Saving Tips for Students
Save, Save, Save!
As a young person you have the gift of time on your hands, and time is money!
If you want to have more money, the answer is simple ; Start now, and start small.
For the price of your skinny soya decaf latte each day, you can slowly but surely build a nice little personal fund to spend as you wish. Your student years are there to be enjoyed and spending money should not be seen as a bad thing, but having some extra money there for something like a holiday is always nice. This doesn’t mean you have to skimp on every little thing, but just remember start now, and start small.
Short-Term ; Create new Habits
I suggest saving 20% of every pay day from an early age – this will help build positive financial habits, making it easier to do this as time goes on. If you think of this as a tax that you place on yourself, almost like a personal wellbeing tax, it will also be a lot easier because if you don’t see the money in the first place, you won’t miss not having It.
Long-Term ; Want to be a millionaire?
Did you know that saving just €2 a day would get a 20-year-old to millionaire status by the time they get to 65.
A 25-year-old would need to save €3.57 per day about the cost of that second latte. Of course, the older you are when you begin to save, the more money you’ll need However, these are based on interest rates in your savings account and your ability to pay said amount.