From Brexit to the cost-of-living crisis, money this year has been tight for us all. Many of us have already had to cut down on things in order to stay afloat, but maybe there are some student spending habits you have forgotten about that need breaking.
Here are some tips and tricks on how to save some extra cash here and there.
Impulse Buys
Impulse buys are those purchases that you didn’t intend on making. Random food items that weren’t on the shopping list, another pair of jeans, or that pink pen pot that’s cute because it looks like a sloth and after all, it is on sale.
You know you don’t need those things, but you convince yourself that a treat every now and then is fine. And it is… but not if you treat yourself every time.
It has been found that 91% of Brits admit to making impulse purchases every month. This adds up to a whopping £3.1 billion being spent impulsively each month, working out as roughly £48 a month per person. Imagine what a spare £48 could do for you.
See also: Best Christmas Markets For Students To Visit In 2022
Subscriptions
We sign up to all of these subscription services and never give them a second thought, but all of these small charges can really rack up a total.
Honestly, do you need Netflix, Apple TV+, Amazon Prime, Paramount+ and Disney+? Seems excessive, don’t you think? Even if these were all £10 (we wish), you’re spending £50 a month or £600 a year!
Pick one or two of these subscription services and you will find you don’t even miss the others.
This isn’t just an issue with streaming services. You can buy magazines, books and even shampoo and conditioner on a subscription basis. So, make sure you are paying for things you actually need and not things you impulsively signed up to many years ago.
Paying For Convenience
Everyone is guilty of paying for convenience. Whether it’s going to a drive through for dinner, getting your nails painted at a salon or getting a uber to a very walk-able destination.
Again, every so often, this is perfectly fine. However, if you find yourself paying for convenience every single week, then those payments will begin to eat into your bank account.
To try and avoid this, why not try making a meal plan of your weekly meals. This will deter you from making a pit-spot at those addictive fast-food restaurants, as you already have food waiting for you at home.
Emotional Spending
Many people tend to turn to “retail therapy” when in a negative mood. This can see you buying anything and everything just to try and make you feel better. This is known as emotional spending, and it can really dent your bank account.
Some people emotionally eat or emotionally work out, and others emotionally spend. It isn’t a new phenomena but, if you are trying to cut back on unnecessary spendings, this could be something worth addressing.
In the long run, emotional spending is not going to make you feel any better. It is simply a small serotonin boost that will be gone by the morning.
These student spending habits to break could make a big difference at a crucial time for your finances.
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