Summer’s here and your social life has never been busier, but trying to keep up with everything your friends are doing without going into your overdraft in the first week of the holidays can be really challenging.
New research has identified that over two thirds (64 per cent) of students say they worry about their finances nearly all of the time. So, to help keep your worries at bay, here are six money-saving tips to keep your social life on track without your wallet taking too much of a hit this summer:
Before you roll your eyes and move swiftly past this first tip, a little forward-planning via a spreadsheet can make your money go a long way. By planning your weekly activities and setting yourself a budget, you’ll know exactly how much you have to play with. Plus, it will massively help you avoid that dreaded moment when your card gets declined. Being aware of all your outgoings will also help you think where you could cut back.
2) Bogof on nights out
Got multiple social gatherings planned with friends? Don’t be afraid to shop around for deals and discounts. There are loads of places that offer you ‘buy one get one free’ offers or happy hours on drinks. Be frugal and your pennies will stretch further than you think.
3) One person’s trash is another person’s treasure
Guilty of having a wardrobe full of clothes you haven’t even taken the tags off yet? Or, things that you’ve used once that will never make it out of the wardrobe again? Well, you could be sitting on a small fortune. Apps such as Spock, Freecycle, or eBay can help you turn your once-loved items into some serious cash monies.
4) Shop smarter
You want to eat healthy so you can get ‘beach body ready’, but healthy usually means more expensive, right? Wrong. Asda, for example, now sells boxes of wonky veg that has all of the goodness you need for a fraction of the price. Don’t be sizest. You can also visit your local food markets too for cheaper fruit and vegetables.
5) Skills to pay the bills
Want a casual job that will earn you some extra cash? How about finding a job that is related to your degree or education? That way you’ll be earning and learning on the job, leaving you miles ahead when the new terms start.
6) Pool your money
If you’re going on holiday with friends, why not start a kitty for taxis, toiletries, and drinks? Sharing some of the essentials could save you a fortune. If you’re living
in shared accommodation, sort out what costs can be shared with your housemates too; food necessities like condiments, TV license, laundrette, and washing costs - consider where there are opportunities to split the costs.
Brian Norton is CEO of Future Finance, the specialist student loan lender
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