How to save your Articleship stipend wisely?
The CA course is touted to be one of the most difficult courses among all other streams of education in the country. It is said that Articleship is a golden time for CA students where they learn the importance of discipline and smart work. However, it also comes with long hours and a lot of hard work coupled with limited pay. If you're at this stage in your CA journey, this article is for you.
In this blog, we give you a few tips on how you can save your stipend money so that you learn the art of money management right from the beginning of your professional career:
Maintain a budget
The first step to saving money is to maintain a budget. The objective is to keep track of your expenditures and quickly identify when you've overspent. Remember, budgeting does not have to be a tedious process at all - use a simple Google Spreadsheet to organize your income and expenses which you can access anytime. You can start by listing your fixed expenditures like transportation, food, books, etc.. and the balance then can be used for your other expenses like entertainment.
Plan your savings with Wizely
Wizely, a money saving app helps you segregate your savings into various buckets - entertainment, fashion, travel, electronics, etc..Through the Wizely Saving Plans you can save your money in different plans based on your needs, such as - Home & Furniture, Fashion & You, Plan a Holiday etc.
You can also earn Extra Value each time you successfully complete a plan which will increase the value of your purchase when you spend your savings.This way you can remain accountable to your goals and earn an Extra Value of 2% to 15% on each of your plans!
Share a vehicle with a friend
When you start your Articleship find out which area your colleagues live in. After you get comfortable with them you can ask them if they would like to carpool with you. This would save you some serious money on transport and your ride will be much more entertaining! Perhaps you'll some knowledgeable conversations along the way.
Plan your hangouts in budget
Our next tip is don't fall into the trap of peer pressure. If your colleagues are going out every Friday night and you simply cannot afford it, don't forget your limits and stick to your ground. Remember your larger goals and save your money towards those.
Pack your own lunch
Over the weekdays you can make it a practice to avoid eating out in order to maintain your health and also cut down on your daily expenses. Though this is a simple action, it can really be a game changer. Building good habits can start small but can snowball into something much more life-changing.
Switch to photocopies instead of purchasing original textbooks
This is a hack we heard from a CA student herself! While doing your Articleship, you still have to study side by side. So instead of buying expensive textbooks, be sure to take photocopies of the study material which can easily be found online.
We hope these simple but effective tips can help you save your stipend money. Always remember that every small action counts. Therefore, make sure you commit to one saving action a month so that you can remain motivated and see your progress. Over a period of time, saving money will become a habit. You can use apps like Wizely to help you stay on track with your savings and inculcate good financial habits right from the beginning of your professional career.
Good Luck for your Articleship!
Wizely is India’s 1st Savings App targeted towards the Indian youth. With this app, users can save flexible amounts of money at any time and anywhere. This app enables users to begin their financial journey and build a habit of saving money. Thousands of millennials use Wizely as their personalized digital savings companion that help them achieve their aspirations in a fun, flexible and rewarding manner. In addition, users have the freedom to withdraw their money at any time without any questions. The Wizely App is free to download and provides users with money-saving hacks, guidance and push notifications.
In April, we are doing the Wizely Premier League contest where you can win weekly prizes and win your very own cap!