finance
monthly
Personal Finance. Money. Investing.
Updated at 09:12
Contribute
Premium
Awards

Living costs soar, and inflation hits a record high of 9.6%. It’s no wonder that many of us are spending more on essentials like our energy bills and food shops.

But it’s not all doom and gloom. Luckily, there are plenty of ways that you can keep costs down. From budgeting to swapping bills, here are some ways to save money in 2023.

1 - Keep track of your spending habits

If you’re partial to a specialist coffee or like to splurge on clothes, it might be time to rein it in. To save money, you first need to consider what you’re spending. Once you’ve established ways in which you might be living above your means, you can cut down accordingly.

But it’s important to remember to keep some money aside so that you can still enjoy yourself.

2 - Reduce electricity usage

Do you like to leave lights on when you’re not at home? If so, then it’s time to put a stop to it!

Where you can, try to reduce your electricity usage in the home. One easy way to do this is to invest in energy-efficient appliances. But also take care to switch your laptop off standby and ensure that you’re draft-proofing your home.

You might also wish to invest in LEDs if the lighting costs a small fortune.

3 - Review your subscriptions

Make sure to go through and cancel any subscriptions that you no longer use. Or cancel those you’re struggling to afford.

Another way to save money on your subscriptions is by investing in a VPN with a tracker blocker. A VPN hides your identity. This means you can make purchases in foreign countries, where items cost less.

4 - Cut the cost of your water bill

It’s not just electricity that you need to reduce. You can save water by taking shorter showers and turning off the tap while you brush your teeth.

Pay bills on time

Make sure to pay credit card bills on time. If you leave them to lapse, you’ll end up paying late fees and hefty interest rates.

If you tend to forget, set yourself diary reminders. Then you’ll never miss another payment date.

Eat at home

If you’re partial to splurging on a takeaway or enjoy going to the local pub, it might be a good time to cut down.

As well as being better for your health, eating at home will save a significant amount of money. Luckily, you can create convincing ‘fakeaways’ without much effort.

Consolidate debts

Debt consolidation can be a good alternative to short-term borrowing. This is because your monthly payments will be lower. It’s also easier to manage as all your debts are converted into one simple loan payment.

Which will you try first?

One important factor to weigh is whether or not online education is the right option for you. Here are some important facts about the financial benefits of online education that may help make your decision. 

1 - Save Money On Tuition

Most online programs are significantly less expensive than traditional classroom learning. Many schools offer discounts for students who take all or part of their courses online. With so many universities worldwide that offer these courses, you can choose to attend an online school that fits your budget. By looking into the 50 online education statistics that provide insight into the cost of tuition and other areas, you can better understand how to save money. For example, some schools offer discounts for paying tuition up-front, which can be a cost-effective way to pursue your degree. 

2 - Save Money On Transportation

One of the major cost-saving advantages of online education is eliminating the need for traveling to and from school. Not only do you save money on transportation costs, but you can also save time by skipping long commutes and taking classes in the comfort of your own home. Additionally, online education allows you to easily access resources from around the world without having to fly or take a train. You can attend a course at any time of day that is convenient for you, and you can save money on transportation costs associated with attending regular classes. 

3 - Save Money On Materials

Another benefit of online education is that you can save money on materials. Many programs offer digital textbooks and other resources, which can significantly reduce the cost of purchasing traditional printed materials. Additionally, many schools provide access to library databases where students can download articles and data without having to pay for them out of pocket. In addition to saving money on textbooks, many courses also provide electronic versions of course notes, slideshows, and other important documents that are needed during the class. 

4 - Pay As You Go Option

Many online programs offer a “pay as you go” option, which allows you to pay your tuition in installments instead of upfront. This can be beneficial if you don’t have enough cash to pay your tuition in full. Additionally, some schools offer discounts for paying your tuition on time and in increments, which can help you save even more money. This allows you to spread out the cost of your education over time, making it easier to manage. When considering a “pay as you go” option, make sure that you understand all fees and rates associated with this type of payment, so that you can ensure that you are paying the lowest amount possible. Additionally, be aware that some schools require a minimum tuition payment each month, so make sure you can commit to these payments before signing up for a “pay as you go” program.

5 - Receive Financial Aid

Online students are eligible for the same federal financial aid as traditional students. This includes grants, student loans, and scholarships that can help you finance your education. Furthermore, many online schools offer additional scholarships to their students that can be used to offset the cost of education. If you are eligible, you should contact your online school's financial aid office to discuss the specifics of applying for and receiving financial aid. Additionally, you may be eligible for tuition reimbursement from your employer, or you could explore private loan options available to students.

6 - Reimbursement Opportunities

Many employers offer reimbursement programs for employees who choose to pursue online degrees or certifications. Depending on the employer’s policy, they may reimburse all or part of the cost of tuition, books, and other educational expenses that you incur. Contact your employer for more information on their specific policies and to see if you qualify for any reimbursements. If by any chance you do not qualify for reimbursement, it is still possible to finance your degree through loans and grants. Student loan options are available from both federal and private sources, as well as scholarships and grants that you may be eligible for depending on your financial status. 

7 - Tax Advantages

If you choose to pursue online education, certain tax benefits may be available to you. Depending on the type of program and degree you’re pursuing, some of your tuition expenses may be eligible for deductions on your income taxes. Additionally, many employers offer educational assistance programs that provide additional tax-related benefits. For example, if you’re enrolled in an online program, your employer may be able to provide you with free tuition or reimbursements for some of the costs associated with your studies. It’s important to research the specifics of these programs and understand how they apply to your situation before claiming any tax benefits. 

8 - Potential Increase In Earning Power

Finally, it’s important to note that furthering your education can lead to a potential increase in earning power. An advanced degree or specialized certification can make you more attractive to employers, which could ultimately lead to higher wages and increased job security. This, in turn, can help you save money over the long term as you benefit from a larger salary and more stable employment. The knowledge and skills you gain through your education can also open up new doors in terms of career possibilities, allowing you to pursue a more fulfilling professional path. Ultimately, this could mean greater job satisfaction and financial security for years to come.

By taking advantage of these cost-saving strategies for online education, you can pursue your educational goals without breaking the bank. With careful planning and research into tuition costs and other areas, you can reduce your overall expenses while still getting the most out of your education. Additionally, by taking advantage of financial aid opportunities and utilizing tax benefits, you can make pursuing your degree even more affordable. Ultimately, arming yourself with knowledge on how to save money while attending an online program is key to helping you reach your educational goals without creating too much financial burden.

Fleet management is a significant expense for any business. Even while your fleet is essential for providing prompt service, your operations will generate much less profit if it is depleting your finances at an alarming rate. Fortunately, with solutions like GPS fleet monitoring and tachograph, it is feasible to reduce fleet maintenance expenses.

It's not impossible to save costs by learning about the aspects of fleet maintenance over which you have some measure of control and implementing those changes into your business routine. Taking these five measures is the first step in the right direction:

1 - Streamline communication between all interested parties.

Drivers, shop managers, technicians, components, and third-party service providers must all be part of this conversation when it comes to fleet maintenance. An efficient fleet maintenance plan will include consistent communication with all parties engaged in the care of each asset. It's where you may get useful and timely information on cars, which can help you save money by letting you keep tabs on your assets' usage and immediately fixing any problems that crop up.

2 - Find the maintenance strategy that will save you the most money.

When it comes to fleet expenses, the decision between in-house and contracted maintenance might mean a difference of thousands of pounds. Some fleets can only effectively manage maintenance by combining the two approaches. Nevertheless, companies like Webfleet provide top-notch fleet management solutions that do not require any workforce or huge investment.

3 - Develop fleet maintenance schedules and stick to them.

Simple things like failing to plan for and stick to the dates and procedures indicated in standard fleet maintenance programmes may lead to significant cost increases. As a result of being able to anticipate how long an interval would be and how many parts, personnel, equipment, and storage space would be needed, the expenses associated with doing scheduled maintenance are often more manageable. Costs can be cut by making a maintenance plan and sticking to it. This will increase the shop's output and make the output better.

4 - Keep track of spare parts.

Fleet management businesses may save money by integrating efficient approaches to parts inventory optimisation into their regular maintenance schedule. Technicians can do maintenance and repairs faster and at a lower cost if they have access to the components they require. Maintenance and repairs may cost more if necessary components are unavailable. Ensuring the fleet vehicles have what they require means less time and less money.

5 - Make good use of modern technological tools.

An online fleet maintenance solution is an invaluable asset when it comes to keeping fleet costs to a minimum. This is because it helps manage a fleet by offering insight into all elements and identifying ways to save costs on operations and maintenance. To get the maximum benefits, use metrics to improve your management.

In conclusion, maintenance schedules are essential for keeping track of resources like time and money when it comes to maintaining a fleet. They are a part of asset management, and if they are used correctly, they should be the main focus of a fleet maintenance plan that increases productivity and profits.

 

Automated savings offers a solution that is not as overwhelming to manage and requires so little effort that you may not even realise how good it is for you until you check your savings account. 

What Exactly Are Automated Savings?

Setting up automated savings essentially helps you save a predetermined amount of money without a second thought. You can do this with the assistance of a financial advisor at a bank, through online banking, or with the assistance of online tools or apps

Once you determine how much money you would like to save, you will also want to determine how frequently you would like to have that money transferred into a savings account. Some people will opt for every paycheck, every month, or a week after every transaction. 

You will also want to consider how you want to save; are you looking to add to a general savings account, set up a retirement savings account, or invest it? If you are unsure where to start when it comes to automating your savings, below are a few tools to help you save money. 

1. Current

Current is an example of a fintech app, a new wave of banking technology that does not require any liaising with a traditional bank. Current offers a variety of accounts, such as checking and savings accounts and banking options for teenagers or young adults who are just starting to earn money. 

Current also helps its users save money through their advantageous savings account that lets you set a savings goal to work towards. Above that, they offer a generous 4% APY towards your savings, so you can earn money on how much money you save. Thus, as you continue to contribute to your Current savings account, you can earn more interest on that balance. 

Their savings accounts are referred to as “pods” that you can set up with a target and have money transferred from your checking account to your savings account automatically, so you do not have to remember to transfer it yourself. 

2. Qapital Savings

Let's face it, most money management apps and tools are dull. With Qapital, your financial activity is laid out in a visually appealing way, making it much easier to digest and understand the information you see in front of you. You can even set up your financial vision board with images you select that will help you visualise your savings goals more effectively. 

There are a few ways you can save money using Qapital. To start, if you want to customise how your automated savings will work, you can set up automatic transfers to your savings accounts entirely under your control. This helps you pivot your savings strategies when you have a change in income or circumstance, so you do not leave yourself without funds.

A second option is having a certain amount of money transferred into your savings when you make a purchase. If you are looking to follow a budget and avoid certain temptations, this could be an incentive to help you avoid those purchases. For instance, every time you go to Starbucks, you can have Qapital transfer money to savings instead of making coffee at home. 

A popular savings feature that Qapital offers that entice many savers is that every time you use your card to make a purchase, Qapital will round that purchase amount to the nearest dollar and transfer that difference to your savings. So, for instance, if you buy something that costs $2.75, 25 cents will be sent to your savings. 

This strategy can build up your savings quickly without a second thought, especially if you mainly make purchases with your card. 

3. Chime

Chime is another financial tool that you can utilise to save money automatically in a manageable manner. While Chime does not offer to check accounts, you can easily connect a checking account to Chime using a safe third-party service. You can also set up Chime so that a certain amount of money from your paycheck gets sent to their savings platform and can even earn interest on your savings. 

Chime also allows you to have your purchases rounded up to the nearest dollar, and the difference between your purchase and that nearest dollar gets put into your savings account. So, as you spend money, you save money with minimal to no effort. 

4. Mint

Mint is a free financial tool that allows you to consolidate and monitor all your banking activity on one streamlined platform. If you have accounts at a few different financial institutions, Mint is worth looking at to make managing your finances much less overwhelming. 

This app has so many features that allow you to budget, set financial goals, make plans to pay down your debt, and so much more. You can also schedule money to be transferred to your savings account automatically at intervals of your choosing, so you’ll save without a second thought. 

5. Acorns

If you are interested in using automated savings for investments, Acorns is an app that helps you do this. You must pay to use this app, but it is much more affordable than hiring a financial advisor. Acorns allows you to transfer money automatically into investments based on your information.

You can set up Acorns to use the round-up method to link your bank account and allow Acorns to see your purchases. Then, that small amount of accumulated change will be sent to an investment. You can also schedule transfers to your Acorn investments from your bank account. 

If you are looking for your savings to earn you some money for your future, Acorns is a viable option to dip your toes into investing. 

Final Thoughts

Saving money does not have to be a chore. Saving money may be something you intend to do but forget to do, and suddenly, you have spent your entire paycheck. By automating your savings, you make sure money is always going into your savings without leaving you with no money left over. Simple steps like this towards saving can pay off in a big way. 

Business growth consultant Daniel Groves shares his tips for saving more money. 

1. Commit To Cash-Only Purchasing 

Did you know that people spend more when swiping a credit card than they do when paying with cash? The “buy now, pay later” mentality of the credit card encourages financial negligence, causing many people to neglect careful monitoring of their spending. This can lead to mounting debt and diminishing savings. 

Furthermore, having bad credit can affect your future plans, from added complications when buying your first home, to renting a car. If you’re able to commit to cash-only purchases you’ll de-risk yourself from added complications later in life. A bad credit rating can scupper your future plans, affecting everything from phone contracts to car insurance and even your mortgage. If you’re able to commit to cash-only purchases for a while, you’ll de-risk yourself from added complications later in life. Of course, you will need to have taken credit to really improve your rating, but the longer you can save money and avoid debt the better.

One significant benefit of committing to cash purchasing is that you won’t spend money you don’t have. If you’ve only got £20 in your wallet, you can’t buy something that costs £25. It’s as simple as that. 

If you want to save more money, committing to cash-only purchasing is a great way to go. It will significantly reduce your spending, encourage you to be more money-conscious, and also help avoid the problem of debt. 

2. Track All The Money You Spend 

Can you honestly say that you know where all of your money goes each month? Sure, you might know how much your Netflix subscription is or the rough cost of your groceries each week, but do you know exactly how much money is going out from your account each month? 

Tracking your expenditure is a sure-fire way to take control of your spending. When you know how much is coming in and going out each month, it is easier to create a budget you can realistically stick to. What’s more, it is easier to set aside money in savings. 

Thankfully, tracking all the money you spend doesn’t require a printed spreadsheet and a pen. Nowadays there’s an app for everything - and that includes your online banking. Online banking apps like Monzo and Mint allow you to track your spending, categorise it, and stay in control of your finances. It’s a small change that can make a whole lot of difference and, really, it couldn’t be easier. 

3. Ditch The Big Brands 

We have all heard the rumours that ditching the big supermarket brands and opting to purchase the finest range of the Aldi specials can help save money, but how many of us are actually doing it? 

Ditching the big brands in favour of more affordable versions can save a significant amount on your weekly grocery bill. It might not sound like a big change, but think about how often you go to the grocery store. You will likely make £50 or more in monthly savings from that change alone. That’s a significant boost for your savings account and is a small change that can have a big difference. 

4. Monthly Roundup 

This might seem like a counterintuitive notion, but sometimes you’ve got to spend money to make money. Weird, right? Well, not with the monthly roundup many banks are now offering. The monthly roundup saves your pennies by rounding up what you’ve just spent to the nearest pound. So, say for example sake you bought a coffee and it cost you £2.75 your monthly roundup would put that £0.25p straight into savings. It’s that simple. 

Now, £0.25p being put into your savings account doesn’t seem like very much at all. In fact, you’re probably thinking it will have very little difference whatsoever. However, the roundup feature can be applied to every payment that goes out of your account. So, you could literally save hundreds of pounds every single year. If you want to boost your savings account without even realising it, we highly recommend the roundup feature. 

5. Eat Fresh And Stay Healthy 

Whenever people see adverts encouraging them to “eat fresh!” The assumption is that it’s extremely expensive to do. However, this actually couldn’t be further from the truth. Cooking fresh homemade meals is a lifestyle change that can save you money in more ways than one. It is possible to eat well on a budget. For example, you can visit the reduced section in supermarkets where fresh vegetables and bags of salad are often being sold for under £1. You can also grow your own vegetables at home. These are both small savings that can save you a lot of money in the long run. 

What’s more, eating fresh and prioritising healthy, home-cooked meals over highly processed foods and high-fat takeaways is one of the best ways to stay healthy for longer. And the healthier you are, the less money you are having to fork out for various treatments and medications. So, eating fresh is twofold. It will benefit both your wallet and your health. 

6. Save Your Fivers 

This lifestyle change can have a significant impact on your savings account. Again, this is a very small and simple lifestyle change that can make a huge difference to your finances. Every time you get a £5 note (whether change from a coffee shop or found in a jacket pocket), put it in a jar. If you do this throughout the month and then take that jar to the bank, you could have saved as much as £1,000. What’s more, simply being able to physically see the money adding up in the jar can be a great motivation to keep saving for longer. 

7. Keep An Eye Out For Deals 

There are deals and discounts everywhere, all you have to do is look for them. Whether you’re going out for dinner or heading to the cinema with friends, have a quick search online for any deals that may be available. You will be surprised how often discounts and special offers are available. Keeping an eye out for deals is a great way to make those little savings throughout the month that can go a long way towards boosting your finances. 

Final Words 

So, there you have it - 7 lifestyle changes you can make to save more money. As you can see, the changes we recommend aren’t drastic but they can have a huge impact on your savings. I hope this article has provided you with some inspiration and motivated you to start saving. 

Become Aware Of How You Spend Your Money

Before you know what you spend your money on, you can’t budget properly. Checking your bank statements is one of the best ways to become aware of your spending habits. Nevertheless, most people never do it. Looking through your bank statements can be a bit intimidating at first, given the (probably) large number of transactions. Not only is it intimidating; the many transactions can also make it difficult to keep track of your expenses. But if you will spend a little time each month looking through your bank statements, you’ll be taking a critical step towards effective budgeting: knowing where the money goes.

By looking at your bank statement, you can see:

Many banks make it easy to get an overview of your transactions by grouping expenses into different categories like food, clothing, and transport. Check with your bank to see if they do so as well - and if not, whether they can help you set up a useful budget.

Start Building A Healthy Budget Today

Based on personal experience, budgeting can be a daunting task, especially for those who have a lot of expenses and a limited income. It also doesn’t help that there are so many places to keep track of your spending, from your bank account to your wallet. But sometimes it can help to just have a simple plan, with some simple steps to follow. Here are five ways to start building a healthy budget today:

  1. Know what you spend by tracking your expenses each month
  2. Identify non-negotiables - the things you will not negotiate on buying (or limiting yourself from buying)
  3. Understand the importance of saving
  4. Set up an account for automatic savings and, potentially, investments

For the last point, it’s useful to be specific about how much you will save and invest each month; how you will allocate your income.

How Should I Allocate My Income?

In the book Smart Women Finish Rich, the American financial author David Bach shares the advice that, to allocate your income well, there are three baskets you should prioritise putting your money into: the security basket, the retirement basket, and the dream basket. The final goal with your security basket is to be able to cover six to twenty-four months of expenses, in case of emergencies like job loss; the goal for your retirement basket is to secure your retirement by investing in a retirement fund, and the goal for the dream basket is to spend money on whatever you want to spend it on.

A big part of allocating your money correctly is deciding what you will spend it on (and not). Ingvild Aagre, financial writer at Lan for deg, says there are lots of people who have expensive loans that they could easily refinance to save more money. Other unnecessary costs include subscriptions you no longer use, as well as expensive coffee brands. Checking where your money goes will enable you to better see whether you can cut any expenses, she concludes.

Best Personal Finance Apps For Beginners

Personal finance apps are one of the best ways to manage your money. They are easy to use, have great features, and are designed keeping in mind the beginner level users.

Here are some personal finance apps that will help you manage your money right from the start:

Mint: It's definitely one of the most popular personal finance apps among beginners. It has a neat UI with smooth navigation and simple navigation between screens. It also includes budgeting tools, financial calculators, and lists for categorising your expenses.

Digit: Digit is an app that lets you effortlessly save and invest your money. It's used by many private individuals, but also many professionals, including real estate agents who want to maintain their client portfolios, and investors who want to track their investments & ROI (return on investment).

Acorns: Acorns is an app that lets you invest your spare change in a low-fee portfolio of index funds. It provides an easy way to save money while also investing for retirement or other major life events.

The most useful piece of advice we can give when it comes to budgeting is that, once you start, you need to go all in. Set aside a specific time each month to allocate your income, track your expenses, and keep track of how you’re doing financially. Your future self will thank you once your consistent effort starts paying off.

Determine why you want to increase your savings

Having a clear goal in mind when you’re saving money makes it far easier to stick to your plans. Are you saving for a car or a big family vacation? Do you want to redecorate your house or pay off your student loans faster? Figure out what your goal is and write it down. You can then display that goal somewhere in your home so that you can be regularly reminded.

Set up a separate savings account

Having a separate bank account for your savings is important if you want to reach your goal. You’ll find it easier to track your progress and keep your money separated this way. Additionally, you could get better interest on your savings by shopping around for a high-yield savings account. You might also consider investing in stocks and shares with an ISA so that you get the highest payback possible from your savings.

Review last month’s spending

The next step is to print off your bank statements and carefully review your monthly spending. Categorise your spending into categories such as bills, household essentials, entertainment, groceries, transport, memberships and so on. You can then go through each of these categories and make note of areas where you could be saving money.

Set monthly goals

You have your yearly goal ready. Now it’s time to set achievable, monthly goals. When saving money, you’ll need to do one or both of the following: reduce your spending and increase your income. When it comes to reducing your spending, go back to those categories you set up and pinpoint where you could be saving. For example, you could switch smartphone plans, cut back on takeout food or meals out, cancel a TV subscription you’re not using, or even change your energy provider.

As for increasing income, this might be difficult if you already have a full-time job and there’s no chance of getting a raise. Luckily, there are ways you can make money online, such as filling out surveys, completing admin tasks, or freelancing. This list of the best websites to make money online is a good place to start.

Set up transfers to your savings account

It’s an obvious tip, but you’ll need to regularly transfer money into your savings account if you want to save. For this you have two options, you could set up automatic transfers or manually transfer money every month. Automatic transfers are great as you don’t need to think about your savings as much as the money will automatically come out of your monthly budget. Manual transfers are more flexible, so during months when you save a bit more money you can send more money into savings while during more expensive months you can send a smaller amount.

Celebrate your successes

The end goal of increasing your yearly savings will be a huge milestone, but it’s important to celebrate along the way too. Treat yourself at regular stages of your saving journey, perhaps taking some inspiration from this list of ways to treat yourself for free.

Find A Part-time Job

To earn more money, many students start working during their studies. Combining full-time employment with learning isn’t a possibility for most students, but freelance and part-time jobs could be an excellent solution. However, even working a part-time job alongside your studies can impact your academic performance. If you find yourself struggling to complete academic assignments, you may want to consider finding a trustworthy essays order service and pay for essay in a couple of taps. This simple trick will help you get your papers done before the deadline. Moreover, you will have more free time for working and hobbies. As a result, you will get an opportunity to earn more. 

Garage Sale 

If you need to boost your funds quickly, then arranging a garage sale could be a good option. Most of us have tons of things that we no longer use and might as well sell them for cash instead of keeping our cupboards cluttered. Selling items you no longer can significantly help to boost your budget.

Cut Your Expenses 

How many times per week do you usually visit clubs and restaurants? If you’re short on money, it’s time to cut your expenses. However, you don’t have to miss out on the fun completely. Next time you’re out clubbing, for example, buy just one drink instead of two or three. Instead of saying no to nights out completely simply set yourself spending limits and don’t feel pressured into spending more than what you’ve allowed. Excessive partying is an all-too-quick way to see an empty bank account. 

Set Limits For Buying Apps and Games 

Making online payments when playing games is a common thing for any student. Many students make plenty of purchases to improve their gaming performance and win more often. However, if you feel you don’t have enough money to cover your needs, it’s time to set limits. Only allow yourself to spend a certain amount each month. If it helps, write your limit down on a sheet of paper as a reminder to yourself. 

Buy Used Books 

Buying books brand new can be incredibly expensive. Second-hand books can be bought for a fraction of the price and assist your learning just as well as glossy new ones. 

Use Loans Wisely 

Many people believe that loans and credit cards lead to excessive debt, especially for students who often aren’t familiar with the full dangers of having too many loans. The best solution is to avoid taking out any loans unless you need the money for something really important. In this case, it is better to choose bank loans with a minimum interest rate. Shop around for the best deal by comparing various interest rates, and don’t be too hasty when signing on the dotted line. 

Look For Financial Aid 

Many government and financial organisations, as well as colleges and universities, offer financial aid to different categories of students. These are grants, scholarships, and other solutions that might cover a significant part of your expenses related to learning. For example, some institutions offer help with buying books or will consider reducing your tuition fees. Don’t hesitate to participate in different scholarship programmes and look for grants from non-profitable organisations in your local area. 

Organise Your Expenses 

Planning and managing your monthly expenses is a key solution to getting your spending under control. Try to write down and monitor each of your expenses and split them into several categories to understand what you are mostly spending money on. This way, you will be able to cut some of your outlay and save money. 

Saving money and improving your financial situation when studying at college is easier than you might think. Try to organise your expenses, avoid unnecessary loans, look for financial aid, buy used items, and limit your spending on partying and going to cafes and restaurants. Moreover, having a part-time job will also allow you to get more money to meet all your individual needs. 

During this time of financial uncertainty, many opt for emergency small term loans to cover the cost, however these are for financial emergency only and alternative funding will be needed. Here we are going to give you our top tips for saving money and avoid using your credit card.

Make A Shopping List

One of the main ways to avoid making payments on your contactless credit card is to have a shopping list and stick to it. In doing this, you can ensure that you have bought all the food that you need for the week at one time without spending large sums of money as a result. By having everything in the house that you could need, this reduces the need for you to travel to the shops and get tempted by a chocolate bar or other sweet treats that can be bought on impulse with your contactless card.

Avoid Fast Food

Although it may seem tempting to opt for fast food when you have had a long day in the office, it is important to avoid this temptation. One of the ways that you can do this is through making food the night before and freezing it. This not only helps you to maintain a healthy lifestyle, but it saves you money as a result. This is ideal particularly for students as this will allow them to save excess money and maintain a healthy diet.

Don’t Use Mobile Banking

Mobile banking is something that you should definitely avoid if you are looking to save money. This is because applications such as Google Pay, and Apple Pay make it easy for you to pay for items with a fingerprint or simple passkey. This will not aid you in saving money as this makes it to easy to overspend and end up buying items that you do not need. One way that you can get around this is through travelling to the bank to look at your finances or even restricting your online banking to one desktop.

Pay By Cash Not Card

When going out for a night on the town or on a shopping trip, it is very easy to opt for a contactless payment to purchase items quickly, but what about just taking cash? By taking cash with you and leaving your card at home, you restrict yourself to the amount of money that you can spend. This is particularly important if you are limited on funds as this allows you to budget accordingly and ensure that you do not overspend at any point. If an item is out of your budget at this time, you must then wait till next month to afford it.

Buy Your Own Lunch

Although this may seem like an extremely small transaction per day, purchasing lunch can actually amount to a large portion of your spending per month. In order to combat this and save yourself more money, begin packing your own lunch. This could save you an average of £5 per day which can amount to a large amount at the end of every month. This can then be saved and placed within a bank account for a financial emergency or a treat later in the year.

Whether you are looking to completely avoid using your card on a daily basis or you are looking to limit the amount that you are spending in general, you can be sure to find the solution that works for you by following one of these top tips.

About Finance Monthly

Universal Media logo
Finance Monthly is a comprehensive website tailored for individuals seeking insights into the world of consumer finance and money management. It offers news, commentary, and in-depth analysis on topics crucial to personal financial management and decision-making. Whether you're interested in budgeting, investing, or understanding market trends, Finance Monthly provides valuable information to help you navigate the financial aspects of everyday life.
© 2024 Finance Monthly - All Rights Reserved.
News Illustration

Get our free weekly FM email

Subscribe to Finance Monthly and Get the Latest Finance News, Opinion and Insight Direct to you every week.
chevron-right-circle linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram