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Saving strategies that could work for you

Saving strategies that could work for you

dollar going into piggy bank

There’s no argument that the stereotype of a uni student being poor is usually quite accurate. Regardless of how we got ourselves into that particular financial predicament, we’re all pretty much in the same boat when it comes to money. Whether it’s because we’ve spent all our dosh on textbooks, bought a few too many drinks at the weekend, or work simply hasn’t been giving us as many shifts lately, no one likes being strapped for cash. And sure enough, there are loads of saving strategies out there that can help you pinch your pennies so you have a little more left over at the end of each week. But the problem with a lot of these strategies is that they aren’t aimed at students. If budgets are assuming that we spend five dollars on coffee every day or splash out on luxury purchases then clearly they’ve made a grave error. So here are a few strategies that will work better for the uni student market.

The 1, 2, 3, 4 Strategy

This plan is pretty straightforward, and is best started at the beginning of a new year. In the first week, you put away a dollar, in the second week you save two, and so on and so forth until you’re saving 52 dollars in the last week. Sure, it may seem a little extravagant once you get to saving 40-50 dollars per week, but at that point in the year it will be well past textbook season, and hopefully you won’t have too many other expenses. Plus this is well worth it, because at the end of the year you will have well over a grand saved up.

Small Change

This method of saving is for people who like to have something physical to remind them of your progress. All you need to do is get a nice big jar or money box, and at the end of each day dump all of your coins into your jar. Sure, this one takes a little more self control to make sure you don’t dip into the jar every time you have a craving for a 3pm chocolate bar, but you’ll be surprised how quickly those coins add up.

Direct Deposit

Saving for the lazy. The saving scheme is so simple, and requires about two minutes of effort and zero upkeep. All you have to do is set up a direct deposit from your bank account to your savings account, and make sure it is repeated every week. Choose an amount you are sure you can keep up with, so you aren’t tempted to dip into your savings to make ends meet. Something between $10 and $20 is a pretty safe bet. And once the money starts coming out automatically, you probably won’t even miss it. Remember that only $10 a week leaves you with $520 for your holiday fund at the end of the year.

This is an SSAF funded initiative
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