The $2 challenge: Easiest savings trick for students
By Lacee-Ann Froeschl
In Budgeting & Banking
We live in a world where students are expected to pay for the same things, at the same price, on half the wage (or less) of a full-time employee. Because of this, opening savings accounts with particularly high interest rates, living off carrot sticks, bread and two-minute noodles, or even selling illegal substances to make ends meet, becomes the norm.
Even University of the Sunshine Coast Associate lecturer in Finance and Accounting Dr Gabrielle Parle says the art of saving has become a bygone trade.
“There’s barely any room in anyone’s budget, let alone a student’s, to save great amounts of money these days,” she says. “Having extra money has almost become non-existent. But that’s all part of human nature; we receive, we spend, we look at the here and now. So, when you have that excess money you go back to spending it all because that’s just your reality.”
But what if we told you that two very common items were the answer? What if we told you that a Coke bottle and $2 coins could do more than clutter your room and weigh down your pockets?
While freezing your credit card in a block of ice or locking yourself away from all social activity may seem like the only way to salvage your funds, this money saving hack could have you rolling in it (or saving it for emergencies, like when your car breaks down).
Prepare yourself for one of the easiest savings tips ever.
What you’ll need is:
1. 600mL Coke bottle
2. $2 coins
That’s right – a savings trick that uses one of our favourite drinks and pesky shrapnel. Here’s how it works:
Every time you receive $2 in change, put it in the Coke bottle. Once the bottle is full, you will have saved between $700 to $1000 and you’ll no longer be able to truthfully tell your mates ‘I don’t have that kind of cash laying around’.
Filling it up once a year for five years can give you up to $5000 to put towards that new car, your student loan, a holiday to Greece, or for paying back your parents (let’s be real, that last one was just a word filler).
What makes this challenge so great is it forces you to take cash out at the hole-in- the-wall (AKA an ATM), and no one likes breaking those $50 notes, so you spend less as well!
Not to forget to mention, it’s also very flexible – you can start it at any time of the year and it will still make sense, unlike those $1 on day one, $2 on day two, $3 on day three etc. tricks (although still useful).
“Finding what works for you is really a game of trial and error,” Dr Parle says. “[But this] is definitely one of the easiest and most efficient methods to saving small amounts that could get you out of the rut.”
So, grab some friends, a few bottles of Coca Cola, drink them, and head to the hole-in- the- wall to start practicing your newly sourced investment mission.
Tell us your savings tips and tricks in the comments below!
Views expressed by authors do not necessarily reflect those of Student Wow Deals. Student Wow Deals accepts no responsibility for any reliance upon the articles contained herein.