Tips for tertiary students
Choosing a savings account that suits your current needs.
Most students don’t have a lot of spare cash, so it’s important to make the most of what you manage to set aside. Choosing the right savings account can make a big difference. Here are some ideas to help.
Estimating how much you’ll be able to save
Before choosing a savings account, figure out how much you’ll be able to save after you’ve paid your living costs and study expenses each month. Here’s a table to get you started.
| Living costs | Study expenses |
|---|---|
| Rent or board | Course fees |
| Clothes | Text books |
| Food | Stationery and materials |
| Transport | Photocopying |
| Expenses – power, phone | Internet use |
| Entertainment, going out |
Choosing an account
- Once you know how much you’ll be saving, and how often you’ll be putting money in and taking it out, you’ll find it easy to pick an account that suits
- Banks usually help students by offering savings accounts with no fees for withdrawals or fund transfers, and no requirement to have a minimum amount in the account before you start earning interest
- Make sure online, text and phone banking are available - things like text alerts that tell you when your account balance is getting low make it easy to keep track of your money
