The student saving challenge
Saving needs a better PR team.
How many of us have ever looked forward to creating a budget and setting aside money each week? However, your savings are what will get you to the things that you really want.
Whether it’s an end of semester holiday, a car or just financial peace of mind, setting a clear goal and practising mindful spending and active saving habits can get you there.
At Bank First, we put nurses and teachers first. Even if there’s not much left over to save now, building strong financial habits will set you up for long-term success once you get into the classroom or ward. Try to get your friends or housemates involved in your saving challenge – get competitive and cheer each other on. Alright, let’s go!
Prep for success
Four essential steps for success
Start by figuring out your savings target and a timeline that works.
Start by figuring out your savings target and a timeline that works. Write it down somewhere visible to keep yourself motivated. For example, “Save $1,000 for a new phone by next year.” And then break that down into smaller, monthly goals, “To do this, I’ll save $100 a month, for 10 months”.
Defining your goal helps focus your efforts and gives you a clear purpose throughout the challenge.
Set up a savings account specifically for your goal. Look for one with no monthly fees and high interest. A dedicated account separates your savings from everyday spending and allows your money to grow.
Budget
Your budget is your roadmap for the next four weeks
Calculate your total monthly income.
Deduct your “needs” expenses to determine what’s left.
Allocate a portion to your savings goal. For example, if your goal is to save $200 in four weeks, that’s $50 per week.
Assign the remaining amount to “wants,” ensuring you stay within your limits.
Download the challenge
Now that you’ve prepared your goal, savings account, and budget, you’re ready to take on the challenge. Remember, progress over perfection. Share your goals with friends and family and make sure to celebrate your milestones. You’ve got this!
Thank you.
Your digital savings challenge will land in your inbox shortly.
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