Each year we hear more and more scary reports about young people struggling to manage their money.
The latest found that more than a third of young people have debts of almost £3,000 and experience significant concerns about cash. The survey, that questioned over 2000 people aged 18 to 24, found that they borrowed using credit cards, overdrafts and loans from family and friends.
Just over half said they regularly worried about money, with 32% feeling their debts were a “heavy burden”.
But it doesn’t have to be overwhelming. If you are planning to make a big change this year – whether it is saving up for that 6th Year holiday, a year abroad or you are heading to uni – you don’t have to be out of pocket. Follow our tips and tricks and you’ll be laughing all the way to the bank.
Get a side hustle
Flogging your gear online is obviously one of the easiest methods of making cash, but your skills could also earn you a buck or two. From Taskrabbit to People Per Hour there are hunners or sites that you can sign up to get a get your side hustle on. People are always looking for a helping hand and these apps connect you with the lazy folk that will pay cold hard cash for you to wash their car, water their plants or change their lightbulbs. Result!
Try the two pound trick
Don’t you just hate breaking a note? Because you know as soon as that crisp fiver is spent all those pound coins are going to disappear on silly things – bus tickets, chocolate bars, a bottle of water. But what if those pound coins could go towards something you really want? Obeying the two pound rule means that whenever you pay for something with cash, every time you get a £2 coin with your change (or just two single ‘uns), you pop it in a separate purse, and you keep it there until it’s nice and full. It’s the fancy version of finding money down your sofa. Seriously, it works.
Sign up for Monzo
Launching in the UK this month, Monzo ‘is a bank for people who live their lives on their smartphones’. Your card is linked up with a mobile app which registers and categorises every payment you make as you make it. Never again will you want to turn a blind eye to your account – instead clear categories will chart exactly where you money is going (travel, food, retail) and to which business (Boots, Pret, Tesco etc). Seriously, monitoring your spending patterns will be as easy as checking up on Insta. In the future the company also want to offer advice services, suggesting travel times outside of peak hours to help you save money or cheaper places to buy your cheese and ham sandwich.
Do you have any budget hacks? Let us know over on Twitter!