The effects and implications of negative financial events such as inflation or a recession tend to creep up on us rather slowly, but when they do hit they hit suddenly and really hard. By the time you realise that each of the pounds you spend actually buys you less value than what you’ve become accustomed to, it appears to be a little too late to start implementing any sort of plan to hedge against the eroded value of your money. As soon as you do realise that each of your pounds seems to be buying you less however, reverting back to the good old days of your days spent as a student often does the trick to at least give you enough time to devise a more long-term plan to better handle your finances as a hedge against the falling value of your currency.
What exactly does it mean to handle your finances like a student however?
- Always look for the best price
It’s even easier these days to operate as a bargain hunter with some dedicated online platforms which go as far as aggregating the best prices and matching them with your money-saving needs. The typical student makes it their business to always look for the best prices on absolutely everything they buy, so you might have to walk a little further than usual when out shopping, but that’s a great way of perhaps getting in some extra exercise.
- Time your shopping to take advantage of discounts
It’s not enough just hunting the best and lowest prices on the spot, at the precise moment when you do your shopping. Back in your student days certain discounts such as reduced bus prices might have been constantly available to you by virtue of you being a student, but now it’s a different ball game altogether. If you time your shopping to take advantage of cyclical discounts (like off-peak grocery shopping specials), you can be in for some consistent savings on those products and services you buy regularly.
- Explore group-buying practices and join a loyalty programme or buying club
If you can’t find a group-buying club to join, create one, otherwise loyalty programmes and buying clubs harness the power of group bargaining to take full advantage of bulk purchases working out much cheaper than individual purchases. You’ll be surprised just how many other people seeking to stretch their pounds will jump at the chance to save costs in this way.
Implementing these money-saving financial practices which are widely adopted by students should be enough to swing the purchasing power of your pounds back in favour of you getting more value for each pound you spend and so it should be enough to see you through a particularly tough economic climate. If you resolve to handle your finances like a student in this way without being compelled to do so by a particularly tougher economic climate, you’ll benefit from building up a little bit of a surplus in the amount of disposable cash you’ll have at hand, which you can invest into some savings or perhaps explore some investments with higher returns.