New Year's resolutions: Saving money
Look after the pennies...
Sunday, 1st January 2012
New Year’s resolutions are the talking point of the moment, so we thought we’d get in on that with some advice for one of the more common resolutions; saving money.
- Work out a weekly budget for the term and stick to it. It may fluctuate from week to week, for example if you have a friend’s birthday, allow extra to buy a present and/or the obligatory night out.
- To stick to your budget, withdraw the money at the beginning of the week for the entire week. That way, you can see how much is left, and the psychology of handing over money in shops rather than paying by card makes you aware of how much you are spending.
- Try to avoid using public transport; walking and cycling are both free, whereas getting the bus to town is £2 and back. Doesn’t sound much put like that, but £2 x twice a week x 10 weeks of term=£40. If you’re lucky you can get a second hand bike for that, which you can continue using in future terms, saving money, plus benefitting your health and the environment.
- Take advantage of the Clubber’s bus. Taxi home from town= approx £8. Clubbers Bus= £1 and runs three times a night on Tuesdays and Thursdays.
- Don’t impulse buy-if you see something you like but don’t really need, such as a new jumper, don’t buy it then and there. Go back a couple of days later, and if you still like it, buy it then. Often though, you’ll find that you don’t like it as much as you first thought. Leaving the time gap also gives you a chance to shop around for a cheaper alternative elsewhere.
- Give the pound shop a try-they do a surprisingly decent range of food and drink-Heinz ketchup, Cadbury hot chocolate, coffee, canned drinks, crisps, biscuits and chocolate bars....I didn’t say it was a healthy option! But if you regularly buy sweets and crisps from vending machines on campus at 60p a pop, a multipack with 5 or 6 units for £1 works out significantly cheaper in the long run.
- Don’t go food shopping on an empty stomach-you will buy everything in sight. It’s also worth running your food cupboard right down before doing a big shop, otherwise there’ll be food lurking at the back that will never get used.
- Try to cook with friends, to split the cost.
- Plan your meals entirely before going food shopping to avoid last minute dashes to Costcutter for the ingredients you forgot.
If you’re still tempted to spend, think of unnecessary things in terms of something else. For example, the £30 that you want to spend on a dress or a game could easily buy you a week’s worth of food shopping.
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