Young Adults MoneySaving Tips

Missawalton21

Trains can be booked up to 3 months in advance to get the cheapest advance fares. Some companies will send you email reminders to let you know when these fares are released. A young persons Railcard will get you extra savings.

Air fares are released 333 days before the flight so for flight only deals, plan ahead and get the fares cheap as they have only just been released. The fewer seats available, the more expensive the flight!

Happy Travelling

Netwizard

Dont throw your money away. Start saving bits and pieces early. It can help you in later life.

Rather than buying that Vauxhall Corsa brand new on finance for £300 a month over 5 years, go for a second hand option, especially at a young age where insurances are a crazy price. And on the subject of insurance, always use comparison sites and add parents. Dont forget quidco cashback too.

Rather than buying that brand new iphone 5, how about a second hand 4s.

Dont go out every weekend spanking hundreds of pounds on booze only to throw it up a few hours later.

Be frugal, you might need the money for a rainy day.

Oh and if you have a girlfriend / boyfriend. Always use protection. Thats the biggest money saving tip for a young one!!

anarchied

I've a couple, although most of them are common sense!

It's NEVER too early to save, you're NOT old and boring by spending an evening looking around for the best savings/current account, and taking a day or two to draw up a rough budget (especially important if you're in uni) could stop you eating cornflakes for a week.

If you travel via train to get to/from work/college/uni etc, then a 16-25 railcard is your best friend and will get you 1/3 off train tickets. I believe one year is £30 and three years is £70 - so if you travel at least once a week on a train with a fare of at least £4, you'll recoup that £70 in savings in the first year. Do double check the T&Cs though, as a 16-25 railcard isn't valid on some journeys on weekdays until 10am or without a minimum fare. If you're in London, get an 18+ Oyster card - if you search around, you can get 35% off. Similarly, a season rail or bus pass/ticket may work out cheaper - but, once again, do check.

Don't buy ready made sandwiches or meal deals unless you absolutely have to! Bread, margarine, cheese, sandwich fillers etc work out to be MUCH cheaper. Same goes for most foods; make meals in bulk and freeze.

Walk/cycle everywhere you can. Driving is expensive at best!

Don't get something because you "want" it - or at least wait a week and, if you still want it, ask yourself if you can afford it, if you'd use it, if buying it would affect you financially for the rest of the week/month/year and if you have space for it.

I swap my clothes, gadgets, toiletries and the like - if I buy a new pair of jeans, I flog/give an older pair to charity, etc. Rotating clothes means no holey shirts

You can get stationery, toothpaste, face wash and pretty much everything else on eBay or Amazon for ridiculous prices - but make sure that they're registered sellers to avoid cheap knockoffs (especially important for personal care items).

There's no shame in supermarket budget brands or discount shops. They really can make your money stretch a bit better and, the majority of the time, there's no difference in taste or quality.

Frozen or tinned food is cheaper and lasts a whole lot longer than fresh food. Frozen fruit is awesome in the summer and can be eaten straight from frozen (some fruits may need to thaw a little beforehand or may only need freezing for a few hours) or can be used to make smoothies, pies, make yoghurt a bit more interesting, etc.

If you're a student, ask EVERYWHERE for a student discount and always carry your student card with you everywhere! I've been given student discounts at independent shops as well as high street giants. If you shop online at Amazon a lot, then the NUS card may be worth investing into.

Research panels are great as you get paid for your opinion - Valued Opinions is my favourite (no, I'm not an employee and no, I haven't been paid to say that!)

Housesitting during the holidays is great - you don't have to pay rent/utilities and have your own space.

browneyedbazzi

Know what's in your bank account and what's due to come out of it so you can plan your spending and avoid fees - online banking which allows you to regularly check your balance and see what's going in/out is your friend!!

miller

If you are in further education, check with your local authority what travel discounts they can offer you.

Find out your relevant council and search their website for deals - they are not well publisised.

For example, an A-level student studying in Surrey could qualify for 33% off their rail season ticket when they purchase a card for £25.

(Not to be confused with the 16-25 railcard which does not offer discounts on season tickets).

marisco_2

Learn to budget and live within your means early. If you apply for a credit card treat it with respect. Paying huge amounts in interest is galling and means you end up paying 2 or 3 times what something is actually worth. In worst case scenarios you could also negatively effect your credit rating which has implications for years to come.

Set up a savings account and put a set amount in each month. This will soon build into a nice little nest egg.

When you pass your driving test drive around in an older car for a while. You will have the odd bump and knock as you get use to parking, reversing, navigating around etc. Your insurance premium will be so much lower.

When you get your own place set up an account to pay all your bills by direct debit. Lots of companies offer discounted rates when you pay this way. You can put a set amount in each month, that you don't touch and know that all your expenses are covered. Shop around regularly to make sure you are getting the best deals on utilities, insurance, broadband etc.

Prothet_of_Doom

Based on my youth.

Cars / Motorbikes : They will destroy your finances. Like a free phone on contract that you drop in the sea on the first day, the purchase price is neglibile compared to tax, insurance, and petrol. But what will kill your cash is repairs.

The £600 overdraft I had when I finished university, exactly reflects the amount of money I spent on insuring an RD350LC during my final 2 years.


Women : You can't afford them.

The exact sum of my overdraft was also the same as a tax rebate I spent on an engagement ring.

Beer :

The exact sum of my overdraft was the same as my estimate of how much I spent in beer over my final years. £12 a week when beer was less than a quid a pint.

Friends : Don't lend them money

The exact same amount of money as above is still owed to me by a so called friend who abused my good nature and lied to me, in order to borrow money off me. I've never got it back...

So basically £2400....in the mid 80's

sophie131

Don't do car insurance 'fronting' - by saying that someone else drives your car when you actually do because this can void your insurance...
However, adding your Mum or Dad on to your insurance can help bring the price down by £100's as long as the company know that you are the main driver!

amyb18

For those with part time jobs while studying, opening a separate account (like an ISA from Natwest with unlimited withdraws), where you can transfer a set percentage of your pay check every time you get paid will ensure that you don't spend all your money and you can save up for when you really need it.

miller

The NUS Extra card offers students a wide range of discounts and is available for £12 per year.

http://www.nus.org.uk/en/nus-extra/

They also offer other cards for apprentices and graduates.