Setting Up A Savings Plan For Your First Full-time Job

You're in - you have your first full time job but now you need to learn to save. Here's how to budget your salary for the first time. The key is to start small and be consistent. Knowing exactly where your money goes each pay will give you control over your finances. You know what position you’re in and you’re better prepared to make informed financial decisions.

Start small

Leaving yourself a bit of wiggle-room is the golden rule of budgeting. So, start small with your savings. It keeps you focused, motivated and won’t feel like a total blow out if things don’t go to plan one week.

Streaming services

Option-paralysis aside, streaming services like Netflix, Stan and Spotify are so accessible that we sign up to them in the blink of an eye. Most services offer ‘family’ discounts so see if your friends are down to buddy up with you on an account so you can all save a few coins.

Lunches

Buying lunch at work every day adds up – quick. It can cost upwards of $20 or $30 a day just for coffee, lunch and a snack. While bringing your lunch to work every day isn’t always possible, doing it just two days a week can save you upwards of $200 a month.

Make swaps

This is a big one for the budding saver. There are endless swaps you can make to free up some cash in your budget, without it cramping your style. Some examples include choosing generic brands where possible in your grocery shop, and getting a reusable coffee cup for cheaper coffee shop trips (plus, it’s better for the environment – bonus!).

Stay home

This sounds so cliché but it’s fun. Promise. Next time you’re planning a night out with your friends for dinner, have them over instead. Put each friend on drinks, snacks or dessert duty and throw on some tunes while you whip up your favourite dish for your people.

Don’t forget that you’re essentially learning a new habit. And the key to creating a successful habit is consistency. Put a set amount into your savings from every pay, no matter how small, and be mindful every time you make the transfer.

It might feel like a process to start with, but seeing the figure grow month by month will motivate you to keep going. And with time, adding to your savings will become as second nature as stopping for your morning coffee. If you’d like to open a dedicated savings account, or talk more about budgeting and saving, contact us at Community Bank Sarina Bendigo Bank on 4943 2634.

NOTE: THIS ARTICLE CONTAINS GENERAL ADVICE ONLY. READERS SHOULD SEEK A TRUSTED PROFESSIONAL’S ADVICE ON FINANCIAL MATTERS.