With the Christmas and New Year period behind us, it is most likely that most people will need to tighten their belts over the next couple of months. The second semester is only around the corner, so you students really don’t want to go back to Uni or College skint. Sure, your student loan will come through and you may think you can start to live wild again, this simply isn’t the case and doesn’t make much financial sense.
There are some easy cutbacks you can implement into your lifestyle today to help save that extra few quid a week to put away for a rainy day or an important occasion. I’ve quickly highlighted 10 ideas for you below and I’m sure you can think of much more to make life a little more comfortable and not have to reach for down that sofa to buy a pot noodle from Lidl.
- Skip the taxi - the amount of student I see taking a taxi on a regular basis is unreal, some just to get from their accommodation to Uni. Let’s be honest, it’s an unnecessary expense when you consider the amount of bus services cities and towns have these days, you could even walk if it’s not too far. Student bus tickets cost around £1-£2, which is a big saving if you consider how much taking a taxi would cost over a period of time.
- Stop smoking - I’ve spoken in a lot of details about this in an earlier post. A pack of 10 these days costs around £2.70, if you smoke ten a day, that’s £18.90 per week. Stubbing out those fags for good can make a huge impact on your finances, trust me I’ve experienced it first hand.
- Have a night-in - It is very difficult to turn down those nights-out with your mates, but just cutting out one of your regular nights out a week can save you a loot of money in the long run. Choose the night you are the least fond of.
- Shopping Less - Are you prone to the odd clothing spree? Evaluate what you already have first and consider if you really do need anything new.
- Can I take your order please? - What’s the excuse this time ……. no ingredients in the house? Can’t be bothered to cook? Takeaways are such a drain on expenses, cooking yourself or organising communal cooking schedules can save you so much cash over time, yes it’s more hassle but it’s quite enjoyable, cheaper and healthier.
- Mobile phone bill - Would you be better off with a contract mobile phone plan or a simple pay-as-you-go. If you’re on a contract and finding you have a lot of left-over minutes and text allowance, you could save money by switching to pay-as-you-go. Alternatively if you feel like you’re topping up numerous times every week, a contract mobile would be the way to go.
- Sell your old stuff - everyone as unwanted stuff lying around, books, DVD’s, games, clothes etc etc etc. The Solution? Flog ‘em on Ebay.
So I’ve got the ball rolling there with 7 easy steps for financial cutbacks in 2009. It would be great if you could leave your suggestions below.
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January 3rd, 2009 at 9:21 am
I guess a good one right now (for those living in rented accommodation) would be to cut down on heating costs by wearing more clothes (I know, very basic, but you’d be amazed by the number of people who expect to be able to walk around their homes in a tshirt even when it’s freezing outside). Stop heat escaping through windows by shutting the curtains when practical, and look out for other places where drafts can be stopped.
Although energy costs are hopefully going to be coming down in the future, these sort of tips will help reduce your energy consumption - good for both your wallets and the environment.
January 4th, 2009 at 6:57 pm
Taxis are probably the biggest scam when it comes to transportation. It costs me a couple of bucks to get around town on the public transit, but when I take a cab it costs at elast $35. I’m sorry but if you plan on going out and having a fun night, you want more money to spend at the bar then on the ride to the bar.
Don’t even get me started on smoking and cell phones. When I quit smoking it was the best financial and health decision I ever made because I started feeling better and so did my wallet.
January 10th, 2009 at 4:00 pm
Hope everybody has (or had) a nice holiday.
May 21st, 2009 at 2:46 am
Budgeting the the best solution to save money. Due to the global crisis, it is best to do some budgeting and cost-cutting.