Tips for building your Xmas saving pot

Start now so you can make the most of Christmas🎄

With Halloween and Bonfire Night out of the way, the countdown for Christmas is on! As it's approaching so quickly, it's a good idea to start thinking about budgeting and starting your savings pot.

Putting some money aside now or a little each week could save you from being skint over the winter break.

Start your pot early 💰

We can't emphasise this enough, but the sooner you put money aside, the more money you'll have for the holidays and the more you'll have to fall back on.

Try separating your savings pot from your daily spending to help remove the temptation of spending all your money at once, and it'll help you budget weekly/monthly.

If you use banking apps like Revolut or Monzo, they have features where you can create 'pots'. You can set up different ones for different purposes. For example, you could have a main Christmas one, and other ones for bills, food shops and spending money. 

Use student discounts 🛍️

Take advantage of monthly offers, including Black Friday sales and student discounts! No matter where you're going or what you're buying, it's always worth checking to see what discounts are available in-store and online.

Download apps like UNiDAYS and Student Beans, turn on notifications and get reminders for what discounts are around! These will be a lifesaver when it comes to saving and budgeting.

The 50/30/20 rule 🤔

Allocate 50% of your loan or wage for your needs, 30% for your wants and 20% for your savings. This is actually quite good if you're starting from £0 in savings, as it's a consistent routine that allows you not only to have money to treat yourself but also to give you a baseline for the amount of money you save.

Create a budget 📝

We know it sounds boring, but it's so worth it. If you look at everything you purchase and see you're spending more on things you can easily cut down on, like buying coffee every day before lectures, it can help you create a budget for each week. It will also help you see any subscriptions you might be paying for that you've forgotten about and don't need. Here's an example of a list of necessities we've made for you:

✅ Rent

✅ Bills

✅ Subscriptions

✅ Weekly food shop

✅ Travel

Creating a budget helps you visualise how much of your money goes to different areas of spending instead of just looking at one number in your bank balance.

Tip: It's always best to round up with things like this, as you'll be left with a bit more money than you thought.

We know that life as a student can be expensive sometimes, but if you start managing your finances earlier on, it can help you so much more in the long run and after university! If you find yourself struggling, you can check out what financial support we can offer ❤️

This article is for information purposes only and is not financial advice.