Budgeting
Knowing what my monthly income will be and evaluating how much I can realistically spend on things. Ensuring I know exactly what my fixed expenses are. Making sensible choices. Buy groceries on offer, I often go to a few different shops per week to get the cheapest things from each. Allowing myself small treats – a £5 book or a lunch out with friends. You don’t NEED to spend a huge amount to have a good time. Sharing subscription costs with family or friends. Keeping my goal in mind and having a positive attitude – I want a house by this summer and I’m working my hardest to achieve that.
Budgeting every month so that I have a certain amount put aside that I will use for buying a house. It is not much but it is slowly growing.
Not spending money on things that I don’t need and opting for cheaper university accommodation to have more more money once I finish university.
Not spending on things I do not need.
Only buying things I need and putting money aside each month for a deposit.
Saving money by only buying essentials and not spending too much when shopping.
Putting some money anytime I receive any into a separate account to help finance my future. I usually put a large chunk of the money into savings and keep the smaller amount to spend.
Check out our page explaining exactly what budgeting is and how to do it.
Savings Accounts
I pay a certain amount into a lifetime ISA every month. I try to limit my spending so that I can save more; if I have money left over at the end of the year I’ll put some of that into the ISA as well.
Filling my LISA each year and saving extra if I have some left over.
Putting money into a savings account each month and putting any loose change into a tin that I’m not allowed to touch until it’s full.
Saving for a house by using my LISA.
Putting money in a savers account.
Taking a side a part of my salary into a savings account.
Keeping everything I don’t need in an ISA.
Keeping money in a savings account.
Junior Isa.
Read our introduction to saving to get more information about what saving actually involves.
Savings apps
I use the nationwide banking app with a goal set for a specific time.
Using the MoneyBox app.
Moving my money into different pots to see where it is going and to see how much I can save.
Savings pots.
Read our article on the different ways you can start saving. It has useful information about some handy savings apps and much more!
Investing
Putting away money in the bank and putting money into investments.
Putting money into a long-term saving scheme.
Investing some of my money in a long term savings plan.
I’m saving for a house by limiting my spending, walking more places, eating less and investing the money I have.
Check out our investing glossary to get to grips with some of the basic terms related to investing.
Or, watch the video below where money guru Iona Bain tells you everything you need to know.
Working for extra income
Getting a part time job at uni and working 6 days a week over all holidays.
Working during uni and putting aside every bit of spare money I can. It’s not been going well as my savings keep getting eaten up by financial emergencies and rent, but I’m still trying!
Help from friends or family
Putting aside birthday and Christmas money.
My grandparents have opened a savings account and my mum has trust fund.
Not everyone will be able to take advantage of this option, but it can help to have a conversation about money with your parents or carer.
They may have some money put away for you, or could help you pick a savings account that works for you and help get you started.
Reducing debt
I have an ISA but it’s not got a lot in it. I’m working on paying my debt off then building some housing fund.
It’s important to prioritise paying off your debt. Once you have a payment plan in place, or have cleared what you owe, it’ll be easier to work out how much you can afford to save and focus on that.
Check out Citizens Advice Scotland’s debt section for lots of helpful information.
You can also call the National Debtline on 0808 808 4000, Monday to Friday 9am – 8pm and Saturday 9:30 am – 1pm. Or, use their online chat service.
Other savings tips
Not touching my savings, and putting them in the second I get paid so I’m not tempted to use them.
Putting all my loose change in a bank. Every time I have coin change I put it in the saving fund.
Using a piggy bank.
Reducing spending, interest.
Regular savings, by buying only what I need, by making value for money purchases, by looking for weekend job.
Read our article about saving to buy a house for more information and tips.
Get more information about budgeting, saving and money management on our Money & Me page.
Young Scot supports young people to share their own voices, views and opinions and works with partner organisations and professionals who are experts in different topics. The views expressed in this blog are those of the young people, organisations and/or individuals who have taken part in the blog, not necessarily the views of Young Scot.