Any tips on how to save money?
I'm 16. My mum doesn't want me to have a job, instead wanting me to work on my studies. I earn a decent amount from chores and earn £5 per hour babysitting my baby brother when she's out but I end up spending over my budget. Can anyone give me advice on how to manage my spending?
Original post by Banananna2006
I'm 16. My mum doesn't want me to have a job, instead wanting me to work on my studies. I earn a decent amount from chores and earn £5 per hour babysitting my baby brother when she's out but I end up spending over my budget. Can anyone give me advice on how to manage my spending?
What are you spending your money on?
1. Open a savings account - if you're 16 you can open a Monzo account which offer a relatively competitive interest rate (somewhere around 3.3%AER)
2. Don't carry cash on hand or keep money in your debit - this is obvious, it's basic psychology
3. Track your spending in and out of your account - you can do this through excel, but this is useful in giving you a visual representation of how much you're spending to put it into perspective
2. Don't carry cash on hand or keep money in your debit - this is obvious, it's basic psychology
3. Track your spending in and out of your account - you can do this through excel, but this is useful in giving you a visual representation of how much you're spending to put it into perspective
Original post by Banananna2006
I'm 16. My mum doesn't want me to have a job, instead wanting me to work on my studies. I earn a decent amount from chores and earn £5 per hour babysitting my baby brother when she's out but I end up spending over my budget. Can anyone give me advice on how to manage my spending?
Original post by bl0bf1sh
What are you spending your money on?
It's a mix of clothes to fit the dress code when I go to college in autumn and things for Beaver group I'm helping out at.
Original post by chomskylover
1. Open a savings account - if you're 16 you can open a Monzo account which offer a relatively competitive interest rate (somewhere around 3.3%AER)
2. Don't carry cash on hand or keep money in your debit - this is obvious, it's basic psychology
3. Track your spending in and out of your account - you can do this through excel, but this is useful in giving you a visual representation of how much you're spending to put it into perspective
2. Don't carry cash on hand or keep money in your debit - this is obvious, it's basic psychology
3. Track your spending in and out of your account - you can do this through excel, but this is useful in giving you a visual representation of how much you're spending to put it into perspective
Yes, I find that I buy things I don't really need when I take my purse for non-essential shopping trips. The tracking thing seems helpful, I'll give it a try. Thanks
Saving money is a valuable habit that can help you achieve financial goals and provide stability. Here are some tips to help you save money:
Create a budget: Make a detailed plan of your income and expenses. Track your spending to identify areas where you can cut back or make adjustments.
Set savings goals: Define specific savings goals, whether it's for a vacation, emergency fund, or future purchases. Having clear goals can motivate you to save.
Automate savings: Set up automatic transfers from your checking account to a separate savings account. This way, you save a portion of your income without the temptation to spend it.
Reduce unnecessary expenses: Analyze your spending habits and identify non-essential expenses you can cut back on. This could include eating out less, reducing entertainment expenses, or canceling unused subscriptions.
Comparison shop: Before making a purchase, compare prices from different sellers or brands. Look for discounts, deals, or consider buying second-hand items for certain purchases.
Cook at home: Preparing meals at home is generally cheaper than eating out or ordering takeout. Plan your meals, make a shopping list, and consider meal prepping to save time and money.
Track your progress: Regularly review your savings and adjust your budget as needed. Seeing your progress can be motivating and help you stay on track.
Prioritize needs over wants: Distinguish between essential expenses and discretionary spending. Prioritize spending on necessities and consider delaying or avoiding purchases that are not urgent or important.
Save on utilities: Reduce energy consumption by turning off lights when not in use, using energy-efficient appliances, and adjusting your thermostat. Unplug electronics when not in use to save on standby power.
Look for ways to increase income: Consider taking on a part-time job, freelancing, or finding ways to generate additional income. Increasing your income can provide more opportunities for saving.
Remember, saving money is a gradual process, and it requires discipline and consistency. Start small, make adjustments along the way, and celebrate milestones as you progress toward your savings goals.
Create a budget: Make a detailed plan of your income and expenses. Track your spending to identify areas where you can cut back or make adjustments.
Set savings goals: Define specific savings goals, whether it's for a vacation, emergency fund, or future purchases. Having clear goals can motivate you to save.
Automate savings: Set up automatic transfers from your checking account to a separate savings account. This way, you save a portion of your income without the temptation to spend it.
Reduce unnecessary expenses: Analyze your spending habits and identify non-essential expenses you can cut back on. This could include eating out less, reducing entertainment expenses, or canceling unused subscriptions.
Comparison shop: Before making a purchase, compare prices from different sellers or brands. Look for discounts, deals, or consider buying second-hand items for certain purchases.
Cook at home: Preparing meals at home is generally cheaper than eating out or ordering takeout. Plan your meals, make a shopping list, and consider meal prepping to save time and money.
Track your progress: Regularly review your savings and adjust your budget as needed. Seeing your progress can be motivating and help you stay on track.
Prioritize needs over wants: Distinguish between essential expenses and discretionary spending. Prioritize spending on necessities and consider delaying or avoiding purchases that are not urgent or important.
Save on utilities: Reduce energy consumption by turning off lights when not in use, using energy-efficient appliances, and adjusting your thermostat. Unplug electronics when not in use to save on standby power.
Look for ways to increase income: Consider taking on a part-time job, freelancing, or finding ways to generate additional income. Increasing your income can provide more opportunities for saving.
Remember, saving money is a gradual process, and it requires discipline and consistency. Start small, make adjustments along the way, and celebrate milestones as you progress toward your savings goals.
Original post by Banananna2006
It's a mix of clothes to fit the dress code when I go to college in autumn and things for Beaver group I'm helping out at.
If you have the receipts you should ask about claiming back what you are buying if it is directly for activities/treats for Beavers.
I've managed finances for Cubs, Girl Guides, Youth Clubs etc and the rule was to account for all the expenses. It has to be shown how much the organisation costs to run, and also because what if someone spending their own money left and a hole in spending had to be filled?
Original post by copurp
Saving money is a valuable habit that can help you achieve financial goals and provide stability. Here are some tips to help you save money:
Create a budget: Make a detailed plan of your income and expenses. Track your spending to identify areas where you can cut back or make adjustments.
Set savings goals: Define specific savings goals, whether it's for a vacation, emergency fund, or future purchases. Having clear goals can motivate you to save.
Automate savings: Set up automatic transfers from your checking account to a separate savings account. This way, you save a portion of your income without the temptation to spend it.
Reduce unnecessary expenses: Analyze your spending habits and identify non-essential expenses you can cut back on. This could include eating out less, reducing entertainment expenses, or canceling unused subscriptions.
Comparison shop: Before making a purchase, compare prices from different sellers or brands. Look for discounts, deals, or consider buying second-hand items for certain purchases.
Cook at home: Preparing meals at home is generally cheaper than eating out or ordering takeout. Plan your meals, make a shopping list, and consider meal prepping to save time and money.
Track your progress: Regularly review your savings and adjust your budget as needed. Seeing your progress can be motivating and help you stay on track.
Prioritize needs over wants: Distinguish between essential expenses and discretionary spending. Prioritize spending on necessities and consider delaying or avoiding purchases that are not urgent or important.
Save on utilities: Reduce energy consumption by turning off lights when not in use, using energy-efficient appliances, and adjusting your thermostat. Unplug electronics when not in use to save on standby power.
Look for ways to increase income: Consider taking on a part-time job, freelancing, or finding ways to generate additional income. Increasing your income can provide more opportunities for saving.
Remember, saving money is a gradual process, and it requires discipline and consistency. Start small, make adjustments along the way, and celebrate milestones as you progress toward your savings goals.
Create a budget: Make a detailed plan of your income and expenses. Track your spending to identify areas where you can cut back or make adjustments.
Set savings goals: Define specific savings goals, whether it's for a vacation, emergency fund, or future purchases. Having clear goals can motivate you to save.
Automate savings: Set up automatic transfers from your checking account to a separate savings account. This way, you save a portion of your income without the temptation to spend it.
Reduce unnecessary expenses: Analyze your spending habits and identify non-essential expenses you can cut back on. This could include eating out less, reducing entertainment expenses, or canceling unused subscriptions.
Comparison shop: Before making a purchase, compare prices from different sellers or brands. Look for discounts, deals, or consider buying second-hand items for certain purchases.
Cook at home: Preparing meals at home is generally cheaper than eating out or ordering takeout. Plan your meals, make a shopping list, and consider meal prepping to save time and money.
Track your progress: Regularly review your savings and adjust your budget as needed. Seeing your progress can be motivating and help you stay on track.
Prioritize needs over wants: Distinguish between essential expenses and discretionary spending. Prioritize spending on necessities and consider delaying or avoiding purchases that are not urgent or important.
Save on utilities: Reduce energy consumption by turning off lights when not in use, using energy-efficient appliances, and adjusting your thermostat. Unplug electronics when not in use to save on standby power.
Look for ways to increase income: Consider taking on a part-time job, freelancing, or finding ways to generate additional income. Increasing your income can provide more opportunities for saving.
Remember, saving money is a gradual process, and it requires discipline and consistency. Start small, make adjustments along the way, and celebrate milestones as you progress toward your savings goals.
I think the meal prepping is a great idea! I just need to do it earlier since I end up not having enough time and grabbing meal deals.
Don't spend the money for things you don't need. Make goals for yourself what would you like to buy, save the money you get till you got the amount you need to pay.
Original post by Banananna2006
I'm 16. My mum doesn't want me to have a job, instead wanting me to work on my studies. I earn a decent amount from chores and earn £5 per hour babysitting my baby brother when she's out but I end up spending over my budget. Can anyone give me advice on how to manage my spending?
I am in debt. The bailiffs came around to my house yesterday and took my neck pillow. They beat me up as well in front of my 4 year old son, completely out of order to do something so extreme as I only owed them £350,000. Make sure you save your money by asking yourself if you really need something before you buy it. Also, if your budgeting skills aren't great, you can always go and play the Squid Games to make some extra money.
It's very simple. Don't spend money on stupid sh*t. Think first.
Learn to intuitively and habitually differentiate between two types of spending:
1. Investing
This doesn't just mean putting your money in a bank account or buying stocks, and it doesn't just refer to how you invest your money, but also how you invest your time. It will most often simply mean: investing in yourself. Rationally evaluate the benefits of what you are spending your time and money on, and how it will improve your life. It could be buying a good book, or buying & preparing decent food so you have a more nourishing diet & can function better during the day.
Not all "investments in yourself" are equal though, and you likely won't have the money upfront for all the things you'd like to do. You need to prioritise first, by deciding what is important to you. Think first. If anything, this is probably the hardest part to get right, and you will likely adjust it many times in the future. There are some fundamentals however which are undisputedly beneficial to peoples' well-being, which if you don't get right, then likely nothing else will work either. So these are a good place to start:
2. Spending
Money spent on things like booze and lots of other types of entertainment... generally has no return on investment, no matter how you try to rationalise it. There is almost always a cheaper, and often even a free way, to enjoy yourself and the company of your friends, that just requires people to first change their habits and doesn't require you to shell out money on expensive holidays or crappy substances that damage your health for example.
Something like "buying a car" for example could fall either in category 1 or 2, depending on your circumstances and your attitude. If you're buying a car because you need it for your job, or to save time on your commute, then that is a rational choice with a calculable return on investment. If you're buying a car (or anything else, for that matter) so you can show off to your mates or "pull girls"... then you're just another one of the sheep.
Learn to intuitively and habitually differentiate between two types of spending:
1.
Investing
2.
Just 'spending'
1. Investing
This doesn't just mean putting your money in a bank account or buying stocks, and it doesn't just refer to how you invest your money, but also how you invest your time. It will most often simply mean: investing in yourself. Rationally evaluate the benefits of what you are spending your time and money on, and how it will improve your life. It could be buying a good book, or buying & preparing decent food so you have a more nourishing diet & can function better during the day.
Not all "investments in yourself" are equal though, and you likely won't have the money upfront for all the things you'd like to do. You need to prioritise first, by deciding what is important to you. Think first. If anything, this is probably the hardest part to get right, and you will likely adjust it many times in the future. There are some fundamentals however which are undisputedly beneficial to peoples' well-being, which if you don't get right, then likely nothing else will work either. So these are a good place to start:
•
Good quality sleep: maybe 'invest' in a pair of ear plugs if you struggle sleeping, or consult your GP if you suffer from insomnia
•
Good nutrition: I would argue that good self-prepared food is actually cheaper than than most of the junk-food or takeaway alternatives out there
•
Regular physical activity: you don't even need to pay a gym membership to achieve this. Just go outside and do some pressups for example.
2. Spending
Money spent on things like booze and lots of other types of entertainment... generally has no return on investment, no matter how you try to rationalise it. There is almost always a cheaper, and often even a free way, to enjoy yourself and the company of your friends, that just requires people to first change their habits and doesn't require you to shell out money on expensive holidays or crappy substances that damage your health for example.
Something like "buying a car" for example could fall either in category 1 or 2, depending on your circumstances and your attitude. If you're buying a car because you need it for your job, or to save time on your commute, then that is a rational choice with a calculable return on investment. If you're buying a car (or anything else, for that matter) so you can show off to your mates or "pull girls"... then you're just another one of the sheep.
(edited 10 months ago)
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