Maximizing Savings

When saving up for a big trip like studying abroad, having goals is important. Although it may seem obvious to save up as much money as you can for you trip, is it a lot easier said than done. Here are a few ideas that can help you make more money before you go.

• Reevaluate your current savings. This doesn’t mean putting your emergency money (if you have any) toward your trip, but if you were saving for a new phone, new car, or smaller trip, ask yourself which matters more to you. Would you care if you had the newest iPhone if it meant you could go on an extra weekend trip abroad? Do you need a new car right now if you are going to be gone for your program? All of it is personal preference, but don’t overlook these things thinking you “need” them. Take a second to look at your needs in comparison to your wants.

• Open a travel savings account. Some banks allow you to do this through your online banking in just a few short minutes. Keeping your travel money in a separate account can help you track your progress separately. Plus you are less likely to touch that money if is not lumped in with your everyday account.

• Another app that can help you save is Digit. There are a few that do the same type of thing, but Digit tracks your spending habits and takes small amounts of your money and places it in savings for you. Every day you might not notice a dollar or two gone, but overtime it can add up to help you reach your savings goals. Look here for more on how it works: https://digit.co/about/how-it-works.

• Adjust your school schedule to help accommodate your work schedule. This may involve taking some online classes to help give you more work hours or choosing work times where you will make more (for serving jobs).

• Make your managers and co-workers aware of your goals. This can help you be the first person to know when extra shifts and hours are available. Having other people know your purpose can also help keep you accountable for saving that money.

• Consider getting more than one job if your current one will not allow for more hours. For example, some on campus jobs have a maximum of 20 hours that you can work. If you try to find other side work like babysitting on the weekends, it can help you make some extra cash.

• Besides the traditional “work more” technique, look at alternative ways to earn money or save. Contemplate selling some things you don’t need like old clothes, phones, or textbooks. Stores like Plato’s Closet, apps like Mercari, or even just the Bulls Marketplace Facebook page can be a good start.

• Remember the reason you are doing all of this. Having reminders like a screensaver of your destination can help inspire you when you might not feel like working more. Skipping dinner with your friends to pick up an extra shift does not sound very fun, but if you have a motto like “do it for Italy!” then you can keep yourself motivated.

For more ideas, check out the interviews to see how various USF students afforded their trips.

Read the minimizing spending section to find tips on not spending all the money you have saved!