It’s the middle of January - and for most of us, that means wincing at our bank accounts as we try to come to terms with the damage that the festive season and New Year celebrations have had on our money.

But we’re here to turn things around with a list of money saving tips everyone can adopt.

1. TRY THE 50/30/20 RULE

A popular money saving hack, but one you may not have heard of is the 50/30/20 rule. This means 50% of your take home pay goes on essentials, such as bills and food shopping, 30% goes towards treating yourself and going out, while 20% goes to the future you - AKA investing and savings for a rainy day.

This split may not work for everyone, so feel free to change the percentages to suit your financial needs. 

2. DON’T SPLURGE ON PAYDAY

Hands up if you’ve ever got a teeny bit carried away on pay day? Safe to say, we’re all guilty of this one. In fact, one survey revealed one in five people spend over half their spare monthly wages within 48 hours of getting paid! 

Don’t let your disposable income burn a hole in your wallet, always ask yourself if you really need it. Every time you feel the urge to buy something, don’t do it straight away. Add the item to your cart and leave it there. If after two to three days you still feel like buying it, go ahead and get it. More often than not, you’ll have gotten over that initial urge to spend, spend, spend.

Besides, it’s far more important to prioritise other outgoings, such as bills and food, before you start spending. This is where the 50/30/20 rule can really help!

3. MEAL PLAN & PREP

The US is said to discard more food than any other country - nearly 40 million tonnes every year to be exact - which equates to approximately 100 kg of waste per person. Meanwhile the average UK household is said to waste around £500 a year on food. That’s a huge amount of money that we’d all rather have in our own pockets right now, so let’s do something about it.

Before you head out for your food shop, plan what meals you’d like for the week or even fortnight and only buy the ingredients you need for those specific meals. Not only should that cut down on a considerable amount of food waste, you’ll be less tempted to reach for those pricier, ‘non-essential’ treats, like bags of crisps and chocolate.

Batch cooking is another great money saving hack, and is super easy to do if you’ve planned your meals in advance and have all the ingredients ready. You can freeze meals and take out a portion as and when you need it, which is perfect on those days when you can’t be bothered to cook anything. It also means your diet will be a lot more balanced, as you’ll have more control over what you eat.

Discover 6 Quick & Easy Recipes here.

4. SELL YOUR UNWANTED ITEMS

Even if you’re not looking to actively save money, selling your unwanted items is a great idea. You can do this on platforms such as eBay, Depop or Vinted, or even try a car boot sale. You’ll be surprised what you sell!

Besides, not only will it help you make a few extra pennies, selling your items is a more sustainable option compared to sending your items to landfill.

5. TRACK YOUR EXPENSES

This one kind of goes without saying, but keeping track of your expenses is crucial to living within your budget. 

You can do this using a (free) budgeting app to monitor all your accounts in one place and manage your spending. Even simpler than that, you could write down your expenses at the end of the day, as this will help you understand exactly where your money is going. The more conscious you are of what you’re spending, the less likely you are to overspend or buy on impulse.

6. GET SHOPPING SAVVY

Asking you to cut out shopping completely just isn’t realistic, but what you can do is make the most of discounts, money-off vouchers and loyalty card points. The internet is full of money-saving deals - and it can pay to do a bit of online research to find the latest discounts. 

Take us as an example. Not only do we offer 10% student discount, you can also receive 10% off your first order when you sign up to our newsletter, where you’ll also be the first to hear about our sales, drops and exclusive offers. And if that weren’t already enough, you can also create an AYBL Rewards account to earn points when you shop with us, and redeem as money off your next order. *Adds entire wishlist to cart.*

7. USE PUBLIC TRANSPORT (OR WALK)

You don’t need us to tell you that the cost of the fuel at the moment is extortionate, which is why using public transport could be a great way to save money. Granted, it might not be the way to go in all places, but if your city has a good public transport system, we highly recommend that you make full use of it! Public transportation often sells monthly or weekly passes at a discount too.

Alternatively, where possible, try to seek out any opportunity to stretch your legs and get walking. While it’s an easy way to get those 10,000 steps a day in, carrying your shopping bags back will definitely get your heart rate up - who needs dumbbells, eh?

8. SPLIT SUBSCRIPTIONS

If you use paid subscription services like Netflix, Amazon Prime and Spotify, you could save money by splitting the cost with friends and family. Most offer a number of users under each subscriber. 

9. TRY FREE ACTIVITIES WITH FRIENDS

If the pandemic taught us anything, it’s how to have fun at home. But ever since restrictions were lifted, we’ve been using any and every excuse to go out for drinks, dinner, bottomless brunch - you name it!

But if you’re serious about saving some serious dollar, a free (or less expensive) activity with your friends could be the solution. 

You could take it in turns to host a dinner party at home, go for a walk together in the park, cycle through a new city or, you know, even go to the gym together. Because a workout with your bestie is 10 times better than a workout by yourself, are we right?

10. SHOP DURING THE SALES

Sales are the best time to splurge a bit and get the things you want, and if you’re prepared to wait, you could save a significant amount of money on what you buy.

If you’ve just missed our Black Friday Sale, never fear, as you can expect plenty more where that came from in 2023 👀. Or if you can’t hold off till then, you can save up to 50% off in our outlet!

You’ve worked hard for your money, so you should spend it however you please. That being said, if you are wanting to watch your cash and discover how to save money, then hopefully some of our money saving hacks will come in handy!

If you do find you’re struggling to make certain payments or manage your money in general, never be afraid to reach out for support. Talk to friends and family or alternatively, many organisations and banks can provide financial advice.