Friday, 13 January 2017

My 2017 Money Saving Challenge

Hello everyone
As most of you may know I am a student in London and one of the challenging things students have to deal with is money problems. It's a known fact that the money we are all in debt from our student loans and even the money we get can never be enough and that is why struggle a lot to save money. I came to realise by the end of last year that the reason we end up with no money in our bank accounts most of the time is because we don't have a proper plan on our to spend or save our money. 

One of my resolutions for this new year then was to try as much as possible to save as much money as I possibly can and I wanted to share with you guys some of the things I plan on doing in order to achieve this. Before I do this, I wanted to also share with you guys a money saving challenge which you can get involved in if you are interested. The aim of this project is not only to save money but to make sure we understand the importance of how we spend our money and what our debts look like. Earnest is an organisation that helps graduates refinance their student loans and secure their financial future. So here are a few of my financial goals for 2017.

Monitoring and checking how much goes in and out

The very first thing I will try to do more of this year is to monitor my finances. I think this is a very important process because it helps you to be able to have control of your finances and also enables you to plan ahead. Planning can be made so much easier if we knew how much we had available to spend.

Plan out your week and set out a budget weekly(grocery/transport etc.)

Planning. Planning. Planning. This is a very important process especially for university students. I tend to always plan out my week by laying out  a set budget for transport, groceries, night outs, movie nights and others. Planning helps me not to spend more than I have to and it just makes everything a lot easier.

Eat out less and cook more

The next thing I will try as much as possible to do this year is to eat out less. I'm sure most of us would know that eating out or ordering take away tends to be a lot more expensive than making home cooked meals. I tend to cook during the weekends or whenever I can and the food lasts me for a good couple of days. Of course I know there will be some days when I wouldn't have a choice but to buy lunch but packed lunches are so much more cheaper and will save us a lot more money.

Set money aside for emergency situations

Last but not the least is always preparing of emergency situations. Planning is easier said than done and sometimes things do not always go the way we expect to go. This is why it is important to also consider days like this and prepare for them. I have a friend who always keeps a tenner in his phone case in case his wallet ever got stolen so he wouldn't be stranded or just in case something else happened and he needed cash. It is important to find out what works best for us but always remember to save up for these rainy days.

So these are my 2017 financial resolutions.
What are you going to do differently this year to help you save more?
Please do let me know in the comments below.

Thanks for reading
God bless :)