Candyfloss & Dreams

Tag: budgeting

  • Trick Yourself into Making Savings

    Trick Yourself into Making Savings

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    Saving is not always easy, but even small amounts soon start to build into something worth having. Most of us live from payday to payday, with very little cash to spare. So how can you save some money, without even noticing it is happening?

    Analyse What You Spend

    Take a close look at what you spend every month, and see how much of them are unnecessary. This may well show up old subscriptions you no longer use, or money being wasted in other areas. Cancel anything you do not need, and straight away you will have some money to save and be no worse off.

    Look at things like book clubs, for instance. Do you really need to pay them a monthly fee when you can get all the books you want for free at a library? Do you have to pay into the club that sends you a record every month? With streaming music online now that should not be needed. These are just a couple of examples, there are many other things you could stop paying for.

    Make Saving Automatic

    There are several ways you can make your savings automatic so that you do not even think about them:

     

    • Most salaries are paid into a bank account these days. Ask your employer to pay some of yours into another account. Most companies offer this sort of service to their staff, so take advantage of it.
    • There are apps that will round up any purchases you make, and save the money for you. If you, for instance, spend £1.60 the apps round it up to £2 and puts the 40p into your saving account. It is such small amounts you will not even notice it is happening until you see how much it has mounted up in your savings account.

    Automatic saving is a great way to build up a decent sum of money without the hassle of having to physically go and put it into a saving account.

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    Compare Rates

    Buying a major item is not saving you any money, but finding the best interest rate could save you a lot. If you have to buy something like a new car, take a look at a vehicle finance calculator to find the best deal for you. Do this for everything and you’ll always get the best deal.

    Interest rates can vary greatly, but the most expensive way of borrowing money is on credit cards. You could save yourself quite a bit by converting them to a bank loan, which will be at a fixed rate with a predetermined end date. Credit cards can go on for years and cost you a fortune.

    Avoid Impulse Buys

    Impulse buys tend to be when we buy things we do not really need, so avoid them at all times. Just stand back from the purchase you nearly made for a few minutes and ask yourself if you really need it. Generally, with an impulse buy the answer is no, so save the money instead.

    You may be surprised at how quickly your savings will grow, and sometimes it can become an obsession. Don’t let it overtake your life, just be sensible and save what you can afford to.

    This is a collaborative post.

  • Starting University as a Mature Student

    Being a mature student is quickly becoming a bit of a norm in this country particularly with the rising popularity of access to higher education courses being offered. My partner Adam completed his social sciences access course in July and has accepted a place studying Criminology at Winchester university. Studying as a mature student is a great way to retrain but it does come with its own set of challenges.

    Adam applied for university very close to the UCAS deadline date during his access course in January. He applied for five university placements with two being at Winchester which is our closest university. One required him to pass his GCSE in Maths and one just requires him to pass his access course. Adam didn’t feel confident he would pass maths (although we have since found out that he has passed – but has remained on the course he wanted) so decided to confirm his choice and select criminology as his firm choice. As soon as student finance applications opened he applied and was told his finance allowance for the year.

    University Mature Student – Getting Student Loans

    As a mature student living away from home I had to fill in my details to support his application. Student finance is calculated on the previous years tax so Adams finance was calculated by our household income for 2016/2017 as he was planning on starting university in September 2018. As a mature student with a household income of less than £16,000 that year he was able to apply for

    Tuition Fee loan

    Maintenance loan

    Maintenance Loan top up (for lower incomes)

    Parental Grant

    Adult Dependant Grant

    He decided to apply for all of these as even though we would both be working when he started university I was three months pregnant and we were expecting our income to take a bit of a fall whilst I recover from birth and adjust to life with a newborn. We were then told what we had been accepted for. I think Adam is also entitled to a low income bursary from the university which isn’t payable in May. Apparently there is no need to apply as it is calculated automatically from Student Finance. As far as we are concerned, as a mature student with an adult dependant and two children any and all financial help is going to make a difference.

    After finding out what was to be awarded it was just a case of waiting for his official results to come through so he could inform the university and then have his offer changed from conditional to unconditional. He had a start date for 19th September to enroll with lectures beginning the week after.

    Saving Money as a Mature Student

    As a mature university student Adam has applied for a three year NUS discount card for £30. This allows lots of discounts on clothes, cinema and meals out. As a mature student he also qualified for a one year 16-25 rail card. To get this rail card there is a form you need to print out which you take to university when you enroll to have stamped. This then allows you to get a rail card reducing travel costs. Whilst Adam is learning to drive he will be getting the train to and from University every day. With the railcard he saves around 1/3 on his travel costs which will be a saving of around £300 each semester.

    The biggest challenge now is juggling that work life study and family balance. We will have a newborn in the house in October just after he has started university as well as juggling getting Evie to and from school. Adam will continue to work 29 hours a week from Sunday until Thursday during the evening and will be studying at university for three or four days a week. Time management is key for a mature student at university with a family at home. It does not leave a lot of time for the Social side of university life however as we are a family husband priorities are with studying and working.

    Here are some top tips to help you adjust to life as a mature student

    1. Don’t feel you will be the oldest one there. It’s very unlikely that you will be as university does not have an age limit. Some people enjoy studying throughout their lives and you are sure to find someone studying to increase their career prospects or because university works around their family.

    2. Get yourself a planner and set yourself a schedule so that you can plan your time wisely.

    3. Do consider getting a discount card and rail card to help you budget better and save money on essentials.

    4. You don’t have to sacrifice time with your family. It is a juggle but you can prepare for things like days out together or date nights when you have your schedule. As a mature student you still need time to put the books away and enjoy a break from time to time.

    5. It’s likely your student finance will be a buffer for your wages so budget wisely and consider paying things in advance with each payment you get such as rent. Our plan is to pay £1500 each semester which is around ten weeks rent and then top up with Adams wages.

    6. Student finance affects benefits. Universal Credit will take all of the income into consideration but I believe allow a certain amount for travel, books and essentials. Tax Credits do not ask about maintenance loans but will want to know about the total adult dependant grant. When you start university you should make this clear to any benefits that you receive to avoid being sent huge overpayment bills.

    Being a mature student has a lot of benefits and if you plan your time wisely it can be a great move for your career.

    Starting University as a Mature Student

  • Save Up For That Much Needed Holiday

    This is a collaborative post.

    travel on a budget

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    Saving up for a holiday away can be a real struggle sometimes, but once you’ve done it and you’ve got enough money under your belt, you will realise how worth it it actual was, as you’re lying on the golden sandy beach, overlooking the turquoise ocean as the sun shines down on you.

    Make your own pack lunch

    Think of the money you would be saving every day if you made your own lunch with leftovers from the night before, instead of buying lunch when you’re at work.

    Stock up on some cute plastic containers, put your extra food in, bung it in the fridge, and bring it in with you the next day.

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    Drink your coffee at home

    As much as you may like to go to your favourite cafe at the end of your busy day, try limiting it to once a week instead. It all adds up, and if you want to save, then it’s no good splurging on things that aren’t a necessity.

    So instead make your own coffee for that quick fix, you can even invest in a nice flask to drink from while you’re on the go.

    Walk it instead

    Start walking to your destination, or riding your bike as a pose to public transport or driving yourself. This will cut the cost of petrol and bus fares, and not only that but you’ll also be keeping fit at the same time, which is great for getting your bikini body ready.

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    Deal with your bills

    Never let your bills stack up on top of one another because it won’t end well. So make sure you prioritise. You can consider taking out a loan with companies like www.unsecuredloans4u.co.uk/ if you really don’t have enough to get by. But bear in mind you will then have to add this to the list of things to pay every month.

    Stick with the classic pay-as-you-go

    You can still have a nice looking phone with all the latest features, but without the life abiding contract.

    Paying as you go means you are always on top of what you’re spending. You can never go over, and if you’re really broke within the next coming months, you can just not top up.

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    Sell your goods

    There’s bound to be things you no longer wear or use, that are just lying around wasting away. – Sell these things! One man’s junk is another man’s treasure remember? That applies to everything. Maybe you have a sofa that is stored away in the attic that people may pay good money for. Or maybe you got given a painting that you hate, but someone else might spend hundreds for it because it ‘speaks to them.’

    So get looking and put some adverts up online, it’s quick, easy and you may even enjoy it.

    Compare flights

    When you do end up looking at potential flights, don’t just settle with the first one you see. Use sites like www.skyscanner.net/ to find you the cheapest rates by comparing them with other airlines.