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- by Charlotte King
- In Budgeting
Posted Aug. 5, 2013
Top Tips for Summer Savings as a Student
For the majority of students, saving money is no foreign concept! One of the most profound lessons a student will learn during their time in university is hidden in this time of financial hardship; you'll learn the value of money. Whether you're saving for an awesome holiday next year, or just trying to pay your way through your studies, developing the tools required to save over the summer is a vital life skill that will likely be repeatedly tested as you finish your postgraduate course and progress up the career ladder. The tips below will provide you with a starting point on saving over the summer, and will give you some important information about the best ways to add a few pennies to your savings this holiday time.
Get a Job The number one tip for saving over the summer is to get a job . Even a low-paid job is the perfect way to save a little money and cover your costs of living during the summer months. Having a job over the long holiday season is also a great way to add skills and experience to your CV, as well as to keep you occupied over the growing tedium that is a five month break from study, with no alternative activities to fill the gap. Having a job also takes away the guilt associated with spending money on some small luxuries, as you can still reason that you're bringing in more money than you're spending.
Crash at your Parents' Place Spending a few weeks at home is a great idea when saving during summer, as you won't have to worry about spending money on food, electricity and heating while in their care. Although transport may be an issue for some students, carefully planing your travel arrangements, as well as spending an extended period of time at home, will normally allow the costs to be balanced out, and your precious student loan to be conserved as much as possible.
Long Term Savings Investing your money in a long term savings account is a great way to make a little extra cash from your money, as well as being the perfect way to deny you access to your hard earned cash. Removing the temptation to splurge on a new smartphone or laptop will allow your savings to gradually build, and will also allow you to generate some extra revenue for your trouble. Saving for university can be done a few years at a time by taking out a fixed term ISA for each year of your course, but be sure to shop around for the best interest rates!
Leave Debit Cards at Home One of the best ways to curb spending during holiday excursions is to leave credit and debit cards at home. Drawing exactly the amount you need for a shopping trip or night out and leaving the cards at home prevents the dreaded overspending rampage on a night out, and will still leave you with enough cash to have a good time. There are drawbacks to this strategy, though, and you may find yourself in an emergency situation without any access to extra cash. For this purpose, fill up a cash card with £20 so that in a dire situation you'll always have enough to pay for a taxi home or buy some cheap food. Laminate the card so that you won't be tempted to dip into your emergency fund unless the situation is frantic enough for you to break open the plastic.
Paying attention to the helpful hints and tips above will give you the best start when planning your budget over the summer months, and will enable you to pay your way through university with much greater ease when term recommences. Make sure to start pinching your pennies straight away; any hesitation can cost you a large chunk of your hard earned savings, so don't delay!
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Get a Job The number one tip for saving over the summer is to get a job . Even a low-paid job is the perfect way to save a little money and cover your costs of living during the summer months. Having a job over the long holiday season is also a great way to add skills and experience to your CV, as well as to keep you occupied over the growing tedium that is a five month break from study, with no alternative activities to fill the gap. Having a job also takes away the guilt associated with spending money on some small luxuries, as you can still reason that you're bringing in more money than you're spending.
Crash at your Parents' Place Spending a few weeks at home is a great idea when saving during summer, as you won't have to worry about spending money on food, electricity and heating while in their care. Although transport may be an issue for some students, carefully planing your travel arrangements, as well as spending an extended period of time at home, will normally allow the costs to be balanced out, and your precious student loan to be conserved as much as possible.
Long Term Savings Investing your money in a long term savings account is a great way to make a little extra cash from your money, as well as being the perfect way to deny you access to your hard earned cash. Removing the temptation to splurge on a new smartphone or laptop will allow your savings to gradually build, and will also allow you to generate some extra revenue for your trouble. Saving for university can be done a few years at a time by taking out a fixed term ISA for each year of your course, but be sure to shop around for the best interest rates!
Leave Debit Cards at Home One of the best ways to curb spending during holiday excursions is to leave credit and debit cards at home. Drawing exactly the amount you need for a shopping trip or night out and leaving the cards at home prevents the dreaded overspending rampage on a night out, and will still leave you with enough cash to have a good time. There are drawbacks to this strategy, though, and you may find yourself in an emergency situation without any access to extra cash. For this purpose, fill up a cash card with £20 so that in a dire situation you'll always have enough to pay for a taxi home or buy some cheap food. Laminate the card so that you won't be tempted to dip into your emergency fund unless the situation is frantic enough for you to break open the plastic.
Paying attention to the helpful hints and tips above will give you the best start when planning your budget over the summer months, and will enable you to pay your way through university with much greater ease when term recommences. Make sure to start pinching your pennies straight away; any hesitation can cost you a large chunk of your hard earned savings, so don't delay!
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