I'm planning a working holiday at the end of next year. I have a good amount of disposable income - I don't earn a lot but my living circumstances and personal bills leave me with a good amount to save. If I pay my rent and bills and live off £100 a week I can save nearly 10k by the time I want to go.
My question is - any other tips? I don't really understand cashback sites/credit cards (this is probably my best bet of saving/ 'earning' extra cash) I don't have anything of value really to sell.
I have done the usual (cancel gym memberships, taking my own lunch to work etc)
Save one penny each day, I'm sure there is a better name for this plan . So on day one save a penny, on day two save tuppence, on day ten save ten pence, I'm sure you get the idea. You will be surprized how soon it mounts up.
Another idea if you travel by bus, is to find out where the fare stages are and walk the few stops to the next cheaper stage, remember to put that saved money in a safe place though.
Some banks have "save the change" schemes where they round up outgoings to the nearest pound, and place the change in a savings account, always worth doing as it's no effort for you.
Have you looked into putting your savings into Bonds? You might find some one year Bonds which would be a safe place for your money with reasonable interest. Ask at your bank, or look at Halifax or NS&I they might have them available at present.
Savings Bonds are usually for a fixed term, say one or three years, you will lose money if you withdraw within that fixed term. They are a good place for money that you do not want access to for the term of the bond, in your case a year.
Presumably you will have a way of accessing funds as you travel, so if you started a Savings Bond now which paid into your current or travel account when it matured, it would give you available funds even when you had already reached Timbuktoo!
Speak to your own bank or read some websites to find out more. What do you think of the penny a day idea?
Look on moneysaving expert - do the whole money make over, it sounds like a lot won't be relevant, but you might still be able to pick up some tips - make sure your money is in interest paying current accounts if you can meet the direct debit requirements which may be difficult if you don't have bills to pay.
There should be info about cashback sites such as Quidco or Topcashback, which are the most popular ones. But again, they might be of limited value to you as I get most of the money for changing gas and electric and insurance. But I did get £32 cashback for signing up for a Tesco credit card. I make about £200/300 pounds a year from Quidco without trying especially hard.
If your working holiday is abroad, look into a credit card or other payment card that allows you to get the official bank rate with no commission when you spend abroad - if it's a credit card you'll have to have a means of paying while abroad - direct debit?
Do you have anything you don't need that you can sell?
Where are you saving the money? If you just put it in the bank or any old ISA it will earn peanuts in interest. If you open a number of different current accounts that pay interest and move your money about you can make it work harder. Also many of those accounts allow you to open 1 year monthly savers. Sorry to quote Martyn Lewis again but all explained here
The toocashback sites are great because if you are purchasing online you go through the cashback website and get a small percentage. You get a lot of cashback from insurances and energy searches. You have said you don't need to find alternative energy because your rent covers that however why don't you review it on behalf of your grandparents and reduce their energy bills... maybe they will reduce your rent for saving them money.
Have you changed your bank account recently... banks are paying customers to open certain current accounts.. I got £250 from first direct for moving to them (£125) and then leaving the account I got another £125
Sell stuff lying around the house on Shpock/gumtree/Facebook.
You just take pics and leave the item where ever it is. If somebody buys it, it's a bonus. If nobody offers you anything no worries you don't lose anything. Worth a shot. I have made £125 from Shpock so far on stuff that was lying around the house that I was not using.