Managing your money as an Apprentice


As an apprentice, money is very important, in terms of as a reward for all your hard work and spending it on things you want and need!

Although, we know that trying to manage your money while on apprenticeship wage can be tough, especially if you are commuting or paying for a car and all the costs that come with that. Or you could be living away from home so need to pay rent and utility bills.  These are our top tips to saving money and budgeting to make your wage go further.

In some cases, companies will pay on average £170 per week for an apprentice. However, this will vary depending on which industry you end up working for, if you are lucky you could be earning over £300 per week! There is more demand for these better paying apprenticeships which presents more challenges. But remember that if you’re not prepared to do something for nothing then someone else will.

Just ask a student! That’s what internships are all about…

The key about an apprenticeship is the experience you gain at work which is worth far more than a wage. Plus, the likelihood is that unless you have had a part time job prior to your apprenticeship, this will be your first time of having your own money to spend, giving you much more independence.

Here are some top tips you could take advantage of to save yourself some money and use your wage wisely:

Budgeting Spreadsheet

Create a simple budget spreadsheet to document your incomings and outgoings such as bills and your day to day spending.  Keeping track will make sure you are aware of how much you are spending and ensure that you don’t go over your budget. This is particularly useful if you want to save too!

Savings Accounts

Set up a savings account or an ISA and set aside a portion of your wage each month, even £20 a month will soon add up and could be a life saver when you have an unexpected bill, or it could be a great reward to go on a holiday with your mates.

Packed Lunch

Take a packed lunch with you to work! This will save you about £4 a day depending on how much you usually spend on lunch!

Avoid Coffee Shops

Avoid the pricey coffee shops!  A fancy coffee is great as a treat, but all those caffeine boosts will soon add up.  Most employers will supply tea and coffee anyway.

Car Share

Share a lift to work. If you own a car or you live close to a colleague, try and organise a car share! It will save money on fuel and is better for the environment.

Sell things online

Sell some old stuff online if you want to free up some space and give yourself some extra money!

Public Transport

Take public transport, if your public transport links are good see if you can get a season ticket- the initial cost may be high, but it will save you money in the long run.

Petrol

Find the cheapest places to fill up, this may be a small saving, but added up over a year for example could represent a substantial saving.

If you’ve got any of your own tips – be sure to let us know!

Apprenticeships top tips