The Daily Telegraph

‘I INVESTED MORE THAN £300 LAST YEAR – AS PART OF MY SPENDING’

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I decided not to have an arranged overdraft when I started uni a year ago: I have always dreaded feeling indebted, writes Ewan Armstrong.

Instead, I keep a buffer of at least £100 in my account as a self-imposed overdraft that I promise myself I will never touch.

I have friends who’ve developed the terrible habit of refusing to check their account balance. This out-ofsight, out-ofmind mindset will catch up with them in the long run. I look at my balance and account summary on the Natwest app every other day. A recent phenomenon among students is Monzo cards. It’s a debit card but one that tells you how much you’re spending on groceries, eating out, transport or bills.

I make most of my transactio­ns via contactles­s or Apple Pay on my phone. Not even needing to enter a Pin runs the risk of making it easier to spend more, and I have found myself leaving the supermarke­t having paid contactles­sly and not knowing exactly what I’ve spent. Even so, I think the danger of thoughtles­sly paying via contactles­s is offset by how using cards makes it easier to track spending.

There’s a perception that students can’t or shouldn’t invest money. But without a doubt the money-related achievemen­t I’m proudest of is finding an app called Moneybox. It rounds your card purchases up to the nearest pound and invests the pennies into a fund, depending on your stated level of risk (for example, it invests 15p after you buy an 85p coffee). It has seamlessly invested about £1 a day for me over the past year. Aside from being an easy introducti­on to the world of investing, finding £300 tucked away in an app is every student’s dream.

 ??  ?? ‘I hate the feeling of debt’: Ewan Armstrong, 20, is about to start his second year studying human bioscience­s at Exeter University
‘I hate the feeling of debt’: Ewan Armstrong, 20, is about to start his second year studying human bioscience­s at Exeter University

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