After what seems like a lifetime, my exams are over! For now at least… Anyway, I have at least two months of summer and I’m slightly (extremely) stressed about money. Just because my exams are over unfortunately doesn’t mean that I’m stress-free. It doesn’t help that I’m not well enough to work regularly at the moment, and I’m going to be relying on blogging for my summer income. I’m very anxious about money most times, but it is very stressful knowing that I’m not able to work. I’m trying to stick to my own little ways of saving money.
Put Money Straight Into Your Savings
My main way of saving is to always put 20% of my income straight into my savings account. If I’m ever in any trouble, I can move money back into my current account. I try not to do this very often, but sometimes needs must.
Keep Your Spare Change
Any spare change I have, mostly coins, I put in my moneybox. This started out with me keeping all of the coppers I collected, and I ended up getting £14 over a few years! This doesn’t seem like much, but it is really handy. It is especially useful if you’re saving up for something specific. I first started doing this when I was about seven years old, after a big win on the 2p machines at the Brighton Pier arcade!
Avoid Online Shopping
When I’m trying to save money, I know that I have to stay away from online shopping. I can be quite impulsive sometimes, so a quick look on asos can lead to me spending a lot of money on things that I don’t actually need. Part of this means unsubscribing from mailing lists. There’s nothing more tempting than sale emails landing straight into your inbox. If I absolutely think I need to buy something online, I’ll add it to my basket then wait until the next day to decide.
Lists!! I make loads of lists, as you can probably tell from this list and the many others that feature in my blog posts. When I go out shopping, I’ll make a list of what I need and try my best to stick to it. Obviously, I occasionally get distracted and buy other little things that I didn’t really need. Making a list, and checking it consistently, helps me to focus on what I need. One bad habit that I have is buying stuff that I don’t need, or even really want, just because it’s a good price. I’ve become aware of this, and am trying to stop it. If it’s not on the list, and I won’t use it, then I shouldn’t buy it.
Keep A Money Diary
This one sounds a bit nerdy but it’s been so useful! I keep a spending log. This began when I tried to start bullet journalling, and sought inspiration in endless Pinterest images. I catastrophically failed by the way – I am not good at making neat, pretty pages. So made a spending log on an Excel spreadsheet instead. It’s been successful so far, I can physically see what I’ve spent my money on. I can see what I have been spending too much money on (Pret lunches are my weakness), and what I can cut down on. It’s a good habit, and I am hoping that I can continue this at university.
Save Money With Monzo
The main way I track my spending is through my bank, monzo. It is an online only bank that shows you exactly how much you’ve spend, what categories you spend the most on, and how much you have left to spend. You can set spending targets for each category. For example, you might want to limit your spending on transport, eating out, or entertainment. If you are really determined to stop spending, you can freeze your account with just one tap (but you can also unfreeze it just as easily…). You can move your money into a pot, where you can’t touch them. If you want to sign up, you can get a free fiver through this link!
Round Up Your Spare Change
How this works is that whenever you spend money, you round up and save the change. So if you spent £1.50, you would round up and save the remaining 50p. You can do this directly from the monzo app, so that rounded up purchases are moved to a savings pot.
So hopefully, with the income from blogging and Instagram, and by following my own tips, I will be able to save up enough money so that I’m in a position not to stress this summer (well, that’s the aim in life too). Money can’t buy happiness, but it can buy peace of mind. I guess we’ll see later if I’ve been successful… If you have any other tips, please let me know!
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