Saving might seem like a distant dream right now but with the right plan in place it is doable! Firstly, you need to be earning money, duh. If you can pick up a second job as well that doesn’t hurt either, the best part is the more consistency you have in your saving routine the better chance you have of being able to afford that big ticket item you have been dreaming of.
Start by opening an account that you can’t touch or transfer out of on a night out, if you can get an account that has a high interest component by not touching that cash money you can pretty much get money for free, I mean, we aren’t talking millions here but every bit counts right!
Once you have opened your account start to think about your savings goals, start with the following:
- How many weeks or months will it take you to achieve your savings goals?
- How much realistically can you put away each week?
- Are there any other bills coming up that might stop you from saving for that week/month (think car rego, insurance, moving house, weekend away for a friends’ birthday etc)
Once you have your goals planned out and written down (because is it even a goal if it’s not written down, nope) start saving, it will be amazing how motivated you will get once you start to see your savings account growing. Don’t be too hard on yourself if you can’t put away a lot a week, something is better than nothing and on those weeks when you find you have some spare cash laying around top up a little extra to your savings account.
There are plenty of ways to reduce your expenses, and it doesn’t necessarily mean missing out on the fun stuff it just means minimising extra expenses like eating out, dancing the night away every weekend and of course avo on toast because let’s be realistic that stuff is getting real expensive.
Look at your outgoings, could you get a roommate for a year in your apartment so you could share the cost of rent and bills? Write down how much you are spending eating and drinking out for a week, it will blow your mind what we actually spend. Start making more meals at home, take your lunch to uni or work, eat breakfast at home before you leave for the day or utilise the staff kitchen. If you have to go out for dinner go on the pub hunt, there are so many pubs that have weekly specials like $10 schnitty Thursdays or $12 steaks on Mondays, use those days and those bargains to get your going out fix.
If you need to buy new clothes, think outside the box, borrow from friends or do a wardrobe swap of of few items that way you both feel like you have new clothes without spending any of that cash money or try to utilise student discounts, stores like Glue and General Pants offer some pretty rad student discounts meaning you will get more bang for your buck when you are buying that new shirt, dress or shoes. UNiDAYS
has SO many brands on their website which once you become a member to that site you can access all the bargains, check it!
If you are planning on borrowing money then shop around and see if you can find interest free loans, banks are pretty competitive these days so if you do your research you are more likely to find a good lending agent that can help to loan you the money but also with minimal interest pay it off quicker, but guys and girls, please be realistic about whether you can afford to service your repayments. The truth is it isn’t that hardtop get a loan or credit card when you are 18 and if you get in over your head you can set yourself up for many years of struggling to repay your debt which can greatly affect your credit rating and chances in the future of getting home loans – so buyer beware!
The above should give you a good start on reaching your savings goals, work hard and save hard and enjoy life!
Image credit: Pexels.com