Are you planning to continue your study, maybe to pursue a master’s degree or even a doctoral degree? You certainly need to save money if you are going to study at university at your own expense.
How to Save Money to Continue Study at University
1. Find out the cost of study until graduation
There are a number of factors that determine how much your study costs until it’s time to graduate. The tuition fees for a master’s degree is of course different from the tuition fees for a doctoral degree. Not to mention the major you choose and which university you will continue your study at.
If you choose to study abroad, you also need to consider the cost of accommodation in addition to the cost of daily living. Do not forget to also consider the increase in costs from year to year.
2. Reduce expenses to save for university
You also need to know when you want to continue your study. If it’s 5 years from now, you can calculate how much you have to save in one year then divide it by 12 to get an idea of how much to set aside each month.
To ensure you can save that much in a month, you can analyze your expenses so far. What expenses can be reduced? Are there expenses that can be cut until you achieve your goal?
Expenses that can be temporarily cut include subscription or membership fees. Expenses that can be reduced, for example, are entertainment and self-indulgence.
3. Save consistently with automatic contributions
Consistency is needed to achieve goals. If you save inconsistently, you may not be able to reach your goal on time.
You can set up automatic contributions to save consistently. What’s more, you don't have to manually transfer a certain amount of money into education savings every month.
Try saving automatically and consistently by taking advantage of the Autosave feature for Saving Pockets in the Jago application.
4. Look for additional income
In order to reach your goal faster or if it turns out that you cannot save enough from your main income, you can try to find additional income.
What additional income can help you save money for university? It depends on your skills and interests, Jagoans. There are lots of options to choose from out there.
One thing for sure, the additional income must go directly into education savings. To make it easy and practical, you can create 1 Saving Pocket that is specifically used to save money for your study.
Because the goal can be considered a long-term goal, you may want to consider saving in a Locked Pocket. You can create a Locked Pocket directly or turn a Saving Pocket into a Locked Pocket by adding a booster.
Also read: Locked Pocket and Its Many Benefits
Achieve your goal of saving money to continue your study by starting to take definite steps with Jago. The Jago application can be downloaded here for Jagoans who don't have it yet.
