Is there such a thing as saving money whilst you’re studying? University student Stephanie shares her tips for good money management whilst you’re not working full-time.
Student and savings are not often words that go hand in hand. Money will run away from pockets, wallets, and piggy banks before you can say ‘I’m moving out’, so I find it is important to budget and prioritise for the items I need versus those I want.
Studying, going to class, working, and interning all at once can be very expensive, which is why I’ve found it so crucial to organise my finances and budget accordingly.
So, I’ve devised a few tips on how I have saved over the years:
1. “An organised life means an organised mind”.
My Dad told me this when I was 17 and it has stuck in the back of my head ever since. In reality, he was probably referring to my rather messy room. Regardless, I’ll happily admit that he was right as it has helped me with everything – including organising my finances.
2. Budget. Budget. Budget.
Budgeting has been my key to savvy student saving. Setting out some short and long term goals for myself, no matter how small, has really paid off in the end and I’ve managed to save for three separate holidays to Europe and America over the course of three years. Ok, I’ve found myself back at zero dollars in my bank account, so in hindsight maybe I should have prioritised a few goals – but I’ll keep that in mind for the future!
3. Cut up the credit card.
My successful savings has been down to never having acquired a credit card. I have never been in short-term debt. The money I earn is the money I save and that’s that. Student loans are enough for any of us to bear, and you don’t want debt with interest accruing daily because, in that moment of weakness, you pulled out that little plastic card of delusion, and bought that Marc Jacobs bag.
4. Stay at home.
Living at home has assisted with both my finances and health. I don’t have to pay rent and I eat better- thanks to Mum’s frequent visits to the supermarket. I tried living out of home for the first two years of uni, wanting my independence and all that jazz, and found myself eating out of cans and concocting the most peculiar recipes out of the remnants of my fridge.
So in conclusion I shall leave you with a quote to ponder.
The highest use of capital is not to make more money, but to make money do more for the betterment of life. – Henry Ford
The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.