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Practical tips to help you improve your credit rating and avoid expensive high interest loans

Ten Tips for Under 25s

An image of 4 people enjoying a meal

The financial world is a pretty bleak place for the under-25s today. With it becoming increasingly difficult to make it onto the housing ladder, student debts increasing and jobs harder to come by it’s no surprise that many young people are struggling.

Here are ten ways you can save money:


No. 1 – Start building a credit historyAn image of a credit chart

There are some straightforward ways to build a good credit history without taking out a loan.

A mobile phone contract, credit card and insurance package will all contribute to building your rating thereby hopefully making it easier to obtain a mortgage in the future.

Money Saving Expert has a great article about ways to build your credit history.


No. 2 – Don’t stick with what you An image of bank logosknow when it comes to bank accounts

If you are looking for your first student account it is worth shopping around rather than sticking with the bank your parents perhaps use.

Many banks offer significant incentives to open one of their accounts so have a look at which suits you best.

Find out how to change your bank account in this excellent Which? article.


No. 3 – Know your council tax rightsan image of a council tax bill

If you are in an all-student home you do not need to pay council tax but if you live with one non-student there will be a charge.

Make sure you do your research and don’t get caught out.

Check your council tax rates right here.


No. 4 – Make use of websitesAn image of software and a lock

Websites like Gumtree and Freecycle to stock up on household essentials. Many charity shops don’t accept electrical items so there are bargains to be found on websites where people are having a clear-out of old items such as kettles, toasters and TVs.

Similarly, eBay items for collection only can be a great value.

Take a moment to have a look at the top 7 places to sell your stuff online for real money.


No. 5 – Shop smartAn image of a shopping centre

Whether it’s picking up food on its best before date or cooking for more than one, there are many ways to make your food budget go further.

If you have access to a freezer you can keep just about anything from bread and meat to cheese and soup.

Make your food go further with the BBC’s genius, cost-saving recipes.


No. 6 – Do you actually need insurance?An image of an insurance policy

If you live in student accommodation you might not need home insurance if you are covered on your parents’ policy.

Ask them to double-check the small print as this could save you a significant amount of money.

Find out more about the different types of insurance right here.


No. 7 – Don’t keep what you don’t needAn image of the Ebay sign

If you are moving out of home or leaving university it’s the perfect time to have a proper clearout.

Whether you sell on eBay, at a Car Boot sale or to second-hand shops you can make money from your unwanted clutter.

The best places to sell your unwanted items online can be accessed by clicking here.


No. 8 – Invest in a 16-25 railcardAn image of 2 people on the train

For £30 a year you can save 1/3 on off-peak rail travel so if you travel for work, to visit friends or any other reason it’s well worth the investment.

You can buy a 16-25 Railcard at any staffed station ticket office or National Rail-licensed Travel Agent.

Click here for more.


No. 9 – Make the most out of free softwarean image of different websites

Whether it’s anti-virus, video playback, office or picture editing there is a huge amount of open-source software out there you can take advantage of.

Your phone is full of apps, but don’t neglect the desktop. These free programs can make your life better on the PC, browser, and beyond.

 


No. 10 – Check out the offers!An image of a sale sign

If you are a student make the most of student offers and discounts.

These are available in more places than you would imagine and if in doubt, ask – you never know what you might save.

Check out these 11 deal sites and shopping resources you’re missing out on.


If you are trying to help your children with their finances but find that their poor credit rating is proving to be a problem, did you know that there is another option available for you?

For out more about being a loan guarantor to see if have a poor credit rating you might struggle to find a suitable small loan. We’ll help you compare loans thanks to our online lenders who specialise in providing finance to people who may not be eligible for mainstream lending.

Clare McDonald
Clare McDonald
As a mother of two, Clare knows the importance of being careful with money, so writes posts from personal experience.Clare also loves to find great deals, so shares her finding here.

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