Five Tips for Young Brits to Save Money

Jan 29

The UK, like much of the rest of the world, is in financial turmoil at the moment. With benefits being slashed and prices continuing to rise, it’s difficult to get a foothold in the property ladder, put money aside for a pension or really to do anything other than scrape by month to month.

With that in mind, here are a few tips for the youth of Britain to save a little extra on cash:

Charity Shopping

Charity shops are a treasure trove. You will likely never buy anything new again once you discover the range of items available, especially when it comes to things like kitchenware and furniture. A charity shop Christmas is guaranteed to be unique and will save you loads of money in the long run.

Loyalty Cards

Ignore the credit card and go instead for a loyalty card! Make sure it’s a good deal (don’t shop at a more expensive outlet just because you’ve got a card there), but then stick to it so the benefits roll in.

Sell your stuff

Don’t throw your old stuff out. If you’re short a few pounds and have a few extraneous goods lying around, eBay, a carboot sale or Gumtree is a great way to clear some clutter and get a few quid in the bank.

Make friends with Excel

Keep track of your incomings and outgoings in a spreadsheet. Like, really. Plan your meals a week in advance and stick to the plan so that you never overspend on food. Food and alcohol are one of the easiest ways to squander money. Bring lunches from home, put a limit on meals out and don’t blow all your money on cocktails.

Self-employed work

If you have an extra skill like graphic design, a musical instrument or even stand-up comedy that can fit in around a day job, register as self-employed and start earning a bit of cash on the side. Even taking a few shifts of casual cleaning or bar work is an effective way of covering your costs. Speak to an accountant to make sure you’re maximising your profits.

Vivienne Egan writes for Thomson Local