Money Saving Tips for Bartenders
Learn tips for saving money as a bartender in this short video from Timi Merriman-Johnson, host of The Mr MoneyJar Podcast.
Author: Timi Merriman-Johnson
Estimated watch time: 9 minutes
Saving money, as a bartender, can seem a long way off when facing the immediate challenges of managing bills and living costs.
In this video, Timi's Merriman-Johnson, an award-winning content creator known as Mr Money Jar, shares his best tips for how bartenders can save money, including the best money management tools, budget-saving tips and ideas for earning extra cash.
Timi helps answer questions like:
How do I save on a lower salary?
Why is it essential to start saving now?
What are tips and tricks to help save money?
What is the best type of savings account to use?
How do I earn extra money to help me save?
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Key Takeaways
Aim to save at least 10% of your income after tax – If 10% isn’t possible, start by saving what you can and build it up over time.
Savings give protection in tough times – Saving means you have an emergency fund in case you lose your job or have to buy an unexpected, large purchase.
Research different savings accounts to find out which is best – As a general rule, the easier it is to access your savings account, the lower the interest rate and the harder it is to access your account, the higher the interest rate.
Take up a side hustle to make extra cash - Shifts in the evenings can often mean flexibility for side hustles such as dog walking, selling clothes, household items or crafts on eBay, Etsy or at local markets.
Ask for more opportunities at work – Asking for extra shifts or more responsibility can improve your skills and help you rise to better pay.
Whether you now plan to cycle instead of taking the bus, pick up a new side hustle as an Etsy seller, or you've decided to put aside your tips, we hope you've been inspired and feel confident that even with a lower income, you can start saving today.
For more tips and helpful, practical ideas for how to navigate your bar career, sign up to the Diageo Bar Academy.
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