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Mairi Macdonald, Local Enterprise Manager at Royal Bank of Scotland, says: “This has been a really tough time for young people in Scotland and, understandably, they want to make up for lost time. “The desire to spend more money in 2022, combined with a lack of budgeting confidence and the rising cost of living all add to the pressure. “This survey reveals a sense of internal conflict between wanting to live life and needing to save money at the same time.

42%

of young people in Scotland say that spending money on fun is more of a priority for them post-lockdown

The pandemic, lockdowns and the rising cost of living have left young people in Scotland facing a range of financial challenges. Royal Bank of Scotland’s Find Your Fun Number campaign will help ensure the numbers add up when it comes to spending and saving - whatever your budget.

By Annabelle Love

85%

18-34-year-olds in Scotland feel guilty when splashing their hard-earned cash on themselves

17%

of employees believe their workplace is as environmentally friendly as their own home

how to get your finances to add up - and have fun

e all know the last two years have been really tough for young people, many of whom have missed out on fun experiences and the chance to make memories with friends and family.

Social wellbeing analyst Charlotte Armitage believes balance is essential when it comes to managing money and still being able to enjoy life. And she says that rewarding yourself is a great way to stay on track and make sure you reach your financial goals. Charlotte, a psychologist and psychotherapist, says: “Balance is the key word - it’s about allowing yourself a set amount of money to spend on the things you love doing, without feeling guilty. “Worrying about money can really affect our mental health because it impacts on everything, but social interaction with friends and family is very important to our wellbeing too. “Work out what you need to spend on things like rent, travel and essential bills, save some and spend some doing the things you love. “That way you will have peace of mind, knowing that you are saving enough for your future as well as being able to enjoy your life.” Her tips for setting savings goals are to imagine your future, where you see yourself, and work backwards from there to create a plan. She adds: “Once you know what your priorities are, you can work out what steps you need to implement now to reach that goal. “Stay focussed by rewarding yourself along the way.”

Balancing cash is key

74%

of UK businesses are better at creating sustainability strategies than they are at executing them

Influencer Aoife Malone launched her own jewellery business last year - after realising she needed a creative outlet during lockdown. The 26-year-old marketing consultant went live with online store Réalta after saving part of her salary each month to invest in the venture. Aoife, of Edinburgh, loves having a side hustle and reckons the key to her success is keeping track of what she spends. She explains: “I worked from home during the pandemic and had a lot of spare time, so I needed something creative to focus on.” Last summer, she started using some of her wages each month to buy stock and build her website, which went live in November. She explains: “I didn’t want to take out a loan, or ask anyone for money, so doing it month by month seemed the most feasible way.” Aoife uses Excel spreadsheets to manage her income and outgoings - so she can see at glance whether she is sticking to her budget. And she says taking charge of her money has made life much easier. She explains: “As a student I was so broke, eating noodles every day and completely ignoring my bank balance. “Keeping track of your spending forces you to look at your money, which can be scary, but is actually a good thing. “I even have an accountant because I’m self-employed, so my financial world is completely different now - and much less stressful. “Having my own business has changed my life for the better.”

Keep your money on track

Now, as Covid-19 restrictions are lifting and we can enjoy our new found freedoms, they face more pressure than ever to make up for lost time. Almost half of 18-34-year-olds in Scotland feel that spending money on fun is more important to them post-lockdown, according to a recent survey by Censuswide. But the research, commissioned by Royal Bank of Scotland, also found that 85 per cent admit feeling guilty about splashing the cash on themselves. Finding a balance between managing money responsibly and wanting to live life to the full can be challenging - especially as the cost of living rises and energy bills soar.

Royal Bank’s new Find Your Fun Number campaign aims to help tackle this by giving young people the confidence to manage their money better, achieve their life goals and still enjoy the everyday. Based on your monthly income, minus any substantial bills, the ‘fun calculator’ works out your ‘fun number’ - or how much of your hard-earned cash you can spend on fun while still hitting your budgeting goals.

“Royal Bank’s Find Your Fun Number aims to help young people find the right balance themselves, giving them the confidence to manage their finances in ways that are easier, more accessible and more achievable.” If you are ready to take control of your cash and balance making up for lost moments with setting realistic financial goals, it is time to find your ‘fun number’. Click here to calculate yours. Royal Bank of Scotland is committed to providing everyone with the support and skills they need to make responsible financial decisions -helping them to have fun and make memories. To find out more, download the Royal Bank of Scotland app here.

33%

young people aged 18-35 are keen to make up for the experiences they missed out on during lockdown

When it comes to managing your money, a free Financial Health Check is a great place to start. Open to anyone, this 20-minute review of your personal finances will focus on your needs and goals, and could help you make better decisions about your finances - now and in the future. Learn how to make your banking a bit simpler, track your monthly spending, create budgets and work towards your savings goals. You can choose from a quick review online, or go more in-depth with one of Royal Bank of Scotland’s Senior Personal Bankers. And best of all, it won’t cost you a penny.

Royal Bank customers can use the award-winning Banking with Royal Bank of Scotland app* to keep on top of their cash and stay in control. The new Spending Tracker lets you see exactly where your money is going. This handy tab shows you how much you’re spending by category each month - helping you to manage your money effectively. You can also save your spare change with Round Ups**, a clever feature designed to make saving as easy as spending. Whenever you pay with your debit card or contactless device, Royal Bank of Scotland will round up the amount to the nearest pound - and send the spare change straight to your savings account. Or you could use the Savings Goals* tool to help you work out what you need to save each month to reach your target.

Setting a plan is the first step in managing your money and in fact, our research shows that people who are working towards a specific goal are twice as likely to save than those who aren't. However, don't be tempted to make unrealistic savings targets straight away - this might seem like the quickest way to reach your goals, but if it's not achievable you could quickly get overwhelmed or disheartened. Setting goals that are doable for you and your lifestyle will allow you to hit your target every month and quickly add up!

How Royal Bank of Scotland makes it easier to manage your money

Download the Royal Bank of Scotland app here

Your ‘fun number’

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1, 000

Income

300

Bills

100

Savings

Calculate

What's your ‘fun number’?

Calculate how much of your hard-earned cash you can spend on fun while still hitting your budgeting goals.

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To use the Fun Number Calculator simply pop in your monthly income minus your major bills* and outgoings and it will work out your fun number, which is the percentage of your income you can spend on enjoying yourself. If you’re budgeting well and your fun number is high, it means you’ll have more cash to enjoy yourself - whether that’s money to spend on holidays or nights out with pals. But if your number is low, you’ll have less to splash out on the finer things in life, and that’s an indication you could be budgeting better.

View our money management tips

View our FUN NUMBER calculator

*App available to customers aged 11+ with compatible iOS and Android devices and a UK or international mobile number in specific countries. Eligible savings account required. **Rounds Ups is available to customers with an eligible current account, instant access savings account and the Mobile App. Once you’ve set it up, it’ll automatically work with all debit card and contactless device payments (in sterling).

Royal Bank of Scotland hit the streets of Glasgow and Perth with campaign Ambassador Amber Livingstone, encouraging young people to find their own fun number. Find out how Amber got on below

*bills could include outgoings such as rent, electricity, car payments and mobile phone contracts

savings tips

Stay on top of your subscriptions How often have you signed up for a free 7-day trial, forgotten to cancel it and ended up forking out month on month? We've all been guilty of it, but you'd be surprised at how quickly seemingly insignificant subscriptions can add up. Take a good look over your bank statements in case you're paying for something you've forgotten about and set reminders to make sure you cancel free trials before they have time to lapse. Take it easy on payday We all get tempted to treat ourselves on pay day, but before you let your disposable income burn a hole in your wallet, always ask yourself if you really need something. One way to make sure you're staying on top of your savings goals is to pay yourself first - basically making sure you've put money into your savings before you even start spending. That way, you’ll know how much disposable income you really have to last the rest of the month and can easily stay on track. Shop around By checking the latest deals, you could save or get more for your money. Whether it’s your mobile phone contract, broadband or TV package, use comparison sites to make sure you're getting best price. Switching to a new deal could also be easier than you think, so shop around and don't just stay with your current provider out of habit. Search for discounts If you're a regular online shopper, you'll likely get inundated with emails of various deals and promo codes. Take note of what you've been sent and make sure you always do a quick Google before hitting check out on a purchase - often magazines or bloggers will have their own discount codes which could save you £££! But... be savvy with offers Do you ever get tempted by all the ‘amazing saving’ offers on the shelves when you're in doing your weekly shop at the supermarket? They might seem like a good deal at the time, but buying more than you need can not only rack up your shopping bills in the long run, but may also contribute to food waste. Remember - If you don't actually need it, taking up the offer isn't the cheapest option.