3 tips for boosting your savings as a student
The life of a student is never easy. Juggling your studies with enough work to live comfortably can be an incredibly heavy load, and that’s all before saving some money is introduced into the mix. Even so, it’s important for students to save whatever they can – even if that’s only a couple of hundred dollars a month.
Not only will this provide a buffer in the event of needing to take some time off work due to illness or a busy study schedule prior to exams, it will also build solid practices that can be continued after graduating to ensure financial stability. Luckily, there are a few advantages students are able to lean on when it comes to their savings, and in this article we’ll be taking a closer look at three of them.
- Make sure to have the right accounts
The first step on the road to efficient savings as a student is to ensure that your bank accounts are working for you, and not against you. As a student, you don’t want to be paying any more than is absolutely necessary, which is where specialised student accounts come in handy.
These types of accounts offer a range of benefits to students – the most important is undoubtedly reduced or even waived fees. This might not seem like much of a reduction at first, but over the course of your studies, the extra money you’ll save can go a long way towards boosting the amount of cash you’re able to put aside for a rainy day.
Best of all, applying for a student account is quick and easy. All you need to do is provide proof that you’re studying – typically in the form of a valid student ID – and you’ll be able to start enjoying fee-free banking in a matter of days.
- Take advantage of any discounts or deals
Saving as a student also means being aware and taking advantage of any and all discounts or deals that may be available to you. As with fee-free banking, the amount you’ll save may not seem like much on a case-by-case basis, but it really does add up over time.
Student discounts come in all sorts of different ways. Some shops may offer you 10 per cent off shoes, while most movie theatres will provide cheaper tickets to anybody that can show their student ID. Accordingly, make sure to have your student ID with you at all times, and do your research to make sure that you’re taking full advantage of your status as an enrolled student.
- Create a budget that works for you
Finally, perhaps the most important factor in saving money as a student is creating a budget that works for you. This doesn’t mean setting wildly unrealistic goals for how much you’d like to have in the bank by the end of your degree, and instead should reflect how much you earn, what your expenses are, and a realistic target for both the long and short term. Having a goal of saving even just $50 a month can be a great incentive to spend a little less when going out, maybe cook the occasional meal at home instead of ordering a pizza.
If you’re in need of assistance when it comes to managing your finances, take advantage of Beyond Bank’s Banking Review Tool. This lets you plug in everything from your biggest banking challenges to upcoming expenses, and will help you find a banking solution that doesn’t just suit your needs, but will help you meet your savings goals.
To find out more, contact the team at Beyond Bank today.