Her Campus Logo Her Campus Logo
Career > Money

Five Money-Saving Tips You Should Adopt Right Now

This article is written by a student writer from the Her Campus at St. Andrews chapter.

It’s 2022, and I’m sure there are many New Year’s resolutions which go somewhere along the lines of “learn to spend less money this year”. However, that is often easier said than done. Saving money can seem daunting, especially for our generation, as we often find ourselves spending on things that provide immediate gratification, but otherwise have little to offer. Learning to spend less is something that is hard to begin with, but once you get the hang of it, you will find yourself perfecting this skill exponentially. 

So, here are five things you can do right now that could help you save your money:

  1. Set a weekly spending limit

Nowadays, mobile banking apps have an option that lets you set a weekly spending limit. I first made this discovery through one of my friends whose phone displays her spending total every week. Think of it like your weekly screen-time display. This is a great way to understand your weekly spending habits and it is something you can do right now to help save money in the future. 

  1. Automate your bills

We have all subscribed to numerous online platforms and sometimes it’s hard to keep track of all your subscriptions. As a result, brands often charge hidden costs and some companies even charge late fees on bill repayments if you fail to pay them on time. This is why automating your bills is a great way to avoid any additional hidden charges that could be eating into your pocket right now.

  1. Cut back on variable expenses

I know it’s hard for a college student not to succumb to impulsive fast fashion purchases and the temptation to eat out, but these are the variable expenses only accumulate as days go by and ultimately leave you feeling guilty when you look at your spending the end of the month. Consciously making an effort to cut back on these variable expenses is a big step that could help you save your money. Believe me, you will not realise how much you spend until you try this method!

  1. Cancel extraneous subscriptions 

We are all guilty of paying a subscription to things that we once thought we needed, but now no longer use. Yes, those next-day delivery subscriptions for multiple shopping websites are a BIG waste of your money and you need to cancel them right away. In fact, having these negatively incentivises you to shop more – and, thereby, worsens your monthly spending spiral. So, cancel those subscriptions right now and wait to see how much less you spend. 

  1. Using positive reinforcement 

This method is one of my favourites because I believe positive reinforcement is the best way to help yourself with something you consider difficult to achieve. At first, saving money might seem like it requires constant sacrifices, but rewarding yourself if you manage to spend less is a great form of positive reinforcement, one, which will keep your spending habits intact. Think about something you enjoy doing, whether it be a special dinner, a beauty treatment, or a cocktail night with friends, and use it as a reward if you manage to control your excess spending. 

Lastly, instead of cutting down on all your unnecessary expenses in one day, it is important to take baby steps to improve your spending habits. We are all so used to living in a commercialised society, that taking this huge step would most likely result in a major lifestyle change that could impact you negatively. Instead, taking small steps to save your money is a great way to develop this habit over time, and for the long run. So, don’t be too harsh on yourself and go at your own pace, it will be worth it in the end.

Syna Singh

St. Andrews '24

Syna Singh is a third year at St Andrews majoring in Financial Economics and Management. She is originally from India but has lived her whole life in sunny Dubai. Photography, traveling, tennis and blogging are some of her interests. In addition to that, she hates being unproductive but also loves binge-watching true crime series, kdramas, rom-coms and of course, The Office!