Can students gain financial independence in the current economic climate?

Financial freedom is something that most people strive for, hoping to one day say that they made it to that place where they are financially stable. 

This is not so easy, particularly as the pandemic still looms over people. It is not giving everyone a clear break from the devastating economic impacts.

More recently, the news from Ukraine has given people a stark reminder of how fragile the world really is.   

These events affect the world economy and inevitably fuel the rise of inflation for example gas prices are at record highs. 

thermostat
Lowering the temperature can help save money. Credit: Simon Belcher/imageBROKER/Shutterstock

The Bank of England recently announced its forecast with inflation predicted to be seven percent by April. 

Put simply, what students have today will have less value as things will cost more. 

Jessica Marie, who studies child psychology said: “We all want to feel secure but it is hard when you hear so much negativity, and I don’t know what that means.”

Work out your budget and stick to it even if it may be tempting to give up 

It is important to highlight that it can be very frustrating when people with money give advice to people who struggle with things like heating or eating nutritious food.

But there are many ways that you can try to stretch your budget without going into debt. The key is to not panic and to not hide your head in the sand. Be pragmatic and try to be honest with what you need.

Making small sacrifices like giving up on a takeaway coffee or meal is a simple way to quickly save from £3 to £15. Depending on how often you cook, swapping a takeaway meal for a delicious readymade supermarket meal can save a small fortune. 

Tips:

  1. Shopping:

    Swap branded products for cheaper supermarket basic items, which are arguably very similar and usually a lot cheaper to their branded counterparts.

  2. Utilities:

    If you live in a home with other students and are worried about the prices of utilities, an effortless step is to put on a jumper and turn down the heating slightly. 

  3. Cooking:

    When cooking, do not forget to cover pots with lids because it will save energy and time. 

  4. Travel:

    Often forgotten and an under-used tip is to simply walk as much as possible and skip public transport. Budget in the essential trips and try using buses rather than the underground or Uber.

Most notably, you can take several small steps to save money, sometimes these little steps are not enough. Do not be embarrassed and go to your local bank provider and ask for help with finances.

All banks are regulated by the Financial Conduct Authority and the bank is the best place to give you appropriate tools and help. 

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