Financial Wellbeing for Apprentices: How to Manage Your Money and Thrive
Starting an apprenticeship is an exciting step towards your future career. You're gaining hands-on experience, earning a wage, and learning new skills – all at the same time. But let’s be real: managing money as an apprentice can be tough.
With a lower starting salary than a full-time job and the temptation to spend it on socialising, travel, and everyday essentials, it's easy to feel like your money disappears faster than you can earn it. The good news? You don’t need to be a finance expert to take control of your money. With a few smart habits, you can make your money work for you, reduce stress, and even start saving for the future.
Let’s talk about financial wellbeing and how you can stay on top of your finances as an apprentice.
1. Budget Like a Pro
Budgeting might sound boring, but it's the key to financial wellbeing. A budget helps you see where your money is going, so you don’t end up skint before payday.
Here’s a simple way to budget:
Work out your income – This includes your apprenticeship wage and any other sources of money, such as financial support from family or benefits.
List your expenses – Rent, bills, food, transport, and any other essentials. Be realistic!
Set limits for non-essentials – Nights out, streaming subscriptions, and shopping all add up. Decide what you can afford to spend each month.
Use budgeting apps – Apps like Monzo, Emma, or Yolt can track your spending automatically and help you stay on top of things.
2. Make the Most of Apprentice Discounts
Being an apprentice has its perks! You can get discounts on travel, food, shopping, and entertainment. Here are some must-haves:
NUS Apprentice Extra Card – £11 a year for discounts at hundreds of retailers, including Amazon, Co-op, and ASOS.
TOTUM Card – Similar to the NUS card, offers discounts on fashion, tech, and even gym memberships.
Railcards – If you commute by train, a 16-25 Railcard or Apprentice Oyster Card (London) can save you up to 30% on travel.
UNiDAYS & Student Beans – Some places recognise apprentices as students, so it's always worth checking!
Little savings add up quickly, so take advantage of every discount you can.
3. Cook at Home and Cut Food Costs
Eating out or grabbing a coffee on the go is convenient but expensive. Spending £3 a day on coffee adds up to over £700 a year!
Save money by:
Meal prepping – Cooking in bulk and bringing lunch to work can save £20-£30 a week.
Using supermarket loyalty cards – Tesco Clubcard, Nectar, and Lidl Plus offer discounts and cashback.
Batch cooking – Make large portions of meals like pasta, chilli, or stir-fry and freeze leftovers.
Small changes in your food habits can leave you with extra cash at the end of the month.
4. Travel Smart
Commuting costs can eat into your budget, but there are ways to save:
Get a travel pass – If you use public transport daily, a monthly or annual pass is often cheaper than buying tickets daily.
Walk or cycle when you can – Free, healthy, and saves money.
Carpool with friends or colleagues – Share fuel costs if you drive.
5. Build an Emergency Fund (Even a Small One!)
Unexpected costs pop up all the time – a broken phone, car repairs, or last-minute expenses. Having a small emergency fund means you won’t have to rely on credit cards or loans.
Start small:
Aim to save £5-£10 a week.
Keep it in a separate savings account so you’re not tempted to dip into it.
Even £100-£200 can be a lifesaver when you need it.
6. Understand Your Payslip & Benefits
Do you actually check your payslip? Many apprentices don’t, but it’s important to understand your earnings, deductions, and taxes.
Make sure you're being paid correctly – The Apprentice Minimum Wage changes every year, so check you’re getting what you're entitled to.
Look into benefits – Depending on your circumstances, you might be eligible for Universal Credit or other financial support.
Knowing your rights ensures you don’t miss out on money you’re owed.
7. Avoid Debt Traps
It’s easy to turn to credit cards, payday loans, or buy-now-pay-later schemes when money is tight. But these can quickly spiral into unmanageable debt.
If you need to borrow, choose wisely – Credit unions offer low-interest loans for apprentices.
Avoid high-interest lenders – Payday loans charge ridiculously high rates that can trap you in debt.
Set up direct debits – To avoid missing bill payments and getting hit with late fees.
If you’re struggling with debt, StepChange and Citizens Advice offer free support and guidance.
Take Control of Your Finances
Money worries can be stressful, but taking small steps now will set you up for long-term financial success. By budgeting wisely, cutting unnecessary costs, and taking advantage of discounts, you can make your apprenticeship wage stretch further.
Financial wellbeing isn’t about earning loads – it’s about making the most of what you have. Start with small changes today, and your future self will thank you.
If you’re thinking about an apprenticeship, check out IPS International for expert guidance and support.
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