I talk a lot about the best ways to save money, but it’s so important to build up your own money saving plan – and the younger you start, the better! Through travel I’ve learned a lot about managing and maximising my finances. Now I want to share what I’ve learned with you guys! I’m definitely not a financial advisor, I’m just sharing what has worked well for me. Before trying any of these tips, do your own research and make choices that work best for you. I’m writing this as a 29-year-old. So I have the benefit of hindsight and a lot more knowledge than I ever had when I was 25. I hope this post will help you be one step ahead during your twenties.
Since travelling, I’ve been the richest and poorest I’ve ever been. I’ve also become really good at saving money and cutting corners where possible. I’d much rather spend on experiences and save for something special than blow my money on nights out. We all have different priorities but whatever you put first in life is where you will see your money disappear. The question is – what will you have to show for it afterwards?
Straight out of university and hopefully into your first job – I started work as a journalist but was on a really basic and crappy pay. Despite this, I was living at home with my parents for a while and while paying rent, I was also able to have some financial independence and was able to save money for the things I really wanted. After living in debt for years at university, it was nice to finally have some breathing room and freedom. It was the time to start managing my own money and naturally that means blowing some money at first and treating yourself.
But once the charm of the nights out and new clothes wore off, I started to realise how empty it felt to waste money like this. It occurred to me that I didn’t want to stay in this job forever, and I also didn’t want to live at home forever. Now was the perfect time to really save – for what? I wasn’t sure yet… But it wasn’t long until I realised how much I had always wanted to travel and bingo, I already had a good chunk of savings set aside for that rainy day! If like me, you know that you don’t want to stay in the same job, the same house or live the same life forever. Today is the day to start saving money and get on top of your finances for when you’re ready to make a change.
The most important thing is to get a handle on your spending and really understand your essential expenses vs. unnecessary expenses. You need to make sure you prioritise your bills before you’re treating yourself and this includes rent, food, utility bills, council tax and phone/broadband. We’d all love to have a plush apartment to ourselves filled with the latest gadgets and gorgeous furniture, but living within your means is an important skill to learn. Create a spreadsheet of your monthly incomings and outgoings and log everything – including those sneaky coffees on your way to work.
Another great way to do this is to sign up for a bank like N26, Monzo or Starling Bank – they have apps which track your spending and where your money is going. Once you’ve been tracking your outgoings for a month or two and you will start to get a good idea of your disposable income. If you’re finding it’s much less than you would like – considering looking at your living arrangements to see if you could save there. Sharing a flat is a great way to make friends, especially if you’ve moved to a new city for work or study and it helps to keep expenses down by sharing costs. Disposable income is a key factor, so it’s important to get a good handle on your expenses to create a money saving plan.
This is one that I wish I had started working on earlier, it can have a huge impact on your life. Ironically you need to acquire “debt” to pay it off in order to get a good credit rating. A good credit rating is important for mortgages/buying a house and for taking out large loans. This doesn’t mean you should go and max out a credit card on extravagant purchases. Instead, why not get a credit card to make some affordable payments, before paying it off in the agreed period.
For example, you could use a credit card to pay your regular food bills and then pay it off when you get paid. Over a few months, you will build up a sound credit history by spending money you were already going to spend. Certain credit cards have extra perks, such as cash back or reward schemes. Using comparison sites could help you find the best credit card for you needs. If you have a mobile phone on contract, this can also count towards your credit rating, if you don’t, it’s a great way to boost your rating.
Look after the pennies and the pounds look after themselves. Well I prefer to look after the pennies, the pounds and any stray Euros that sneak in. Looking at your pensions and savings is really important, it’s building a future for yourself. One of the most important decisions when creating a money plan is how much of your income to save. The more you can save and the sooner you can start, the better for your future.
The BBC have reported you should start a pension by the age of 25 to have the best chance of saving enough for retirement. Often if you are employed by a company, they will offer some kind of pension plan. Whether you understand it or not, it’s worth ticking a box to pay into one. Its a tiny portion of your pay-check but sometimes your company will match it. You won’t even notice it has gone, but you’ll definitely notice when you retire so add it to your money saving plan today.
Other saving options could include ISAs, where you can save up to £20k per year tax free. I’ve had an ISA since I was around 18 and have always set aside the majority of my savings in it. However, you should also look carefully at your bank accounts. I was definitely guilty of having stayed with the same bank for years and never looked at my interest rate. Then I discovered it was pitiful and realised that by switching to a new bank, I could get a welcome bonus of £150 and a much higher interest rate. It’s worth shopping around for better accounts and changing every few years to get the most out of your bank. The market is designed for new customers.
It’s not the most exciting topic in the world but insurance and being properly prepared is so important. Just like you wouldn’t go away without good travel insurance for emergency medical treatment or car crash cover. Make sure you have a comprehensive home insurance against theft and damage. Ensure that it will also protect you in case of a flood or fire – which could otherwise be devastating. You need third party insurance on your car, but make sure you have an insurance that meets all your needs. Also – regularly check up and price compare to see if you could be getting a better deal. If you find a better price elsewhere, you can ask your current insurer to match it.
Life insurance is also worth thinking about in your money saving plan, especially if you live a high-risk lifestyle. It’s designed to pay out a lump sum of money to your next of kin if you were to die. It can give you piece of mind that your loved ones are provided for when you’re not around. You can find great deals on comparison sites like Moneyexpert. I haven’t yet looked into this, but it’s definitely going on my to-do list after some close calls in car accidents while travelling. While it wouldn’t ease the pain of losing someone, it would make sure they were provided for in a time of need.
When you’ve put these tips into play, it’s important to remember to enjoy yourself as well. These budgeting tips will help you to put money aside for big purchases such as holidays or a new car. Plan and instead of risking a bad credit rating, you’ll be able to use your savings to pay! It will give you such a sense of achievement to pay outright. Before travelling the first time, I worked five jobs, and you know what, it was worth every second. When I was finally travelling, I felt so proud of myself for making it a reality!
You can also look into reward schemes from credit cards. This could help you build up your credit rating if you use your card to purchase and pay off the balance. Plus you could score free flights or purchases! Design a money saving plan that works around your lifestyle and gives you the benefits you want.
The biggest advice here – don’t be intimidated or feel like you don’t know enough about finance to make your own choices. I know how it feels. We haven’t been educated when it comes to growing up in a world ruled by finances. Particularly as women, the financial world can feel alien. None of the schemes, companies or advertising are aimed at us. It’s hard to understand a world when you can’t see yourself in it. But it’s important to talk about finance, to talk about money, wages and the future. Only by talking about it will we learn and we will grow, expanding both our knowledge and our finances.
Check out SavvyWoman for great tips on money and finances.
How will you start creating your money saving plan?
As many of you guys will know from my stories, I was lucky enough to go on a fab press trip with Ryanair and Bergerac Airport a few weeks ago to Garorock Festival in France. After the UK summer arriving a little late, I was in bliss when we touched down to a heatwave in France. I had such an amazing time and I’m so excited to share it with you.
Get ready for the full festival experience, along with a little inspo for those who have always wanted to festival abroad. I’ve been to many festivals abroad over the years, but Garorock Festival was my first French festival and it’s one I’ll always remember. Now, if we’re heading to a festival together, you better make sure you’ve got your glitter, your bum bag at the ready… Oh and if you’re a shorty like me, you’ll need some strapping young lad to pop you on his shoulders so you get the best view of the stages!
Garorock Festival is so much more than just the music. It’s an experience, one that welcomes you with open arms back to a family you never knew you had. With the winged horse as it’s symbol this year, there was magic in the air from the beginning. And now that’s it’s over and the tents are packed away, it’s certainly a festival we won’t forget. The organisers had thought of every detail from DJs in the camping area, street theatre and games. There were plenty of bars, toilets and showers to keep even the fussiest festival-goers happy. Even a food court with a huge range of foods to suit all palates, and a huge seating area for family-style feeds.
Throughout the four-day weekend, over 145,000 people attended the event. But despite the numbers Garorock Festival maintained a really intimate vibe. It never felt too crowded or too intense by the stages, everyone was really friendly and you kept seeing the same familiar faces. Even better, the festival had one of the most chilled out crowds I have ever experienced at a festival so it’s perfect for first-time festival-goers, those who don’t like crowds and families. It may have been running for over 20 years, but the festival has maintained that cosy back-yard feel while absolutely smashing it with incredible line-ups. Garorock is a fantastic festival but seems to have stayed under the radar when it comes to UK festival-goers. So if you want a chance to beat the crowds and experience a true French festival – now is the time to go! It costs just €50 for a day ticket and €170 for a full weekend pass – you can buy tickets here.
One thing I really loved about the festival was that it was entirely cashless. Each festival-goer was provided with a wristband that they could pre-load using the app. These could be topped-up at the festival with money for drinks and food. It was so efficient and had a huge impact on how smoothly the festival ran. Particularly when it came to the bars. I never waited more than a couple of minutes at any bar throughout the whole festival. We all know how annoying it can be to feel like all you do is queue, whether it’s for drinks, food or the toilet. It’s a huge waste of time when you really want to be at the stages enjoying the acts. I loved that Garorock had sound a way to streamline the festival experience and make it as enjoyable as possible.
Originally Garorock Festival started out over 20 years ago as a rock festival in a field in Marmande. Over the years it has grown into a hugely diverse line-up featuring a mix of local and international acts. While rock is clearly still an integral part of the festival with acts like Blood Red Shoes, Interpol and Sum 41 on this year’s line-up. It has become a really inclusive festival with a range of acts to suit all tastes. Throughout the weekend we also caught performances by James Blake and Ben Harper. Plus the incredible Christine and the Queens the night before she smashed Glastonbury. De La Soul had the crowd dancing, while DJ Snake had the crowd in the palm of his hand.
One of my favourite performances of the festival had to be Sum 41. After growing up with them as a teenager it was epic to see them perform live on stage. The whole crowd was singing along to every single word and it was that night when I said goodbye to my voice for the next week. This was closely followed by Christine and the Queens and her incredible dancing troupe who absolutely blew us away with their performance. DJ Snake was fantastic as a headliner, but it was Macklemore who really took the festival to the next level. It’s been a long time since I saw a performance as spectacular as theirs. From the excellent showmanship, to all our favourite songs. It was a perfect way to end a fantastic weekend.
Getting to Garorock Festival couldn’t be easier thanks to Ryanair who fly directly to Bergerac, the closest airport to the festival. It’s one of 28 French airports connected by the airline, and is easily reached from London Stansted, Bristol, East Midlands, Liverpool and Brussels Charleroi in Belgium throughout the summer. During the winter, the service cuts down to 3x weekly flights direct to London Stansted which makes it easily accessible all year round whether you’re visiting for a festival, for the vineyards, the amazing food or landscape. Flights start from as low as €19.99 – so what are you waiting for?
We flew over from London Stansted and it couldn’t have been an easier or quicker journey, just 1 hour in the air and we touched down in 35 degree heat. On arrival, we were met by our transfer – we travelled by mini-bus but you could easily hire a car for collection at Bergerac Airport. The journey took around 45 minutes to our accommodation and saw us driving through endless rolling countryside and vineyards.
We stayed at a huge self-catering cottage called Les Gîtes de Sarah, with two swimming pools on site and an in a beautiful location. If you plan on attending the festival or exploring the area, I recommend hiring a car. If you’re planning your summer travels and want to stick to your budget. There are 142 Ryanair routes from London Stansted including six new routes to Kiev, Lviv, Nantes, Kalamata, Rodez and Vigo.
My first every festival abroad was Hideout Festival in Croatia, and honestly, I’ve never looked back. While UK festivals will always be my first love, there’s something epic about experiencing a festival in another country. Garorock Festival was a fantastic example of that. We met people who had been going to the festival for years, some were local, others had travelled from across France and beyond.
Around the festival, we had the chance to stay in the beautiful countryside around Marmande in a stunning Gîte. A festival abroad is so much more than just a festival. It’s a chance to travel and explore. An amazing way to meet like-minded people and to share a moment of magic with them.
Have you been to a festival abroad – which ones would you recommend?
