Seven steps to savings account heaven

Savingsheaven min content

...(and the seven sins of spendthrift iniquity)

  1. Pat yourself on the back! The first step is gratuitous self-congratulations for even thinking about student savings. That done, you'll want to read up about savings accounts, including the whole of this ultimate student savings guide (no skipping the boring bits).

  2. Choose the right student savings account. Yes, this means scouring the market. No, it's not as soul-destroying as it sounds. Take two minutes to find the best student savings account now!

  3. Draw up a budget to figure out where your money goes. The conscientious saver will track her spending habits for a week or two, to discover where all that missing money ends up (will the mid-morning coffee please raise your hand).

  4. Take a savings axe to your budget! Do allow for occasional pleasures and freak sales, and don't be over-optimistic about your capacity for self-denial.

  5. Save thy change! Don't spend it simply because it clinks. Also be sure to harvest your couch, carseats, bags, and parents (discreetly).

  6. Don't buy things just because they're cheap — a dollar saved is a dollar and six cents earned after just one year.

  7. "Is it worth it?" What do you want more: a holiday, or some new sunnies to wear on your unaffordable holiday?

The perils of debt hell...

Now that you're on the way to student savings paradise, let's cast a smug glance at the seven sins of the profane wastrel:

  1. Ignoring the seven steps.

  2. Sticking with the same, half-assed student savings account you opened five years ago.

  3. "Savings are well and good, but it's Christmas / sales / summer / the weekend..."

  4. thru 7.,,,

Don't stop the student savings music!

Keen to start trimming the fat from your decadent student lifestyle? Find out where your money goes with our humdinger Budget Calculator.

If you've enjoyed this Mozo Student Guide... might enjoy such other Mozo Student Guides at our Student Hub.

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