Tips And Apps Helping Young People Save More Money

The The Organisation for Economic Cooperation and Development (OECD) noted upon releasing their latest PISA publication that nearly one in five students lack financial literacy.

When asked about their saving and spending habits, it is notable that while most students partake in money-savvy best practises, such as making sure the change they received was correct, 74% of students said that they spent more money than they intended the year prior to participating in the test.

Financial literacy is utterly important for young adults, and experts stress the importance of awareness so that young people can plan and prepare for their future.


Tips For Saving More Money In Your Youth


Saving money seems like a straightforward task, but failing to implement and stick to money-saving habits can lead to not saving any money at all. Luckily, there are many opportunities to save some extra cash. It really comes down to knowing what to save on an what to splurge on.


Choose A Low-Cost Bank

One of the best ways to save money is, is to ensure your financial institution isn’t taking more advantage of your earnings than you are. Most people fail to realise just how much banking fees can add up.

It is worth taking the time to research the benefits different banks and other financial institutions offer so that you can rest assured you aren’t spending more money than you intend. Choose a bank that has no monthly fees, no minimum balance requirements, free ATMs, and online access.


Set Goals And Create A Realistic Budgets

Having goals in place can help motivate you to stick with certain decision and act in a certain way. Think about the dreams you have and how much money you need to make them a reality. Think about when you’d like for that to happen.

Then, take a look at what your spending habits really are. Have a look at your bank history and write it down – every expense. It might feel daunting and exhausting task, but it’s the first step creating a budget that works for you, and not against you.

Once you have a report of where your money goes to each month, think about your monthly expenses. Write them down, aiming to be slightly conservative.

Now you can create a budget taking into account your goals and how much money you need to save for them, with a realistic overview of where your money goes. Think about where you can save, and create a savings fund for every £3.00 coffee you decided to skip on.

Reward yourself for your progress and remember the dream – the long term gain – when you find yourself in the mood to splurge for short term satisfaction.


Choose Products That Help You Save

Think about the value an item has to offer before taking out the cash for it. Big-name branded items are expensive and will oftentimes not provide more actual value than lesser-know labels.

Also, don’t be scared of opting for secondhand goods. Thrifting and buying secondhand can help you save loads of money, without compromising on quality. Look for products that are well taken care of and be mindful of reselling best practises to avoid falling victim to scams.

Don’t forget to ask your employer about any benefits that can help you reduce costs for higher education and save money for retirement. Many companies offer access to company retirement plans, and some will even help pay for your education.


Make A Point Of Paying Yourself First

Remember that managing your expenses should help you towards living the quality life you want. Be intentional about how much and how often you are saving, and remind yourself that saving money always is in your best interest, even if it means adjusting your lifestyle to match a lower budget.

The long term gain from saving is much more rewarding than the short term satisfaction of splurging.

Euro News reports that socio economic factors play a major role in the financial literacy of the PISA participants, and advantaged students performed significantly better than disadvantaged students.


Apps Helping Young Adults Save Money




Revolut’s mission is to help its users reach their financial goals with ease, whether it’s balancing a budget or scaling a business.

With banking services such as GBP and EUR bank accounts, debit cards, credit cards, currency exchange, stock trading, cryptocurrency exchange and peer-to-peer payments, Revolut helps users navigate complicating financial challenges.




Plum helps its users save money by calculating how much spare cash they can afford, then it saves and invests portions of that amount.

Plum also helps its users build their investment portfolios from stocks to funds and SIPPs. Users have full control of the level of risk involves, and Plum is FSCS protected – allowing users to claim up to £85k if anything happens to their account.






TopCashback is a website that allows users to earn cashback earnings from over 6,000 retailers in the UK. It also allows users to compare broadband deals and insurance policies so they can find the best offers

Products and services that are eligible include airport parking, car hire, home insurance, mobile phones, and fashion and homeware brands.






Monzo is a mobile banking app that offers intuitive spending and saving accounts with no overdraft fees, allowing users to maximise their budgets, manage payments and subscriptions, and save more money.

Monzo is similar to a regular current account – users can set up standing orders and make withdrawals and deposits – but users can manage their accounts digitally and online instead of visiting a branch.





Snoop is a money saving app that analyses how users spend their money and suggests smart ways they can save more.

Snoop helps its users save money through strategies like finding vouchers and sales at places they shop, spot unexpected price hikes, stopping subscriptions they don’t use, and more.





Vouchercloud helps users find exclusive offers at thousands of places across the UK.

Vouchercloud is also a shopping companion, indicating where the best deals are near users’ whereabouts so that they don’t miss out on any savings.