having to remind myself of a lot lately, if you see something you think you need, wait a week and if you still really need it then you can get it! The amount of times I’ve walked around Tesco and ended up with a new mug, blanket and car freshener is unreal.
18. Local Facebook Selling Pages! If you’re looking to buy or sell things quick, these are the best places to start! It’s local, so no shipping fee’s and for larger items people may even be willing to drop it off to you for a few bob! If you’re moving out, this is a great place to look for things like fridge freezers, microwaves and corner sofas!
19. Save yourself all those 5p’s since in the UK there is now a carrier bag fee, invest in a nice custom tote bag, I got mine from Primark for £1.50 but check out these initial ones on eBay for just 99p which is the equivalent of 20 awful plastic carrier bags.
20. For those of us that drive, or generally have any type of insurance, I cannot stress enough to shop about before just renewing your current insurance plan! Remember though, the more you check for deals by changing details, the price will go up, so make sure you are in incognito mode, or clearing that cache – damn clever cookies! Searches can also do a light scan of your credit score too! Also ring your insurance company, tell them what other companies have offered. I’m lucky enough to have been with my insurance company for the last 6 years, they offered me a massive £200 off my renewal quote just for being a loyal customer!
21. Meerkat Movies! At our age it is hard to do anything with friends that doesn’t require money! So, if you’ve shopped about for your insurance like I mentioned in number 6, managed to get a deal through Compare The Market, then be sure to claim your years promotion of 2 for 1 movies on Tuesday and Wednesday! Perfect for a horror movie date night or a chick flick with your home girl! – Quick tip, You don’t even need to purchase a full years coverage to get your cinema offer *gasps* I know right! You can simply take out travel insurance for 1 day somewhere in the UK and you are eligible – sweet!
22. Save half, spend half. I have my Nan to thank for this one, she’s always told me, after all your bills are paid save half of what is left and then the other half you can spend! It’s really tough to do this, but your future self with a mortgage will thank you!
23. DIY! Get crafty and make presents for close friends and family, there are endless ideas on Pinterest and they are sure to treasure it more than a gift voucher or a BluRay.
24. Ditch your £50 a month gym membership. This was a tough decision I had to make, I loved Virgin Active – the pool and sauna were great when you needed a kick up the butt out of a hangover. Realistically that was way too much, with amazing budget and local, non-franchise gyms around there is bound to be a better deal out there for you! I am a member of The Gym which in my local area is £12.99, so I’m saving myself £37 a month which is a lot of money! Don’t forget, there’s amazing workouts on YouTube too that you can do from home.
25. Finally, setting short term and long term money goals. Short term goals are much more realistic, achievable and there is less pressure. You’ll feel really good seeing how much money you have saved at the end of each week and that will all add up towards your long term saving goal! Whether you’re saving for a holiday to Cuba, a deposit for a house or maybe a shiny new Porsche, all those little pennies you put away are all getting you one step closer.
This was a long post, but some points and tips I feel everyone can learn from!
What ways do you save money? Let me know if you try any of these tips in the comments or on Twitter @HonestlySoph