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over brand new can save a huge amount of money over time. Charity shops and vintage stores are absolute treasure troves for clothes, accessories and homeware, while peer-to-peer marketplaces such as eBay and DEPOP are full of bargains on top brands at a fraction of the price.3 Money-Saving University Tips to Pass on to Your Students When it comes to course materials, it’s common for second-year students to sell on their first-year books for cheap. The university library may also stock the necessary books – though demand could be high if lots of students are after a particular title at the same time. Don’t blow your budget too early - With furniture to buy
and social events happening left, right and centre, there’s a huge temptation to go overboard on Freshers Week. In fact, according to Currys PC World’s research, Freshers Week sees students spending double what they would in a normal week. This will only come back to bite them later, however, so it’s sensible for students to put a budget in place, to save themselves from running short of cash later in the term. There are plenty of apps available to help with budgeting, or even a simple Excel sheet will do. For plenty more nuggets of money-saving wisdom, be sure to check out the full Savvy Student Guide.
ew research commissioned by Leeds Building Society has revealed that nearly a third (30%) of the UK describe themselves as spenders and not savers, with almost three quarters (73%) of UK adults saying they have an overdraft. Women are also most likely to go on a shopping spree when feeling down beat with a third (33%) saying they shop to make themselves feel happier compared to just 14% of men. Following these findings, Leeds Building Society enlisted the help of Consultant Psychologist, and author of Willpower For Dummies, Dr Frank Ryan, to provide advice and guidance to those who are wanting to save money and to help people train themselves to become savers rather than spenders. Dr Ryan’s top five tips to help you save money this summer are: “Think about all those times you’ve bought yourself something non-essential and ask yourself how long does that good feeling last? It will make you feel good now, but later, you are just paying an extra monthly bill or larger credit card payment.” Dr Frank Ryan's top tip: If you come across a spending opportunity whether online or while out shopping, aim to distract yourself. The impulse to buy something is usually short lived, and can dissipate after 5 or 10 minutes. Credit to Leeds Building Society.Image removed. “Make decisions in advance by making a list of what you need. Do this for clothes shopping as well as food. This way
you’ll remember the items you actually need and will be less likely to make the wrong decisions, preserving your willpower.” Dr Frank Ryan's top tip: Think about the last time you bought something you didn't really need or spent more than you could afford. Note the time, place and how you were feeling. Were you tired and stressed, or happy and excited? These are your 'high risk' situations. Think ahead and anticipate when you might be in a 'high risk' situation, and make a plan for it. “Differentiate between spending and borrowing – if what you’re buying is adding to your credit card bill, that’s borrowing, not spending!” Commenting on the study, Dr Ryan said: “Before we spend or save, a decision is always necessary - even if it is an impulsive one the brain does not sit on the fence! Spending decisions are usually driven by short term rewards whereas saving is about focusing on the long term benefits. If you’re interested in taking on the Savers vs Spenders challenge and would like further advice from Dr Frank Ryan, visit: http://www. leedsbuildingsociety.co.uk/ knowledge-base/savers/ how-to-train-yourself-tobecome-a-better-saver/
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Savers or spenders?
