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Moneyclip: Don’t go shopping

This is the seventh post of the Moneyclip series which aims to give you a quick and easy tip on how to save money. See the rest here.

This is more about spending less. It’s amazing how easy it is to spend when you’re surrounded by others who are spending. By simply avoiding areas where there are shops you can cut your impulse spending significantly.
In a similar way that an alcoholic should avoid the pub, avoiding the shops will help curb the temptation to spend.
If you’re finding it difficult then recruit some help from your friends. Make sure you meet them in a place where you’re not going to be tempted. Encourage eachother. This should be an easy enough thing to do at uni but I also know that no matter how low your bank balance there’s always a temptation to ‘treat’ yourself…once in a while.

At the end of each month thethriftdiaries.com looks at current money issues that are affecting students and graduates. To read previous Money at the Mo click here.

The cost of accommodation is the biggest expense of life in general but at university it’s something that requires forward planning. The Guardian estimates that most spend £12,000 on rent during their entire degree but this to me seems to be the lower end of the scale and does not take into account 12 month contracts.

I lived in Central London for 3 years and spent 1 year living in Germany for my year abroad. In total I spent £16560 on rent alone for my 4 year degree. For most of this I chose the cheapest room in the flat share so this was the minimum I could spend on rent. In a future post I will be showing what exactly university cost for my personal situation which can give you an idea of what you need to think about when budgeting.

For those about to start university or those about to go into rented accommodation I would recommend overestimating the cost of your rent to ensure you don’t fall short. This will be your biggest expense so make sure you think through where you decide to live. If you can even reduce your rent by £20-a-week at the end of the year you will have an extra £1040 which could cover other expenses such as bills, food and transport.

Read the full story of accommodation here.

Day 17: Prioritising

As a student there’s no doubt that you can maintain the same standard of living that you might have now with your parents.

One of the biggest lessons as a student is learning that you must make sacrifices. View full article »

Day 14: Tips for travelling

Bonjour! I am currently in Paris for a short break so it seems fitting to offer my best tips for keeping your money under control whilst away from home. View full article »

Day 13: Be positive

“Your experience of life is primarily affected by the perspective you view it from.” – Paul McKenna

Changing your perspective of money from a negative to a positive one can have a profound effect on your finances.

If you think you never have money but don’t change anything then you will never see yourself as having enough money. If you turn your nose up at saving regularly or cutting back on your expenses by shopping somewhere cheaper then you will never have any money.

Instead of thinking that shopping at bargain shops like the 99p shop or Wilkinson’s is only something poor people do, try it out. Wilkinson’s offers a similar range of toiletries (quite often identical brands) that Boots offers but at up to half the cost. The quality of the product hasn’t changed but the amount in your wallet has.

If you think you never have money but take steps to assess your spending and saving habits you will help to eliminate that negative perspective. Now your energy can be focused on actions rather than complaints.

In the wise words of JD Roth at Get Rich Slowly, “Money is more about mind than math.” If you don’t change your perspective of money and more importantly your money then how do you expect things to change?

Personal finance management doesn’t have to be boring or a way of shouting ‘I’m poor’. It can be a fun challenge and teach you a lot about your relationship with money.

Having a positive perspective takes practice. If you try to view everything from a positive perspective you can make the best of any situation. There’s no time like now for changing so try thinking positively today.

Day 13: A Positive Perspective

“Your experience of life is primarily affected by the perspective you view it from.” – Paul McKenna

Changing your perspective of money from a negative to a positive one can have a profound effect on your finances.

If you think you never have money but don’t change anything then you will never see yourself as having enough money. If you turn your nose up at saving regularly or cutting back on your expenses by shopping somewhere cheaper then you will never have any money.

Instead of thinking that shopping at bargain shops like the 99p shop or Wilkinson’s is only something poor people do, try it out. Wilkinson’s offers a similar range of toiletries (quite often identical brands) that Boots offers but at up to half the cost. The quality of the product hasn’t changed but the amount in your wallet has.

If you think you never have money but take steps to assess your spending and saving habits you will help to eliminate that negative perspective. Now your energy can be focused on actions rather than complaints.

In the wise words of JD Roth at Get Rich Slowly, “Money is more about mind than math.” If you don’t change your perspective of money and more importantly your money then how do you expect things to change?

Personal finance management doesn’t have to be boring or a way of shouting ‘I’m poor’. It can be a fun challenge and teach you a lot about your relationship with money.

Having a positive perspective takes practice. If you try to view everything from a positive perspective you can make the best of any situation. There’s no time like now for changing so try thinking positively today.

Day 1: The Launch

Today I decided to start my blog on personal finance. As a recent graduate about to embark on travelling followed by stepping into the world of work, I want to see if my advice can help others to use their money wisely.

View full article »

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