Money-saving tips can make or break a young person.
With an ongoing pandemic to overcome and the price of living constantly going up, it is no wonder that a generation of young people is going to find it increasingly difficult to be able to get onto the property ladder and save up for a house. So what can you do to even stand a chance of being financially independent if you are in your early twenties and reside in the UK?
Here are some money-saving solutions that could be useful.
Cutting Back on Expensive Transport Costs
If you live in the capital you will know that the price of commuting certainly cuts into your weekly budget. So it is certainly a detrimental cost to living and working in the city when you need to spend a large proportion of your wages just getting to your place of work.
An alternative solution is to either find a job that cuts out your long commute or gives you the flexibility to partly work from home. This would save you money each week from your expensive commute. Thinking about lowering your commute costs is certainly something to factor in when applying for jobs after leaving college or university.
Managing Your Debt Effectively
The cost of attending university is certainly a financial burden when you cannot afford to pay for the fees outright. Therefore racking up debt seems to have become commonplace for many young people in today’s society, to even give themselves a head start in life.
The ability to manage these debts is something that you are going to need to keep in control of so that you can successfully pay them off. A useful solution is to apply for an IVA which would enable you to pay off your debts with manageable payments each month, therefore increasing your likelihood of returning the sum in the long run.
Selling Unwanted Personal Possessions
With a range of websites and apps, there is certainly no shortage of companies that can help you sell any unwanted possessions you may have. So instead of cluttering up your home with a mountain of items that you no longer want or need, list them online so that you can make some much needed extra cash.
Establishing a Long Term Financial Goal
When you need to be money savvy it allows you to be organised and create a goal you can aim towards. If you know you need to save a particular amount of money to be able to afford the deposit for a potential property or to be able to pay your rent next month, you are likely to be more focused on achieving this goal. Using your banking app or a money-saving one can help you to put aside a particular amount of money each month so that you know you are actually heading towards your financial goal.
Realistically you need to be financially savvy from the moment you leave school if you are going to stand a chance to save up enough money to get your own home or live a relatively comfortable lifestyle.
