Get Gist: Lifestyle

A [Working Class] Millennial's Guide to Saving Money

by Kilo Bobs - 4:45:00 AM

This post contains no affiliate links nor have I received any incentive from any of the sites or companies mentioned to write about this.

Money saving expert, I am not. I did however - through some luck and hard work - manage to buy my first house before the age of 25 and still do a fair bit of traveling in the process. A lot of "money saving" tips I see come from a really middle class way of thinking and they aren't always relatable to those of us from a working class persuasion (like the assumption I buy £5 coffee or eat out for lunch on a daily basis) so I thought I would throw this post together in an attempt to bridge that gap!

Some self-call outs before I start:

I'm Scottish and therefore don't need to worry about paying for healthcare, prescriptions, per-use water charges, education, and generally enjoy a lower cost of living than rUK.
I have been privileged enough to have a stable and fairly decent source of income since I graduated university.
I am generally healthy and non-disabled.
This post makes some assumptions about having regular or semi-regular source of income and the ability to shop/cook independently and therefore not all of the suggestions are accessible to all.

But in general, I don't think my tips make too many assumptions about income so without further ado...

1. Treat Savings Like a Bill

So the first step to saving money is, unsurprisingly, actually saving money. Decide on how much you can afford to save every week/month and stick to it; as soon as you are paid, put your savings into a separate account (if you're really savvy go for a good interest rate one) and then act like that money is gone. When you budget, do not count that money in the budget, treat it like a bill that's been taken from your account. Do not fall into the trap of "I'll just dip into my savings this once..." because it is rarely just once, and if you need to keep accessing your savings then you haven't budgeted or you're not taking it seriously. Try a fixed-access account that limits the number of withdrawals you can make in a year (see later in this post).

2. Learn to Cook

I can already sense some of you checking out at this point, but this cannot be stressed enough in my opinion.
I don't mean that you need to become an acclaimed chef overnight - start small, basic, and figure out which flavours you like and build from there. Good food doesn't need to be complex.
The most fundamental part of being human is food - it's how we celebrate, socialise and comfort ourselves - and as such it's a huge source of financial waste. Learning how to cook is generally associated with healthy eating and makes you less likely to:

Spend money on takeaways regularly
Go out for meals regularly
Waste money on more expensive (often less tasty) pre-made sauces or meals regularly.

I say "regularly" because if you work full time and have other hobbies or commitments then you're not going to be able to cook meals from scratch every night of the week, it's just not realistic and even though I love cooking I certainly don't.

Anyone* can learn to cook; having a basic understanding of cooking means you can suss out quick and easy to make meals and buy cheaper fresh or tinned alternatives to pre-prepared sauces and ready meals (e.g. chopped tomatoes and spices vs jars of pasta or curry sauce). It also means that you find more enjoyment in food you've created than in dining out frequently, and if you master the "fakeaway" makes you less likely to splurge on takeaways.

Additionally, if you make extra for dinner then it means you can avoid buying supermarket meal deals or eating out for lunch the next day.

*Availability of equipment, energy (gas & electricity), and general level of physical and mental health are aspects that may limit an individual's ability to cook.

3. Eat Less Meat

Ah, and you thought you'd get through this post without any references to vegetarianism or veganism. Sorry to disappoint but contrary to the opinion that vegan food is inherently expensive, meat free dishes are typically cheaper than those with meat in them. Even if being vegetarian or vegan is not something you're willing to entertain you should normalise having meals that don't revolve around meat if you want to save money. Chilli made from beans (extra super saver points if it's canned supermarket basics range) costs very little to make per portion, and lentil or vegetable curries are as similarly cheap (using frozen veg - again, extra points if it's supermarket basic/saver range).

Long life foods with lots of nutritional value like tinned beans and vegetables, dried pulses (e.g. lentils), and frozen vegetables are often available at low cost and make great low-cost meals. A lot of this goes back to learning how to cook, as a lot of working class cooking (in my experience) is based around cooking what you know to avoid the potential for food waste which sometimes isn't actually the most cost-effective overall.

4. Keep an Eye On and Switch Energy Tariffs

Remember when I said I was not a money saving expert? Well, I learned the hard way that you need to constantly keep an eye on what energy tariff you're on or you might be overpaying. Even if (like me) switching energy companies leaves you a little uncertain, you should keep an eye on the available tariffs within your existing supplier. I recently switched and saved over £20 a month and I should have done it way sooner than I did.

Keep an eye on those cancellation or switching fees on the tariffs you choose too or you might get hit with a big charge if you want to change supplier or tariff later on.

5. Look out for Rewards and Loyalty Schemes

Comparison websites offering 2-for-1 meals or cinema tickets for purchasing insurance (including travel insurance within the UK for £5) or free to sign up loyalty schemes are obvious ways to get discounts or save money on items or events you'd be purchasing anyway. Be mindful not to spend money on things you wouldn't normally though, it's not "15% off" if you're spending money you didn't intend to in the first place. If buying online, have a quick search about for valid voucher codes before you confirm your purchase. Say "yes" to the free points or loyalty cards, and remember to use them when you make a purchase, and use cash back sites (only use trustworthy ones that are well documented and reviewed online). You can also make money from taking part in survey sites like YouGov - have a look at all the options like this that take relatively little effort on your part.

6. Use Websites like Freecycle or Gumtree

There are lots of sites out there dedicated to reducing waste and saving money - consider these if you're looking for furniture or to look for discounted food from restaurants etc. Consider clothes swaps instead of buying new, or using sites like Depop or Ebay to sell old clothes before buying new items of clothing. These options are also eco-friendly so it's another win.

Remember to stay safe when corresponding and meeting up with people online, especially if money is involved.

7. Stay Organised and Disciplined*

It goes without saying that to save money you need to stay on top of your incoming and outgoing finances. Regularly update and re-evaluate your budget and adopt a "worst case" way of looking at things. Plan for unforeseen costs, don't count on bonuses or extra income or use it as an excuse to overspend unless you're sure you can afford it.

I don't say this to foster an anxiety-inducing way of looking at money or to say you should never treat yourself - you've worked hard for that money and you should enjoy it where you can- but you know what your boundaries are and how much you can reasonably spend and it's about setting and sticking to said boundaries.

*Those who experience mania or impulsivity may not always have total control over their attitudes to money. It might be worthwhile looking at fixed or limited access ISAs to prevent you from accessing and spending savings if this is something you struggle with. Always consult an expert before making big financial decisions or changes.

Anything you disagree with or would add that you think I've missed? Let me know in the comments!

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MEP Elections 2019: Why Scottish Independence Seems Closer Than Ever and How Jeremy Corbyn Squandered a Golden Opportunity

by Kilo Bobs - 11:40:00 AM

This is an unusual one from me on the blog, but less so if you know me in "real life" or have spent the past 24 hours wishing I'd shut up on Twitter...it's a politics post.

The European Parliamentary Elections went pretty much as expected in the UK with a poor overall turnout and massive constituency gains for The Brexit Party in England and Wales, and a roaring success for the (pro-EU) SNP in Scotland, the two, as ever being at entire opposite spectrums politically (and with Northern Ireland doing their own Sinn Fein/DUP dance, as usual).

It's this Brexit divide, rather than the success of the SNP themselves, that has made this vote feel like Scottish independence is dancing in front of us, becoming enticingly closer every day. Caution should be stressed in interpreting this result; this was not a vote for independence, and the message to read here is that of pro-EU, rather than anti-UK sentiment. Additionally, with a voter turnout of just below 40% across Scotland, it would be foolhardy to assume this represents a tangible shift in electorate opinion with regards to independence or that these would translate into "Yes" votes in a so-called IndyRef2.

But it does seem that for the first time since 2014, we are resolutely crashing to the realisation that we, as a politically, socially, and economically distinct country, are no longer compatible with the rest of the UK. It's that image, yellow Scotland sitting high above a sea of blue Brexit Party constituencies, that seems to sum up so simply and succinctly the cold, hard, truth - that we are already our own country, but one shackled to a union that doesn't care about our opinion, our society or our economy, despite it being a prominent source of their own (see: oil, food/drink exports, life sciences and technology, tourism etc).

The results of the EU MEP Elections in the UK: Scotland is yellow for SNP.

A Tale of...One Union? Image from The BBC.

This isn't an attempt to promote rabid nationalism, in fact it is quite the opposite. When I imagine an independent Scotland, I imagine an open, diverse country that prioritises the health and education of its citizens, with a focus on environmentalism and technological advancement. This is a country that offers us free healthcare, free education, and cloned the very first mammal - we are a country determined to constantly move forward. When I think of being British, the truth is, I am utterly ashamed. I am ashamed to be a country involved in illegal wars that kill millions of civilians, that arms countries that kill innocent children, that pushes people into poverty, and the sick and disabled to death, and I am desperately ashamed of this pervasive and misplaced sense of colonialism that refuses to die. The British Empire was based on nothing but savagery, murder, and brutalisation - it is a national shame, not an achievement, but at its heart, pro-Brexit hysteria is the heirloom from this past - a belief that we are somehow a jewel in the world's crown and that outside forces seek to sully us, so we must withdraw and protect. That we are some high and mighty royal force, and that we grace the world with our presence simply by existing. I cannot abide it, and it makes me faintly ill. The UK undoubtedly has a lot to offer the world, so why are so many determined to keep us rooted firmly in the past instead of looking to a global future where we can help the world instead of laying waste to it? The more time passes, the less I am able to marry up these two ideas in my head, and unless something changes, I cannot see the union lasting for another lifetime. Remember that it was the threat of EU membership that prompted many to vote against independence in 2014 - what a slap in the face this political circus is today, then.

Through all of this, I can't help but wonder where Jeremy Corbyn has mislaid his spine and if he will ever find it again.

If anything was to save the union, it would be a centre-left, Labour-led government in Westminister, not bowing to the squalls of the rich and entitled, and standing for the disenfranchised working class. So where is the opposition?

When Jeremy Corbyn first came onto the scene, he was - I thought - a breath of fresh air in politics dominated by private school alumni with their own best interests at heart. Here was a man that couldn't be bought, that had common sense even when it seemed controversial to do so. It was this that made him a threat to the establishment, and made him a target for media smear campaigns, and this undoubtedly impacted his campaign approach. With everything Jeremy Corbyn said being liable to being twisted in the media, it made sense for him to weigh up the options, to tred carefully and be sure that he was on the correct course. The lead up to Brexit, when nobody seemed to agree on what they wanted, was the perfect time to let the Conservatives fight it out, to drag each other down and exhaust solutions and to watch how the electorate reacted to it all. But somewhere along the way, Jeremy Corbyn lost his nerve, and it has cost him dearly in I fear not only this election, but in votes to come unless he switches course.

When the Conservative party imploded, Jeremy Corbyn had an opportunity that opposition leaders can only dream of to swoop in and well...be the opposition; instead he slept on it, trying to stay a course that appealed to as any voters as possible, and losing credibility in doing so.

I get it, there is no "good" Brexit position to take, but the only thing worse than a polarising Brexit stance is no stance at all, and Labour found that out the hard way this election. The worst part is, it was this kind of political strategy that saw us into this mess in the first place; rather than pick clear policies and positions, David Cameron (who himself was pro-remain) built the Brexit referendum into the Conservative manifesto purely to gain votes from UKIP, who were starting to gain ground and threaten the right-leaning government. His embarrassing defeat should have been a warning to Jeremy Corbyn and indeed every politician that betraying your core values and political stance in a vain attempt to appeal to voters that wouldn't typically vote for you will backfire. If a manifesto or position is good enough, then it should stand up almost on its own.

Jeremy Corbyn, if you can't have faith in your party's vision of Brexit, then why should your voters? Why should they place their trust in you when even you don't seem to have a cohesive idea of what you stand for these days? Return to strong Labour policies that are pro-working class, pro-diversity and anti-austerity and the rest will fall into place. The simplest thing for you to do now, as it was weeks ago, is to back a second referendum and pledge to deliver whatever result the vote returns. Will it please everyone? Absolutely not, but then when did anyone in politics ever please everyone?