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Saving money shouldn’t mean missing out – it's about giving yourself more choices later.
Student life can be a balancing act: classes, placements, part-time work, social life. But savings, even a little, gives you breathing room when things get unpredictable.
Our 28-day Student Savings Challenge is a simple way to start saving.
How it works
Set your goal. Maybe it’s a mid-year trip, a new laptop or a rent buffer.
Track your progress. Seeing it grow keeps you motivated.
Get your mates involved. Make it fun – share wins, swap tips and stay accountable.
By the end, you’ll have built a habit and a small stash of cash! A stronger financial start now can help you focus on the bigger things ahead.
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.
Automate your savings by scheduling a regular transfer from your main account to your savings account. Start with an amount you’re comfortable with, such as $20, and increase it over time as your budget allows. If you don’t have consistent income from a part-time job or other source, set a weekly reminder instead to add to your savings if possible.
Next, review your financial picture critically. Start with these steps:
Evaluate your “needs” and “wants.” Break down your spending into essential expenses (“needs”), like rent, course materials and groceries, and discretionary expenses (“wants”), like entertainment or nights out.
Identify room to trim. While your “needs” are mostly fixed, you may find ways to optimise, such as purchasing home-brand groceries or reducing energy usage. For “wants,” consider cutting back temporarily to free up more savings.
💡 Budgeting tip: Reviewing three months of bank statements can help you spot trends and areas to adjust.
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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