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The student saving challenge

Add an extra ‘0’ to your savings.

4 minutes read

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 October 2025.” 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:

    1. 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.

    2. 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!

Disclaimer

This information is general in nature and does not consider your objectives, financial situation or needs. Credit applications are subject to approval. Terms and conditions, credit criteria, fees and charges apply. You should firstly consider the appropriateness of this information and refer to the Terms and Conditions, relevant Target Market Determination, or the relevant Product Disclosure Statement (PDS) before acquiring any product. These documents are available at our branches or by contacting us on 1300 654 822.