Managing Your Money - Saving

It is imperative to aim to spend less than you earn each week. Although this sounds obvious, it can be hard to do without setting your mind to it. Saving a small (or hopefully large) amount each week lets you set money aside for unexpected costs that arise that could otherwise blow your budget. Hopefully, if no expensive problems arise then you could have enough for a well-earned holiday at the end of the year!

Obviously the best way to save is to have a budget. If you can save at least 10% of what you earn you will soon have a large savings account. For example, if you earn $400 a week and save $40 each week, you will have over $2,000 by the end of the year; enough for a holiday.

You can also make your money earn for you, look around for special offers from financial organisations. One example is the ING Savings Maximiser - there is no minimum amount you need to start with, and you earn interest each month. There are no fees and you can close your account whenever necessary. ING Savings Maximisers

Other banks offer incentives for keeping your money with them. Always make sure you look for hidden costs though or you may end up having to pay more than you earn! Some savings accounts reward you for not taking out money, which helps you save. If you find it difficult to save, open up an extra account where you cannot draw money for a fixed period. Talk to a Student Financial Aid Adviser about what is best for you.