Young Adults MoneySaving Tips
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MSE_Helen_S
Posts: 106 MSE Staff
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If you've got a great tip for 16 to 21 year olds that's missing from our guide we'd love to hear them.
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Sign up for a 1 months free trail for a taste card. Which gets you either 2 for 1 or 50% off in restaurants. You download the tastecard app to see which restaurants participate in this.0
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I have 2 things that I wish I had realised when I was 17/18.
Avoid having a car if at all possible. They just eat money and insurance is ridiculously expensive. If you are only driving short journies of 5 miles or less - get a bike. You'll save thousands a year.
If you are working, even part time, you will probably never have any more spare cash in the future than you do now. OK have some fun, but don't be one of those people that turn up on the debt free wannabe board that is in debt even though they live with their parents and pay little or nothing in the way of bills and simply spends hundreds of pounds per month on luxuries. A good rule is pay your parents a third as a contribution towards household expenses, save a third for house deposit etc and spend a third on fun. Even doing this, if you are working full time, you will probably have more fun money than when you are working with a family in the future.0 -
I guess this is applicable to all walks of life, but LEARN FROM YOUR MISTAKES! At some point in your life, you'll get scammed or make a bad financial decision. Everybody does, and it's a part of growing up. If it sounds, looks, smells, tastes or feels too good to be true, then it is. Walk away! And if you're thinking of taking a risk, just make sure you've weighed up all the pros and cons.
Also, get into good habits now and live within your means. It'll make life easier in the long run.0 -
New drivers should undertake the Pass Plus course.
https://www.gov.uk/pass-plus
A number of insurers offer a discount to young drivers - and according to this site, upto 35%!
http://www.superquote.com/young-driver-car-insurance/pass-plus-car-insurance.htm0 -
Most people don't know that there is an administration fee on insurance policies if you ring up and ask what the administration fee is you can ask them up take it off - it could be 40% of the policy premium or up to £300. Sometimes policies online have over £1000 administration fee on. Due to new legislation insurance advisors can only add a maximum of £300 onto a policy.0
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Most people don't know that there is an administration fee on insurance policies if you ring up and ask what the administration fee is you can ask them up take it off - it could be 40% of the policy premium or up to £300. Sometimes policies online have over £1000 administration fee on. Due to new legislation insurance advisors can only add a maximum of £300 onto a policy.
Thats not completely correct. You'll never see an admin fee of £1000 on car insurance. especially not as 85% of insurance quotes are under £1000.
Your right about the admin fee. most companies will let you waive an admin fee (thats normally £30) once or twice, sometimes you have to haggle but it works. (Also if you change your number plate they are no longer allowed to charge you to change documents)
MSE Im not Under 21 so please dont include me in this, I will get my GF who is to write.0 -
If you're going out, take cash out beforehand and leave your card at home so you're not tempted to overspend. Cards are useful but they make it very easy to just keep spending without thinking.
Always keep a small amount of cash by your front door. This is useful for emergency taxis and emergency pizza delivery
Know how much is roughly in your bank account! If you're the sort of person who is useless at checking their bank account, talk to your bank about setting up things like text reminders which will tell you your balance and give you an alert when it drops below a certain point. This prevents you from either running out of money by the end of the month or incurring huge charges for an unplanned overdraft!
Cut down on impulsive little purchases. It's so easy to fritter away little bits of money on a regular basis. £2 in the sandwich shop, £3 for a coffee and £5 in tescos seem like tiny spends but can quickly add up. My boyfriend does this all the time and his wages go in a snap! To combat this, either reduce your need to spend on such items (take packed lunches, don't go to the shops when you're hungry, do a proper weekly shop) or allow yourself a budget (Say £5 a week) and keep that cash on you so that you can allow yourself a little treat but once that money is spent, you can't spend any more.0 -
I wish i started doing this years ago. Best way to save money on gifts is to make them!
Cards - I've recently bought a pad of different patterned papers, and used them to make cards, gift tags, envelopes and small gift boxes. Everyone loves them because they're 'so unique' and 'you've put the effort it' and it's not just a generic card off the shelf! and once you've made about 3 you've made you're money back! Can also use them to make and sell personalised cards for valentines day and other holidays
Wrapping paper - only had flowery paper left come fathers day SO i turned it onto the blank side, got out some food dye, potatoes, scalpel set and pens, and printed the word 'DAD' and wrote little sayings all over the paper. He loved it!
Presents - Best one so far is body scrubs! i got an old jam jar and cleaned it out, cut some roses from my garden, and got some olive oil, sugar and coconut oil from my cupboard. layer 1/3 coconut oil, 1/3 petals and 1/3 sugar, then top up with oil. then pinted some labels from the internet and stuck on to make pretty! this cost NOTHING and people love it! it looks so pretty, is all natural, and you can re-use all your left overs (coconut oil is GREAT for your hair!) so nothing's wasted!
If you're stuck for ideas, got to pinterest and seach DIY Gifts or similar and you'll soon know what to do
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open an savings /isa account and put a set amount each month.
learn to sow saves you a fortune (practice makes perfect )
go in charity shops theres bargins to be had on "high end clothes"
get a slow cooker easy meals and very cheap to run and can go out and leave it0 -
If you are a student move your regular bank account to the Santander Student Account and get a free 4 year 16-25 railcard just for joining and paying in £500 a term (could be the student loan). Bargain!0
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