How Can Younger People Save Money

Younger people aren’t exactly known for being thrifty with their money. It tends to be a habit you pick up later in life when you have more responsibilities. Here’s how young people can start saving money with minimal effort.

Car Insurance

Car insurance is a huge expense for young people these days. The average insurance cost of a driver aged between 17-22 is around £1,000. Online comparison sites are popular, but they don’t always take into account age-specific deals. Axa Insurance is currently offering a 10% discount when you book online, as well as numerous other promotions like their Drivesave scheme. Customers aged between 17-24 who fit a GPS device to their car will not only earn 20% off the initial cost, they’ll also save a further 3.3% every four months for the first year. Drivesave intends to reward good driving, as you can only qualify if you regularly achieve scores over 70 on a scale of 1-100.

Phone Bills

A modern smartphone has entered the realm of necessity rather than luxury in the eyes of most young people. This is because a phone isn’t simply a way to call people anymore. They also act as most people’s cameras, music players, as well as a computer on the go. Even if you make use of free messaging services like WhatsApp or Viber, mobile phone bills still add up to considerable price each month because of the increased data costs. Try to log onto wi-fi hotspots when you can and also get into the habit of downloading any larger files when you’re at home. Not only will these save you valuable megabytes, they’ll most likely download a lot faster than they would on 3G anyway. Lots of phone companies also offer free texts or calls to others on the same network now, too, so it pays to be aware of what your friends are using.

Cashback

Shopping online is an everyday experience for young people that it really doesn’t make sense not to use cashback services like Quidco or Top Cashback. Simply accessing the store’s webpage via these sites will earn you a percentage of what you spend. While these are usually low numbers, over time they’ll add up and it’s a very small change to make. Bare in mind that cashback can take a while to process – sometimes taking as long as a few months. Some services allow you to link the service with your PayPal account, though, and have it automatically transfer the money when it’s ready. You can also register your debit card on the sites to earn cashback at selected high street locations.
All of these tips can save you significant savings with little effort on your part. Start making these changes early on to take advantage of the full benefits.