Saving is an activity that requires early familiarization. Even if you don’t have your own income yet. Because basically saving is not just for parents and adults. But also children and students.
So how do you save for students? Still don’t have your own income? Take a look at the following tips.
1. Set savings goals
The purpose of savings is often the benchmark and encouragement for some people to save money. This is in contrast to adults who tend to save for long-term benefits. It is not uncommon for children or students to save for short-term benefits. Especially buying something like new equipment, new uniforms, new clothes, etc.
Therefore, before saving, you should set a savings goal first and see how much the desired item is worth. The goal is you can do it. Be more enthusiastic about saving..
2. Allocate pocket money
Even if you don’t have your own income, you can save by setting aside money from pocket money. as well as managing personal finances The pocket savings process is split into 3 parts: 50% needs, 30% lifestyle, and 20% savings. This also applies even if you receive money from your parents every day.
For example, your daily allowance is IDR 10,000, so Rp. 5,000 for gas or public transportation, Rp. 3,000 for snacks at the cafeteria, and Rp. 2,000 for savings. Not bad. alone
3. Earn extra income
Although not the main focus But students can also earn additional halal income such as selling cakes at school. Join various contests To help students in libraries or cooperatives.
Some of the money generated by this additional earnings can be saved with the distribution mechanism above. For example, you win a contest with a prize of IDR 1,000,000, so Rp. 500,000 can be used as an additional requirement to use public transport or buy Rp. 300,000 of petrol. for additional pocket money and Rp. 200,000 for savings.
4. Maintain the base of the rich
There are many ways students can save money. from bringing equipment to school reduce cigarette consumption to reduce the intensity of traveling with friends This can be difficult. Especially if you’re the type of student who likes to hang out or have a girlfriend.
However, reducing this cost of living is not impossible. This is especially true if you have a clear goal of doing so, such as buying a new motorcycle. Or just buy a new cell phone? Trust me, things that are bought with diligence feel instantly more valuable than those that are earned. Because you know how difficult it is to save money to get these items.
5. Make different piggy banks for different purposes.
How to save money without wasting You don’t always have to go to the bank. You can also save in traditional ways, such as saving in a piggy bank. Although it’s somewhat less secure than savings in a bank. But savings in a piggy bank is more useful for students who are accustomed to saving even a small amount.
Piggy banks can also be classified according to their purpose. For example, you want to save for a mobile phone and a new motorcycle. You can buy 2 different piggy banks, one for motorcycle savings with a target of 21 million rupiah and one for mobile phones.
when you feel full You can open the piggy bank, calculate the total and buy a new piggy bank. You can then transfer money from your piggy bank to a bank that offers student savings.
6. Make student savings
as mentioned above Students can save money at many banks with the student savings mechanism. to build student savings or student savings to do this You’ll need to bring several documents, such as a student card with NISN, a copy of your birth certificate and KK, and a copy of your ID or parent’s ID.
Since it is designed for students, the initial deposit and follow-up deposit are relatively cheaper compared to regular deposits. Bank BRI, for example, requires an initial deposit of only IDR 5000.
Therefore, you can use the money you have accumulated in your piggy bank to deposit more money in student savings. Another benefit of using student savings is that parents can help fill out the savings.
besides that You can also transfer the savings in this student account to regular savings if you are 17 and have an ID card. So you can access your savings via ATM and mobile banking or convert them later into deposits.
7. Take advantage of long-term savings.
In addition to student savings The right way to save for students is to take advantage of the long-term savings facilities provided by banks. The mechanics of this term savings is that the bank will automatically take some of your balance and save it to your long term savings account. You cannot withdraw money in the savings account during this period until the pre-agreed period has elapsed.
The amount received automatically varies from IDR 100,000 per month. The withdrawal period also varies from 1 year. If your account balance is insufficient. The bank will double the balance for the following month. For example, your savings balance this month is INR 100,000, even if you join long-term savings of INR 200,000 per month. The system will then automatically deduct IDR 400,000 from your balance for the next month.
You can use this long-term savings feature to save money for short-term needs (1-2 years). For example, to buy a new device for IDR 2,500,000, you can join a savings account of IDR 100,000 per month for 2 years or IDR 200,000 per month for 1 year
8. Start investing
Did you know that now students can buy mutual funds? can! Currently investing in the capital market, especially mutual funds, can be started without NPWP and KTP. Students can start investing in the capital market. by using the parent’s ID card Especially now that buying mutual funds can be done via mobile for as little as IDR 10,000.
But keep in mind that the concept of investing is different from the concept of ordinary savings. Therefore, you should choose to invest in low-risk instruments such as mutual funds. Investing is not the main focus of your day-to-day activities.
Saving can be difficult for college students. Because students generally do not have their own income. There are many needs However, once again, you have to believe that things that are painstakingly bought will make you feel more satisfied than things you get from your parents or get them right away.