Saving up for a masters/travelling etc. as young professional

There are so many things that you might want to save up a good chunk of money for. At the moment I am trying to save up enough money to be able to study a masters course in the super expensive city of London in September. In the month of March I will be doing a ‘no spend’ month which I can hopefully write a post about. For now, here are some top tips I’ve found for saving up a good chunk of your wage:

Food Prep/Planning

If you are anything like me a large proportion of your money each month goes on food. You don’t need to starve yourself to save a bit of money on this necessary expense.

  • Take homemade lunches to work – in my experience this saves me at least £3 a day which is over £700 a year and so definitely makes the world of difference.
  • Plan ahead – don’t buy little bits from the supermarket as you need them, do a full shop and plan how much you will spend and what meals you want to make to avoid waste. What’s the point in literally throwing money away when your food goes off?
  • Remember, the freezer is your friend. I freeze bulk meals, meat, cooking sauces etc to save me time and to avoid waste and ultimately money.

Spending cash only

I like to take out my weekly budget in cash where possible. For instance, if I’m setting myself a budget of £50 a week if I take out the cash I can physically see how much money I have and think a bit more carefully before spending it too fast. I find it helps me to resist impulse buys when I’m on a strict budget.

Saying ‘no’

You don’t have to get a takeaway, buy that new dress, go for those expensive cocktails after work etc. Sometimes you do just need to say no a few times and think about your goal and why you want to save money.

I find it fun to try and have some challenges that help you say no a bit more easily. For instance, have a go at a ‘no spend’ day or weekend. Try not to spend any money for a day or a weekend and see how you feel. You can even take it one step further like I plan on doing and spend no money (on non-essentials, I will eat!) for a month and see how much you can save.

Saving money is tough, but if you have a goal – it will be worth it!

Let me know if you have any tips to share?

4 thoughts on “Saving up for a masters/travelling etc. as young professional

  1. Pingback: Accepting a job that you’re ‘overqualified’ for? | directionless graduate

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