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How to save money – even when you’re studying

Posted by : Premraj | Posted on : Thursday, January 15, 2015

Accounting
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It’s often really daunting to think about the fact that you’re at university and also having to try and make ends meet on what is possibly a pretty small and meager salary. Working in hospitality – for example – while fun usually doesn’t have the kind of pay check rolling in every week that’s going to have you saved up and ready to buy a new car or anything like that. Of course, you want to be able to have fun and enjoy the benefits of having some savings, so this is a quick and dirty list about how to save some serious money while you’re studying!

Many students work part time and only some succeed in the goal of saving money. The students who fail usually spend a fair bit of time rolling around with a hangover and buying their lunch from the canteen – but you’re smarter than that!! Let’s take a look at how you can get ahead.

Get A Part Time Job If You Don’t Have One Already: This will help with the costs of living if you’re subsisting on Centrelink or some kind of government assistance. As you’re working, figure out a budget if you can that will cover the costs of your day to day living expenses, and is a budget that will allow you to have some spending money as well.

Make A Budget And Stick To It: if you have a budget you’ll know exactly when you can spend and when you can save. This will make life a lot easier when you’re thinking about whether you can afford to go out for your mate’s birthday or not! Well, to be honest you’ll probably still go to your mate’s birthday but you’ll probably end up bumming drinks from people if you don’t have money! At least with a budget you’ll be able to go without the guilt!

Save Wisely:This is a key element to saving as much as you can as quickly as you can. By ensuring that you’re making your money work as hard as it can for you, you’re not only saving wisely but using the advantages before you. But what are they? Things like a term deposit savings account, which means that the interest rate is guaranteed not to change while you have your savings in there, will mean you can calculate how much your savings will increase by looking at the amount of time you’llbe saving for.

Set Up Automatic Payments:By setting up some automatic payments that come out of your bank account regularly you don’t actually even need to think about saving money at all – the money practically saves itself for you! It doesn’t matter if it’s just $20 per week that you’re setting aside as it gets you into the habit of regularly putting money away for yourself.

Make Your Lunch: This one is kind of simplistic but not really when you consider the amount of money you could be saving with just a couple of minute’s work in the kitchen at home before you go to school every day! The cost of buying your lunch stacks up really quickly when you consider it, so make sure that you do the right thing and prepare a sandwich or a meal from last night’s leftovers to take to school with you.

Understanding the effort that you put into earning some money really helps to use the money that you earn a lot more wisely. Sure, you can still have your coffee out a couple of times a week, but perhaps once you’re working and figuring out the value of money you’ll get better with budgeting and working towards a savings goal.

One comment on “How to save money – even when you’re studying

  1. Dehaan & Symko, P.C. on said:

    Well done to this post, Saving money sometimes are really stuck in your mine because if you are in the school most of student need to go to the flow what people lifestyle is all about, that is why saving money for student is a bit difficult. Thanks for posting this article really worth reading helping student save money without a hustle

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