Money

Why Uni Is The Best Time To Start Building Your Savings

They say the best time to plant a tree is 20 years ago, and the second best time is now. So, it makes sense that if you’re serious about saving you should get onto it, pronto! We’re looking at you, uni students.

We understand that being a student and being broke is often synonymous, trust us, we get it. But if you can manage to start putting a little money away while studying, you’re sure to set yourself up for a more financially stable and less stressful future.

Looking for some inspo to get your finances in check? Here’s why uni is the best time to start building your savings account.

#1 Maximise your savings at uni

Now we’re not mathematicians, but it makes sense that the earlier you start saving, the more you’re bound to accumulate, and the sooner you’re bound to reach your savings goal, whatever that may be. So saving at uni is a great idea to get a head start.

Even if you’re only putting away a very small amount of money every payday, it all adds up. And the sooner you start, the more you’ll accumulate.

If you don’t have an account to put all your cash, you’re going to need one. If you choose a Westpac Choice account, they’ll sling you $50 for your troubles (see details below). We both know you could use that pineapple.

#2 Teach yourself valuable life skills

Besides becoming an absolute baller with your newfound riches thanks to saving, you’ll be teaching yourself up some super valuable life skills you’ll use well into the future.

Saving at uni is hard work. It’s hard work at any point in your life. It requires determination, grit and a whole bunch of willpower. If you can manage to get it on lock in your late teens/early twenties, you’ll be set. Set up a habit early on and you’ll find it easier later in life.

#3 Independence is sexy

Being fully independent is sexy, it really is. You no longer have to be super stingy with your cash when you don’t want to be, you can feel like a proper adult when your mum’s birthday rolls around and you can actually afford to buy her a present. All in all, you’ll be a much better, well-rounded adult.

Imagine just being able to do what you want, when you want and not having to ask for permission, or be worried that you won’t have enough money to actually go for it. Well, having a solid amount saved up grants you this freedom.

#4 Maximise any investments

While you’re at uni, investing money is probably the farthest thing from your mind, but we reckon you should consider it.

Let’s talk superannuation for a second – not the sexiest of topics but if you enjoy having money, listen up.

If from an earlier age you start making voluntary super contributions, you’re going to have more money in retirement. It sits in that account earning even more money for you over time. Plus, there’s always the option of making a salary sacrifice, meaning your employer will pay more of your salary into your super tax-free.

Retirement is forever away, but it’s worth thinking about now if you’re serious about financial stability.

#5 Afford stuff you really want

Arguably the best part about saving money is when you reach your goal, and you can finally spend it. You worked hard, put in the effort and finally the day has come where you can reap the benefits.

Maybe you’ve saved up for a car you really wanted, or you’re ready to book flights and go on a killer holiday. Heck, maybe you’ve saved enough for a house deposit! This is the stuff that’s all totally achievable if you get serious about saving.

Want to get there quicker? Start today.

A Westpac Choice student account can set students on the path to that next big purchase – whether it’s a holiday, a house, a car or something else. Students can also get $50 free cash when they set up an account before March 29, and deposit $250 into the account within 45 days. Read more about the account online.