Start a summer savings plan. Seriously

Turn your summer holidays into a cash-saving break

Saving is hard. Being a student makes it even harder.

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Whether you’re saving for a big trip overseas or to reach a goal, it’ll take a practical, sustainable plan to get there. And there isn’t a more perfect time to get saving than your summer break.

Here’s how to create a realistic savings plan today.

  1. Get real about your living costs

    You’ve got to have a blueprint before you start building. Sit down and calculate your vital weekly living expenses. Be honest, and remember to round up average costs to give yourself a nice buffer.

  2. Imagine your end goal

    This is the fun part. If you’ve got cash left over from your living expenses, you can figure out what you want to do with it, and how long it will take to get there. Just divide your goal amount by the leftovers you calculated to figure out how many instalments you’ll need to make to realise your dream.

  3. Cut back to make gains

    If you don’t have any money left after figuring out your living costs, you’ll need to cut down your expenses. Going without non-essentials like entertainment, dining out and subscriptions might seem like a big deal now, but it’ll be worth it. If it all seems too hard, try getting someone close on the cost-cutting bandwagon with you, or ask around for financial advice.