APPLICANT #22: Nichola Penny

Nichola Penny is a 24-year-old student from Calgary.

Here is Name's video application:

Here is Nichola's current situation:

I love finding new ways to add even an extra dollar to my savings. These are a few simple ways that I have been able to save money month to month.

Here is Nichola's blog post:

Savings Tips for Students

One of the most important things I think anyone should do is save their money! For years I thoughts I had stable employment and than suddenly last year my Christmas present was getting laid off. Thank goodness I had a savings account built up to get me through the tough times. Employment insurance is kind of a pain, it took 8 weeks to get a payment, and the payments are no where near the actual money you used to make. I only saved $20 a pay check but this was more than enough to makes sure my rent payments were made keeping me from needing to move back home. After you have you’re independence the last thing you want to do is have it all taken away. I think that everyone should at the very least find a small number, even if it is $10 to put away every pay check. You never know when a rainy day fund might come in handy. I always felt that because I always had a regular pay check that I was safe, but in the end that just does not stand true.

Another savings tip that I use is every time that I come home, I empty my pockets of all the change I may have accumulated throughout the day and put it into a piggy bank. At the end of the month I roll up all the money and take it into the bank and deposit it into my savings account. It often adds up to large sums, the highest being $60 in one month. I know some people who throw away change, especially pennies, but they really do add up.

Saving bottles and taking them to the recycling depot can also add huge savings to you’re pocket. I keep every bottle I use, even if I have to carry it in my purse. This adds for me an average of another $20 a month which also goes straight into my savings account. If you are someone who still lives at home a great idea would be to ask everyone in you’re house to start collecting their bottles, and if you’re family is real nice maybe you can even arrange with them that if you take care of doing the recycling you get to put the money received from it into you’re savings account…maybe even you’re free young and free account perhaps?

Nichola