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How to manage your money as an Apprentice

Amanjit Dhillion - Friday, June 05, 2015

‘How to manage your money as an Apprentice’

If you’re one of many trying to get experience and a foot in the door through an apprenticeship, we show you how to make the most of it, and save the money you earn at the same time.

Now, understandably it can be tough trying to manage your money, particularly if you’re living and working in a city or commuting. So here are our tips.

  • Being an apprentice can be a fantastic way of getting into a career, but at the same time you don’t want the company to take you for a ride. Try to pick up as many skills as you can, make contacts and be prepared to do extra work to display your enthusiasm.
  • There are plenty of companies around who genuinely want to give you a good insight into your chosen career, and find apprentices with real skills in their chosen field. While no-one wants to work for a low wage, there’s so much competition in many industries, you need to remember if you’re not prepared to do something for nothing, there will be someone else out there who will be, so grit your teeth and give it a go!
  • In terms of pay, this can vary hugely on the apprenticeship you are doing. However, money should not be your incentive to get an apprenticeship, its the start of your career with fantastic prospects over time. 
  • Now that you have secured a place within a business, it’s time to reduce your expenses. This means taking a packed lunch with you which should on average save you around £5 a day. It’s time to dig around the kitchen and fetch your childhood spider man lunchbox which could probably do with a revamp!

  • If you’re travelling by public transport, why not try and buy a season pass that will save you money in the long run. If you’re driving, why not check out Petrolprices.com to find the cheapest place near to your location to fill up

  • If you’re wanting to make a bit of cash on the side without leaving your house here are a few ways that could really boost your income:
  • Sell your old books / jumble on various sites such as Music-Magpie or Ziffit. Mark from AIM Apprenticeships made just over £400 when he decided to sell all his books and CD’s online and received the money into his bank account the following week.
  • Get your fuel expenses paid for. Stuff2Send matches your journey with people or companies that need packages delivered.
  • See if you’re entitled to free money! You can check Turn2Us benefits checker which works out whether you’re eligible for any benefits. All you have to do is provide details on how much you earn, your council tax rate and any savings you have.
  • Mylostaccount.org.uk- find money in dormant bank accounts. This is a free online service that will search through your bank and building society recording to see if you have any money lying around in forgotten accounts

  • To sum up - it’s fantastic you will be earning money, but it is important you know what to do with it. Of course, what you do with your money is your choice, but who said being a little wise and saving a bit every month was a bad thing. Why not open up an ISA savings account with your branch so you can quickly transfer money using your smart phone. For example if you made £1000 this month, transfer half into your savings and keep half for yourself. If you did this for 12 months for example, you could end up with £6,000 ‘safe money’ in your bank account.

We hope this has given you some valuable insight to saving and how to manage your money. Saving a little every month could earn you long term rewards. Create a profile with us and apply to an apprenticeship today! 

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