It’s a hard life for a student, and even harder for a graduate. And with the recent economic crash you may be feeling anxious as to how you will be able get through this daunting period of your life without breaking the bank. Never fear – with these top tips you’ll be well on your way to surviving your very first credit crunch!
1. Bring Back the PackLong gone are the days of the packed-lunch. You’ve traded in the homemade sandwich and apple in your favourite tin box and opted for the posh avocado wrap and caramel macchiato. But with cafes and sandwich retailers charging high-end prices, you’d be amazed at how much you could actually save if you didn’t go out for lunch. So, rather than spending up to £10 a day on a sandwich and drink with a snazzy name, why not got back to the pack and prepare a meal at home that you know you’ll be guaranteed to enjoy!
2. Be Fashionably EarlyWe all know the early bird catches the worm. And in this case it couldn’t be truer! Feel like a night out on the town but don’t want to spend up to £15 on entrance fees? Many London clubs offer free entry to those who arrive before 10pm, and most even offer free entry to girls all night! Arriving early may not only save you cash, but you can also take advantage of any special offers on drinks that are bought before a certain time. Happy Hours offer a range of drinks as low as half off the normal price, and sometimes offer special discounts on jugs for you and your pals to share!
3. Frugal FilmsIf you’re not in the mood for shaking a leg, why not catch a flick at your local cinema? But rather than going to a late-showing, try to get there before 5pm as prices can be as low as half off peak-time prices. Also, check out any special deals that might be on offer – ‘Orange Wednesdays’ or ‘Two Pound Tuesdays’ are just some of the promotions that can save you cash. Another important tip is to stay local, as prices tend to skyrocket the closer you get to the city!
4. Chuck That Car
We all know how fun it is to drive your own car - you get to cruise the streets in your hot whip while pumping out your favourite tunes. But what many of us don’t think about is the amount of money it costs to actually do this. Fuel, maintenance, insurance, parking… It’s any wonder how car-owners can afford to spend their money on anything else! So, instead of allowing a car to guzzle all your hard-earned cash, why not use an alternative way of travelling? Public transport is the most effective way of travelling in and around London, and in most cases will get you to your destination a lot faster than you would on the road. The bicycle is also making a comeback with more and more commuters using specially designed cycle routes for fast and efficient travel, not to mention getting you fit on the way!
5. Use Debit, Not Credit
One of the most popular reasons for financial hardships amongst graduates is the credit card! Do not get one unless it’s absolutely necessary – which in most cases it’s not! The buy-now-pay-later idea may be tempting, but unless used properly credit cards can lead to large amounts of debt. The best option is to go debit. Using what you have can prevent you from overspending, and may even encourage you to think before buying! Debit also allows you to easily keep track of your spending and stay on top of your balance.
6. Look Before You LeapIt happens to all of us - you’re in the queue at a newsagent and decide to buy that tempting chocolate bar at the till, or you’re browsing the shops on your lunch-break and buy that funky t-shirt that caught your eye. It may only cost a little, but it all adds up in the end, and by impulse buying you could be throwing your money away on things you don’t necessarily need or even want! So, make it a point to only buy things that are truly essential.
7. Think Outside the Box
Just because you’re trying to save your pennies doesn’t mean that you have to spend your days off in front of the TV at home! There are so many free things to do in London you’d be amazed you never knew about them before. Try visiting museums – the Natural History Museum holds fun exhibitions such as dinosaurs and strange animals you thought only existed in films, the V&A and the British Museum have some of the world’s most treasured discoveries, and the Science Museum holds some of the greatest inventions known to man. There are tons more free museums in London as well as art galleries and exhibitions, and various festivals and events are held year-round. Check your local paper, or visit Time Out and Visit London to find something that suits you!
8. In for a Penny, In for a Pound
One of the most efficient ways of staying on top of your money is to save, save, save! It’s hard enough to create a budget and stick to it, so the best way to save money is to open a separate savings account and put away a little each month. That way, no matter how much you’re spending, you’ll always have something on the side slowly accumulating. You never know when you might need it for a rainy day!
9. Don’t Buy - Borrow
It’s a little known fact that most libraries offer free rental on DVDs. So, instead of spending up to £30 on buying a movie, or spending £10 a week on renting one, why not visit your local library and borrow it for free!
10. Hit the Pavement
For most of us, keeping fit is an integral part of our lifestyle. But, when money gets tight, it can become difficult to pay for your monthly membership. Rather than spending up to £50 a month towards a luxury that you may not necessarily need, why not workout at home? Investing in a one off payment for a set of barbells or an exercise bike can prove to be just as effective and won’t include the cost of travelling to your local gym. Another option could be to go running around the block or in your local park, which in a lot of cases proves to be far more effective than using a treadmill!
PUBLISHED IN GRADUATE MAGAZINE
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