Penny Saver!!!

Money, Money, Money... Must be funny in a rich mans world... 

A tough topic for a Monday but its something we all have to deal with && that would be SAVING! not something I particularly like doing... The temptation to spend is pretty real! But with things the way they are in the world today, a spirit of saving is something we all need to adopted && keep at. So I have put together a few tips to Saving, as well as information on banking that are aimed at Students from 3 leading South African Banks, as well as a template for budgeting. 

Lets us go into this endeavor together. Cut our Costs! Minimize our Financial stress && become more Responsible! #LetsDoThis

10 tips for Reducing Your Expenses && Increasing Your Savings

1. Draw up a student budget

It may sound a little boring and long winded and the majority of students dread analyzing where their money is really spent. But drawing up a student budget is the best start you can make to saving money.

You can go into as little or as much detail as you like but at a basic level you want to find out where you are leaking cash. After this it’s up to you to plug up these leaky holes (with help from the tips below).

2. Stop Buying on Impulse
Impulse shopping can be very tempting while out and about. The problem with this is that you end up blowing money on stuff you don't really need, and sometimes on stuff you don't really want. Before making a purchase, make sure it is truly necessary. 

3. Use student offers when socializing

Socializing is an important part of any new student’s life, but you don’t have to spend a small fortune just to have a good time. Going out to a nightclub can be expensive, so take full advantage of student offers, where drinks are cheap and entry is often free.

4. Take a packed lunch to university

University cafes and canteens may be cheaper than most, but it’s still usually cheaper to prepare your own food. Make the effort to get up early each day before university to make yourself a tasty packed lunch. It may not seem like much but the savings over the entirety of the year will speak for themselves.

5. Give Up Bad Habits
Everyone has at least one bad habit. Whatever it is, cut it out. You'll be surprised at how much money you save. 

6. Find Bargains
When shopping, look for clearance items or two-for-one bargains, buy used books instead of new, and order the special instead of something off the menu. If you can find a bargain every time you go shopping, you will save more money than you ever imagined. 

7. Stop Keeping Up with the Joneses
Just because your roommate or your pals down the hall have a seemingly endless allowance, it doesn't mean you do too. Try to avoid keeping up with the Joneses and stay true to your budget 

8. Buy In Bulk
Stock up on things like toiletries, Non-perishables etc. 

9. Set Goals 
Ask yourself how much money you would like to have saved by the end of the year, Save towards something like a car, paying off student loans, a flat etc. 

10. Always look for SALES! 

 Banks Accounts Aimed at Students

Standard Bank Student Achiever

As a student or a scholar aged between 16 and 23 years you live life to the fullest and need a bank account that matches your hectic lifestyle, allowing you to bank anywhere at any time. You want an account which is affordable, convenient and gives you options to meet your individual financial needs.

• Log on to our Student Achiever Portal to access advice and information regarding all your lifestyle and career interests.
• ·         No minimum monthly management fee
• ·         5 Free electronic debit transactions
• ·         4 Free ATM cash deposits
• ·         1 Free Branch cash deposit upon account opening
• ·         Free bank card
• ·         Free balance enquirers
• ·         Free My Updates (SMS notifications)
• ·         Free Cellphone and Internet banking subscription
• ·         Free prepaid airtime recharges
• ·         Low interest rates on Student Loans
• ·         50% discount on your Travel Wallet card

Qualifying Criteria

• Aged between 16-23
• Studying at a recognized tertiary institution or still at school, or studying part-time with income of less than R3 000 per month
• South Africa citizen
•  
• For More Information Visit: http://www.standardbank.co.za/

Life Start Student Account with FNB

Do I qualify?

The Life Start Student Account is for full-time students who:

·         Are between 18 and 25 years old

·         Are studying at a recognized tertiary educational institution

·         Are studying towards a degree or diploma (minimum duration 3 years)

·         Do not have permanent employment

What does this offer me?

·         Easy and convenient banking including a pricing option that suits my banking needs

·         No fees when I pay with my Debit card and free Cash@Till^TM at participating retail stores

·     Free subscriptions to FNB Cellphone Banking, Telephone Banking, Online Banking and the FNB Banking App

·         Free subscription to inContact - to help you keep track of your transactions via SMS and email

·         Free transactions via FNB Cellphone Banking and the FNB Banking App

·         No minimum balance required

·         The option to redirect your bank fees to your parents' FNB account

·         Available to all local and foreign students (valid study permit or temporary residence permit required)

For more info visit: https://www.fnb.co.za/students/life-start-student-account.html

Student Silver Account with ABSA

Hit the books and let your hair down while we worry about providing you with affordable student banking

Qualifying Criteria

·         Valid ID

·         Proof of residence

·         Proof of tertiary institution registration

·         Only available to full-time students studying towards an undergraduate or postgraduate degree or diploma, or qualifications of one year or more

·         Students should not be older than 27 years

Benefits

·         A debit card which gives you access to your money through our extensive country-wide network of ATMs and lets you buy from your favourite stores

·         Manage your money 24/7 with convenient self-service access through Internet Banking, Cell phone Banking and Telephone Banking

What you get?

·         Cheaper banking fees while you study, through multiple pricing options

·         Convenient 24-hour self-service access through Absa Online, Cellphone Banking and Telephone Banking

·         Make withdrawals (from an Absa ATM or at a point-of-sale), account payments and electronic fund transfers

·         Get prepaid top-ups and print balance enquiries and mini statements at any Absa branch or ATM

·         Your account number stays the same even if you upgrade your account or transfer to another branch

·         If you maintain a balance of R10 000 in your account, you are exempt from certain bank charges

Visit for more information: http://www.absa.co.za/Absacoza/Individual/Banking/Packaged-Solutions/Student-Banking/Still-Studying/Student-Silver-Account

Budgeting

Everyone is different when it comes to how they budget & what their priorities are but here is an example of a simple budgeting template that your could use to get started. 

Student Budget 

	Date
Income	Expected Total	Actual Total
Bursary Allowance, Income from Job etc.
	Budget Amount	Actual Amount at Month End
Expenses
Text Books
Stationary
Accommodation
Food
Travel Expenses
Entertainment
Clothing
Cell Phone, Internet Etc.
Miscellaneous
Savings
TOTAL

These saving principals could be followed by anyone && everyone, not only students. Money management is something best learned at a younger age! && it never becomes obsolete. So do yourself a favor && learn these skills now!! 

Happy Saving! 

With Never Ending love 

Abby Gia Loon

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