Hands down, I’m quite a bit on the conservative side when it comes to spending money (except when it comes to candles 😊). I was raised to be a saver and I’ve lived my life that way. As I’ve gotten older, I’ve reaped the benefits of being a saver. Having a nice emergency nest egg has been quite a comfort. It does come with some challenges though, especially early on as a student.
How do you Become a Saver When on a Student Budget?
Admittedly, it’s very hard to be a saver when you are already on a tight budget. As a saver to the core, I had to learn to acknowledge that you can’t always be a saver. Sometimes you just need to be a survivor. With University costs and living expenses there often is little discretionary funds. And let’s face it, saving it all would make for a pretty dull life. For me, in times like this, taking my meager discretionary funds and spending it on self-care and fun was money well spent.
When do you Save?
Saving for me started when I had enough money for University, some fun and self-care, and then just a bit left over. Starting a savings account and just depositing a few pounds/dollars a week or month into it may sound like it’s not worth it, but it actually is. It adds up over time. For example, just a few pounds (or dollars) every two weeks adds up to quite a bit over the course of a year. While it may not buy you a car, when you are in University that can be just what you need to help you through an unexpected expense. Or, it can be just the start of a bigger account.
Expect the Unexpected
Life as a student is full of unexpected expenses. Oftentimes there’s a car repair you don’t expect, a larger book bill then anticipated, or a medical bill that pops up. Expect your hard-earned savings account to fluctuate during this time. It’s great to start one with the goal of continually building it up over time but know that it’s likely to fluctuate. Life as a student is full of changes and evolving life situations. Your savings account is likely to experience much the same fluctuations. What’s important is that you’ve started a savings account and are dedicated to building it, when possible.
Weekly or monthly deposits may not always be possible. What’s important to building your savings account is that you keep it in focus, even if you can’t build upon it. And know too that even super small deposits count. It all adds up! A nice-sized savings account at the end of the year when in University is definitely sometime to be proud of. Understand that it’s not always possible, but my experience has taught me that even the smallest of efforts helps. As my father would say when it comes to things like this, “keep an eye on the ball.”
Your Savings Experiences
Have you opened a savings account? How is it going? What strategies have you found to build up your balance? Are you glad you opened an account?
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