Top 6 Ways Millennials Can Start Saving
£££ in 2020
By Jessica Truss | Published February 25, 2020
Those UK citizens who’ve affectionately been dubbed ‘millennials’, face certain challenges in today’s world.
Out of control student loan debt, the high cost of living and uncertainty surrounding the job market, have made saving money difficult for many of them.
Just making ends meet month to month can be a challenge for most of us - without the added pressure of saving for the future.
There are some practical things millennials can do to cut costs and start a ‘nest egg’, without a drastic change to their lifestyle.
No matter how much or little you earn, there are always ways to save.
Today we’re going to look at 5 ways to slash expenses and put a few quid extra in your savings account.
1. Slashing Work Commute Costs
For many millennials, after rent, the biggest expenses often fall to work commutes. Travel to and from work and parking can really drain your budget.
If you have an Oyster Card you can match it with the 16-25 Rail Card and get one-third off the cost of London’s Tube, DLR and Overground after 10 am during the week and all weekend long.Important: You can only take advantage of this special savings in person, at the Tube, London Overground, TfL stations, National Rail ticket offices, Oyster Ticket Stops, and official Visitor Centres.
If you’re one of the lucky people who got a 26-30 Railcard sent out as a trial this year, you can also link your card for a discount.If you’re a member of the National Students Union, the 16-25 Railcard which normally costs £30, offers a 12% discount.And, if you sign up for a Student bank account with Santander bank, they’re giving away a 4-year Railcard for free.If you’re within cycling distance to work, you could save as much as £1,300 per year.The ‘Cycle to Work’ scheme offers a great way to save on taxes. If your work has signed up to this program, you could purchase a bike and safety gear worth up to £1000, the cost for which can be deducted from your monthly salary in equal payments over the course of a year. Along with that comes a nice incentive of up to £400 for those people in higher tax brackets.
2. Get HUNDREDS Back On Your Energy Bills
Did you know that greedy energy companies are ripping us off to the tune of £300 or more every single year? With another round of price hikes just around the corner, it could be a brutal winter for millions of us.
For decades there were hardly any options as greedy energy suppliers raked in the cash. Then one company showed up on Dragons’ Den and is changing everything…
Look After My Bills co-founders went into the Den and wowed the Dragons - walking away with the BEST deal in the history of the popular TV show.
The concept of Look After My Bills is simple: you sign up just once, and the service finds you a great deal (and switches you to it) every year.
And the best part is, Look After My Bills is FREE! They are helping over 200,000 households avoid the energy rip-off this winter.
3. Save on Lunch Out
Eating lunch out regularly is a huge expense many millennials don’t even realize they’re incurring until they take the time to calculate. Bringing lunch from home to work even three times a week could save you £30 or more per week.Be sure to prepare lunch the night before, to leave yourself adequate time - cramming it into your morning routine could prove difficult.
The easiest way to reduce prep time is to make extra dinner the night before and then package leftovers to warm in the lunchroom. Another option is to check out the app, ‘Too Good To Go’. This app networks with some 5,000 vendors to offer food that is fresh but unsold, at a fraction of the regular price, to help conserve food waste. You should plan ahead and you may need to take a later lunch break as patrons are often required to pick food up during off-peak times.
4. Save £££ On Your Daily Coffee ‘Fix’
Many ‘millennials’ are regular coffee drinkers but that daily cup of ‘joe’ is likely costing you around £11.50 per week or around £46 per month!One way to catch a break on coffee costs is to bring your own reusable cup in for a refill. Many coffee shops offer a discount when you do.If you can grab your morning coffee at Pret A Manger and Patisserie Valerie, you can get a generous 50p discount, while most other chains offer between 20p-25p off.
5. Save on Night’s Out
There’s no need to ‘gut’ your social life to save a little money, despite what you might think.
One of your best bets for cheap entertainment is comedy clubs. Lots of up and coming comedians take part in low-cost shows either to try out new material or prepare for bigger, upcoming shows. Angel Comedy Club in London for example, hosts ‘pay what you like’ gigs. You may not enjoy all the acts but a few are always good for a laugh and even a ‘fiver’ will get you in the door.You can also apply online to get free tickets for TV shows filmed in front of a live audience like, BBC’s ‘Have I Got News For You’ and ‘Later...with Jools Holland’.
Another popular way to save on club costs is to host a ‘pre-party’ at a mates’ house. By starting the party at home, you can load up on a couple of rounds with store-bought liquor before you head off to the club.
And, if you frequent club chains like ‘Be At One’, check out their app which offers free drinks and discounts.
Their special ‘Appi Hour’ for instance, doubles the length of regular ‘Happy Hour’ when you download it.
6. Cancel Unused Subscriptions
It’s easier than ever to rack up monthly subscription bills since many products and services offer monthly plans. But the problem with those is that you tend to sign up and forget, or you get “cancel remorse” and keep subscriptions you don’t really use.
Go through your bank statements and review your subscriptions immediately! Don’t forget to check your Direct Debits too.
REMINDER: People Are Saving £300+ A Year On Their Bills
Latest statistics show that at least 60% of households are getting ripped-off by their energy supplier.
Look After My Bills is putting a stop to that with their free service. You sign up just once, and they’ll switch you to a great deal every year - saving you £300+ in the process.
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