It is unlikely that many people have the disposable income that they would like at the moment but it seems to be the ‘twenty-somethings’ who are struggling to make ends meet due to first job salaries and trying to get onto the property ladder in the current housing market.
We have put a few tips together for how struggling ‘twenty-somethings’ could save a bit of money and build a more secure financial future for themselves. Hopefully they can be of some help to some of you!
It is difficult to ignore the current trends and new items which are released, seemingly constantly, as they jump out at us from the pages of magazines and internet adverts. However the majority of these things will be of interest for such a short time that they are really not worth spending your hard earned cash on. If you really must have the latest fashion, try to sell something that you already own to make up some of the cost. Sell a dress to buy a dress, that kind of thing! We love eBay for this as payments are usually received quickly and can be transferred into your bank account for spending almost immediately! If you need a wardrobe clear out it can be enjoyable to do a boot far, especially in the summer when you can make some money while de-cluttering and catching some rays!
Your staple items of clothing, which you wear day in day out, will eventually begin to show signs of wear and tear. Instead of dismissing these items you should find a good seamstress, and a cobbler, who can mend your clothes and shoes for much less than it would cost to buy replacements! This also means that you do will not need to say goodbye to your faithful winter boots or coat, which are more expensive items, earlier than necessary! For simple fixes, such as sewing on buttons or mending small holes, try watching a DIY YouTube video and have a go at being a seamstress yourself!
So you work really hard and definitely deserve a treat every now and then. Rather than going crazy and having a ‘weekend millionaire’ moment when you get paid try to find yourself a bargain on Groupon, eBay or in a high street sale. You will get more for your money and have some extra cash to add to your savings. Win, Win situation right there!
When it comes to food we all love a bit of convenience but unfortunately convenience costs! Prepared meals, fast food and microwave meals are all useful for hectic lifestyles but you really do end up paying over the odds for them. Invest in some Tupperware and do your cooking from scratch. You will get way more meals out of fresh ingredients than you would out of spending the same amount of money on convenient alternatives. This goes for lunches too. Pre-packed lunches cost anything for £3 and doing this daily soon adds up over the course of a pay cycle!
Another trick for saving money on food is to bulk buy your snacks rather than buying them singularly when temptation hits. You can usually get a pack of 4 chocolate bars for £1 in supermarket offers, which is better than buying 4 single bars for 60p throughout the week. Mix up the snacks that you buy too as this will further dissuade you from heading for the vending machine.
Trying to spend less does not mean that you cannot enjoy a night out every now and then. It just means that you should be setting yourself a budget before you leave the house. Decide on how much you are happy to spend and take this amount out in cash. This way you will not be tempted to overspend and can keep track of how much money you are handing over. Just remember to save enough for your taxi ride home; we would not want you to get stranded! Alternatively, try to find places to go out near where you live, if there is anywhere good within walking distance you could save on taxi fares completely!
Our final tip is, on each payday, convince yourself that you earn less than you do. You can do this buy putting a certain amount from your paycheck into your savings. This way you will have less money to budget and will, therefore, spend less. Plus your savings will grow!
If you are really struggling with your finances, www.Best4Loans .com can help you to compare the loan and credit card options available to you which could enable you to get out of your financial rut. Just remember to only borrow what you can afford and to keep to a tight budget. This can be difficult when money becomes available to you but it is really important to borrow responsibly to prevent yourself from getting into worse financial trouble further down the line.
By Sasha Davison
20th March 2014
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