For most young people in the UK, every penny counts. But that shouldn’t stop you enjoying life. There are plenty of simple ways to make the money you have go further – and even start saving a little too. So take a look at our list of top moneysaving tips and give your finances a bit of a makeover.
1. Make your loyalty pay
We’re all familiar with supermarket loyalty cards which reward what you spend with points you can use to get money off your next shop. But these days, many other retailers offer similar schemes – from fashion and music stores to petrol stations and coffee shops. So if you shop regularly at certain places – particularly major high street names - it’s worth checking out whether they have a loyalty card. It’s amazing how quickly the points add up.
2. Become a member of The Co-operative
While we’re talking cards, it’s worth pointing out the big benefits of becoming a member of The Co-operative Group. Become a member for just £1 and start earning points every time you spend money at any of our family of businesses – from food to pharmacy to travel and much more. Then twice a year your points are added up and you receive a share of our profits as cash. Last year our members earned a whopping £70.1 million! Plus, as a member you can get loads of exclusive discounts and offers as well as a chance to get involved in our community projects and ethical campaigns.
3. Keep your mobile bill under control
Mobiles are a must for all of us now. But with loads of text, multi-media and downloads options, it’s easy to spend more than you intend to. So keep a close eye on your phone usage and the type of mobile phone deal you have. For example, if you sign up for text alerts on the latest news or sport results, they’re not always included as part of a free text package. Similarly, while it’s fun to send your pals photos and videos they’re not always included as part of your monthly text allowance and are charged on a per message basis. Taking the time to find out exactly what you’re charged for is well worth it – you can then shop around for the very best deal or plan that matches your phone use. And don't forget about mobile phone recycling when you take advantage of your annual updgrade.
4. Stay alert when shopping online
More and more of us shop online. No wonder. You can often get a much better deal than on the high street. But be careful. Check whether the price you’re paying includes post, packaging and delivery. And if you’re buying gig, cinema or sporting event tickets online, be aware that you’ll most likely be charged a booking fee. Usually it’s not much but some ticket companies slap on a big charge for using their service – especially for big name events. Make sure you know exactly what you’re paying before you click submit!
5. Take out Young Driver Insurance with us
If you’re thinking of learning to drive or have just passed your test, you’ll soon find out just how expensive insurance is for young drivers in the UK. But now there is an answer – The Co-operative Young Driver Insurance. It comes with a ‘Pay-How-You-Drive’ Smartbox as standard to help you to drive safely. This records how the insured car is driven and uses the information to calculate what you pay for your insurance. The safer your driving, the lower your premium! That could save you hundreds of pounds every year – discover more about safer driving discounts.
6. Save loads second-hand
Want a way to make serious savings and feel good about it? Try a tour of your local charity shops. These days, you’re just as likely to find some bargain designer labels or retro gear as you are to pick up dvds, books or accessories for less. And you’ll be donating to a good cause when you buy. A win win!
7. Sell your unwanted stuff
If you’re looking for a quick way to raise some extra cash, why not try to sell any unwanted clothes, books, jewellery or accessories online? Provided the items you want to sell are in relatively good condition and you include an accurate description, you could find a buyer by using one of the many online auction sites. Alternatively, stick an ad in the local paper or get down to a local car boot sale and sell everything in one go (if you haven’t got your own car, ask friends or a family member to help you out for the day). But remember don’t be greedy; price your sale item realistically and you’re more likely to sell it.
8. Lastly, try saving not spending!
OK. This is a tough one. But let’s face it, sometimes when you’re out and about on the high street, you have to ask yourself, do I really need those new shoes or new clothes? Could I give that fancy coffee a miss? Is that magazine a must? Getting into saving regularly is one habit that’s great to cultivate. Stick a few quid away every week for a rainy day or give yourself a bit of breathing space if your income takes a temporary hit. You’ll find some great accounts from The Co-operative Bank to help you do it.