An apprenticeship is a great way to invest in yourself through education and training. Having a trade qualification will allow you to earn high wages in the future, or even start your own business. However, apprentice’s wages are pretty low and can be tough to live on. Here are five ways to save more during your apprenticeship.
Regardless of how much you earn you should set up an automated saving system through internet banking. Transfer the amount you wish to save to a separate savings account the day you are paid. This will ensure you are saving the amount you want to before you have a chance to spend it.
Delay buying things
By delaying purchases a couple of week you will ensure that you only bring home things that you actually need. If you feel the urge to buy something put it on a ‘To buy’ list and clearly describe why you need it. Check your list each week and cross off things that you change your mind about. If something is still on the list after 3 weeks, then it’s probably worth getting.
Pack your lunch
Although your work mates may like to grab takeaway for lunch each day, it is a bad habit that will heavily erode into your income. Especially watch out for mobile canteens or convenience store purchase, items from these places have the highest mark up and are particularly expensive. Get organised at the start of each week so that you have enough food to pack for lunch and snacks each day.
Earn some more on the side
Just because you are an apprentice doesn’t mean you can’t get some extra work on the side. Ask your current employer if they have any extra work or overtime they can give you. Otherwise, there is no harm working casually with someone else, or for yourself. Just make sure you aren’t doing anything that you need to have a trade qualification for. You will most likely be able to earn much more than your apprentice rate working as a casual labour. This might significantly increase your weekly pay.
Go car free
Having a car may be essential for some apprenticeships, but if it isn’t why not try doing without one? Although owning your own car feels liberating it is actually a huge expense that restricts you, by eating up all of your income. Try to ride share with work mates, use public transport or get a bicycle.
Using these five tips will help you cut back on your spending and save more as an apprentice.