Now, this is something a lot of people ask me when they ask how I could afford to travel so much. The only answer I have for them is that I worked before I went so that I could enjoy myself wherever I was, completely carefree, and the other is to work hard and have something to work towards, it’s a lot more motivating and helps a lot with those early alarms.
But besides those 2 points, here are a few more tips on how to manage your money like a pro.
1) Have a bank account.
This seems like an obvious one, but to my surprise, a lot of my own friends didn’t have their own bank accounts a few years ago. Ask your parents to help you set up an account. A bank account is the first step in being financially independent and having a reason to save your money.
It also helps to have 2 different accounts, a ‘main’ account, and a ‘savings’ account, this is what I did whenever my pay would come in at the end of each month. I would put the majority of my earnings into my savings account so that I wouldn’t touch it, and then keep about £200 depending on the month, in my main account. This way I was still able to enjoy myself, and have some spending money, but know that I was saving even more, to go on an adventure or put towards something really exciting.
2) Get a job.
This one can be a little tough, I know. Starting your first job can definitely be intimidating. If you are younger, ask around your house or neighbourhood about smaller jobs you can get such as walking neighbours dogs, babysitting (a big one, I’ve been babysitting since I was about 15 and I still do it to this day), washing someone’s car, gardening .. the list goes on. What I’m saying is there’s bound to be something, even if its something small. If you’re on the older side and ready to start working, I recommend starting simple, maybe a cafe job, or your local shop. A big one that can earn you a lot of money is Catering. Again, another job I still do, and it is normally my main source of income in the Summer, it is flexible and tends to be on the weekends, so perfect to earn some extra cash if you already work during the week.
3) Put the majority of your earnings straight into the bank.
This is something that I mentioned in the first point but I will say it again, ‘Out of sight, out of mind’. I promise you that if you keep your money in your room or wallet, you WILL spend it impulsively because it’s just sitting there, staring at you, saying ‘spend me!!!’. You will thank yourself when, in a few months, you realize how much money is already sitting for you in the bank.
4) Think about what you want to spend your money on.
Just because you make money does not mean you need to spend it all at once. This is a big one for University students. Getting your loan in at the beginning of term is the best feeling, but start budgeting straight away, otherwise, you are going to be a month in with no money, and just that awkward phone call to the parents, that we both know you never want to do. So just be smart about what you’re spending your money on and try and plan ahead as much as you can.
These are just a few tips I have used and continue to use to help me manage my money and stay on top of everything as a young adult.