Yep you read that right I have managed to save £10,000 in less than two years. I know your thinking but wait Lauren’s a student and yes you are right I have saved this whilst being a student. I have also not been one to shy away from a holiday or two as well each year as you all know. So here is a guide of how I have managed to save myself £10,000 and not lived my life on a complete budget.
So I think the best way to save money is to have a reason for saving, whether that be for a holiday, a deposit on a house, a new car or even just for a shopping trip. I am saving for a deposit on a house which is a big motivator in my saving as I know that the more I can save now the easier it will be. If you have a reason to save for it makes it harder for you to crack and take the money back out of your savings as you know that money is for something else.
First off if you are saving for a house I highly recommend the Help to Buy ISA for every £200 you save the government put in £50 when you cash out. Also the actual interest rates are much higher than any other cash ISA accounts. I have spoke about this more in depth in my other blog post budgeting as a student.
Other ways to save, so I am fortunate enough as a student to get student finance and also work alongside. I often save well over half of my student finance and put it into premium bonds each time. The bonus with premium bonds are they are out of sight out of mind, I always forget how much I have in my bonds because I don’t see them in my bank account all the time so it’s a great way to save because you can’t see it. Each month there is also a draw where each £1 of your bonds are entered to win a cash prize.
Disclaimer I do still live at home with my parents which has allowed me to save a lot more money but why should this been seen as a bad thing! So many people right me off because I still live at home but I just think well I have been able to save a lot of money, go on holidays to places like Bali and run a car. So if you can there is no shame in staying at home and living with parents, why pay for rent elsewhere when you can live at home and save for something else??
I work full time from when I finish uni in May right up until September when I go back, this way I can earn as much as possible in order to save as much but also it means that by the time student finance arrives I can actually put most of it if not all of it in savings because I have money left from my pay. Whilst at uni for the last two years I have worked alongside studying so that I can afford to save and also still go on holidays. If you remain organised then it’s easy to do it.
I hope this guide helps and that you guys found some options of how you can too save money.