Tips for building your Xmas saving pot

Start now so you can make the most of Christmas🎄

The countdown is on for Christmas, and with it approaching quickly now would be a great time to start thinking about a Christmas savings pot.

Your next loan instalment will be in January, so putting some money aside now or a little each week could save you from being skint over the winter break.

Create the pot early 💰

The earlier you start your savings pot, the more money you can save! Separating your savings from your daily spending habits helps remove the temptation of spending all your money at once, and it'll help you budget your weekly/monthly spending too.

If you use banking apps like Revolut and Monzo, they have features where you can create 'pots'. You could set different ones up for summer, but also for food shops, spending money, bills, etc.

Use student discounts 🛍️

Take advantage of monthly offers, including Black Friday sales and student discounts! No matter where you're going, whether it's a meal out with friends or a bit of retail therapy at the weekend, look at what student discounts are on offer. Especially when shopping online! It can be easy to forget, but if you download apps like UNiDAYS and Student Beans, you can turn notifications on so you get reminders. These will be a lifesaver when it comes to saving money.

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 for a night out with friends, 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

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.

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.

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 do need any support with finances, you can chat to our Financial Support Team ❤️