Look after the pennies, and the pounds will look after themselves,,, (Saving tips)

Member Name: sugarcultsweetie

Product:	Saving tips
Date:	22/06/09 (27 review reads)
Rating:

Advantages: Keep hold of your hard-earned money!

Disadvantages: none

Having just finished my first year at university, moneysaving has gained new meaning and importance in my life. I had a wage since the age of 13, and have always appreciated the independence that comes from sensible spending. However, once I was paying for everything in my life with a hgih interest student loan, I've felt a real need to count the pennies - so here are some methods I use.

Firstly, in my position at least, maintaining a job on top of studies isn't always possible, but there are other ways of making money - this website, for example! Ebay is also an essential pitstop for anyone with unwanted clothing or junk, there is quite literally nothing that you can't auction off. Cashback cards and websites weren't worth using personally as my outgoings didn't add up to much, but are well worth researching.

After making money, saving money is just common sense. Bank accounts vary greatly, and not getting the best interest rate possible is pure laziness in the spirit of moneysaving. Obviously in light of the current economic state this needs to be carefully watched, but I have found ISA's to generally provide the most generous interest payout.

Keeping track of what you spend - geeky me went as far as creating a spreadsheet - can show where money is disappearing from your account, and makes it far easier to budget your life. Similarly, watch out for special offers, student nights, cheaper supermarkets, bargain brands, and freebies! Keeping your eyes and ears open and being in the know leads to big savings. This includes common sense ideas - don't automatically snub value brands, stock up on essentials on sale, and don't feel that you're above collecting your spare coppers, using vouchers or buying discounted products - every penny counts!

Linking to being in the know, plan your day to save money without even realising. Compare public transport places, walk if possible, and pack everything you could need - a water bottle, packed lunch, painkillers and pack of tissues can easily save you a daily couple of pounds which can really add up. Go to the cinema at offpeak times, or if you're on an Orange mobile phone, Wednesdays.

Lastly, control your splurges. You can't expect to never treat yourself to a luxury, but allow yourself a set limit each month, watch out for midseason sales in your favourite shops and check on ebay for branded cosmetics and beauty products. Planning purchases saves money compared to impulse buying, and thus alieviates guilty conscience!

Summary: There's no sense in wasting money!