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Apprenticeship Tips: Money Management

6 Tips for Apprentices: Money Management

We know how difficult it can be to keep on track of your spending! To help you out, we asked our own apprentice, Michael, to tell us how he manages his money.

Here’s some practical tips for making the most of your monthly wages, so you can help your money spread even further.

 Here’s what he said.

  1. Cutting your Monthly Budget can make you Money

When your wages come in, after you've worked out your outgoings and debts, it's useful to transfer as much as half of the remaining money into a savings account straight away. That way you have started to budget already and it will help you reconsider buying things that you probably don’t need. Getting into the habit of saving a little bit at the start of each month is really useful, because it means your money grows gradually without you even realising!

  1. Think before you Buy

Although it can be really tempting to get spending, especially when you’ve just been paid, you can train yourself to be cash smart! It is easy enough to see something you like and just buy it without even thinking about it. We all do it. If you are thinking of buying something, don’t say ‘now,’ but think ‘later.’ Think about saving up for bigger purchases and rewarding yourself for milestones during your apprenticeship.

  1. The Money Jar

This tip is one of the easiest to put into action. All you need is an empty jar and you’re already half way there. The other half is simply the money. Put any spare change you have in the jar and over time the jar will fill up and you’ll be able to treat yourself. Fancy a magazine or a trip to the coffee shop? Dip into the money jar.

  1. Deals, Deals, Deals

Before you go out and splash your cash, compare prices online or at similar shops. Voucher codes are always worth investigating. By shopping online, you are almost always able to find the item you are looking at a cheaper cost.  There are also great comparison websites that will do all the hard work for you! As an apprentice you are also eligible for an NUS Extra card, which gives you discount in a number of stores including retail brands like TOPMAN/TOPSHOP or takeaways like Dominoes.

  1. Eating Out

We all like to treat ourselves from time-to-time by going out for a meal, however we also know that it often costs a bit more than we’d like! What a lot of people don’t realise is that there are many different restaurants that now have special offers but in order to get these offers you have to find them online and they may not always be on their website, sometimes you have to register for their email alerts. The offers will often have to be printed out but if it saves you twenty or even fifty percent on your meal then it is worthwhile. So, next time you are planning to go out for a meal, have a quick look around for some special offers; you may even get a free dessert.                             

  1. Cheaper Travel

Getting to and from places such as work or the town centre can be expensive if you have to do it on a regular basis, however there are offers in place for both trains and buses as I’m showing you below. As you can see, there are a range of options for young peopleto get cheaper travel and although it may not seem like you're saving a lot of money, it will help more than you think.

These tips are really not hard to carry out, and mean you are still able to enjoy yourself each month! You can treat yourself, whilst still putting money aside in order to pay for the luxury activities or items that we all want like holidays and nice clothes. Give it a go and see how much you can save!

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