With the summer holidays in full swing, we’ve pulled together some thrifty money tips for 16-25 year olds.
1. Invest in YOU!
Got some more free time over the summer? Why not use it to develop your skills and increase your money making potential! Take time to think of ways you could invest in yourself. This might mean enrolling onto an online course (sites like OpenLearn have loads of free ones to choose from), starting a portfolio, or asking a friend if you can borrow their equipment until you can buy your own.
2. Snap up summer bargains
The season is drawing to an end, but visiting the summer sales means you can bag next year’s hot weather essentials for lower prices. Here’s a handy list of sales on right now.
3. Stay hydrated for less
With the recent high temperatures, it’s vital we stay hydrated. Why not steer clear of fizzy drinks and stick to water? – it’s cheaper, healthier and better for teeth (nobody wants to be hit with a pricey dentist bill before payday!)
4. The 24 hour rule
Struggle with impulsive spending? Before you buy an item, give yourself at least 24 hours to decide whether you really need it, or if it could wait until your next payday/when you’ve saved up some more £££. Waiting a day creates a time gap, allowing for rational thinking. What’s more, shops sometimes reward you with an email discount code if you leave the item in your online cart.
5. Stay clued up on cost of living
Don’t forget to keep up to date with ways to manage higher prices and any extra support you may be eligible for. More details in our My Moneycast episode on energy efficiency.
