FinSu IVA

Okay so you finished studying, you got a good job and you thought your days of living like a student were over? If your debt is creeping up on you, take an active role in cutting down your expenses now and adopting back into ’student living’ ways. Here are some top tips to get you started!

1. Say No to more Credit and Store cards!
Did you know that the more cards you have the more likely you are to suffer from financial problems? Gone are the days when a credit or store card was a symbol of exclusivity, now they are practically throwing them at you. It’s easy to be lured in by promises of discounts, loyalty clubs and special introduction rates, but remember these rates usually go up. Shop around to find the best credit card deal and limit the amount you have.

2. Don’t keep up with the Joneses!
In such a consumer-based lifestyle, don’t get caught up in the mentality that you ’need’ the latest mobile phone, label brand clothes, and flashy car - you don’t. Distinguish your ’want’ from your ’need’ and adopt a less is more mentality with your purchases.

3. Around the House
Look at your general household bills to make small changes in your everyday life. Did you know 10% of your household electricity bill is from appliances kept on ’standby’ mode? Reacquaint yourself with simple tricks like using less heating and layering up on rugs and clothes instead.

4. Social Life Expenses
You can still see your friends while cutting down your expenses. Look at how much money you spend while socialising with your friends. Cut down on things like restaurant meals, movies and going out for drinks by inviting your friends and family over a cheap home cooked meal instead. Avoid buying rounds when you go out in groups and just buy your own drinks so you don’t end up coming home with an empty wallet.

5. Shop Around
Shopping around can be time consuming, but can also save you a lot of money. You can cut down your expenses by shopping around in everyday life as well as for larger purchases. If you are renting this could be a good time to shop around for cheaper accommodation. From food to insurance to aeroplane flights, there is room to save money just by spending more time looking for the best deal.