It can be tough, especially in your first couple of years as an apprentice, to manage your money on an apprenticeship wage. Here we have some simple suggestions to help you SAVE and REACH YOUR MONEY GOALS.
Step 1: Create a Separate Savings Account
- Open a savings account with a different bank.
- Keep it out of sight; no app or online banking visibility.
- Treat it as a “no-touch” account, so you’re not tempted to spend it.
Why? Out of sight, out of mind. This helps you build savings without feeling the urge to dip into it.
Step 2: Start Small and Be Realistic
- Begin with an amount that feels manageable, for example, $10 per week.
- Set a small, achievable goal (e.g., save $200).
- Once you hit your first goal, increase the amount slightly (e.g., $20 per week).
- Set a new, achievable goal, (e.g., save $500).
Why? Hitting small goals builds confidence and motivation.
Step 3: Budget Your Weekly Income
Use this simple breakdown to allocate your pay for your first small goal:
| Category | Percentage of Pay | Example ($600pw salary) |
| Needs (Rent, Bills, Food) | 80% | $480 |
| Savings | 2.5% | $15 |
| Wants (Fun, Extras) | 17.5% | $105 |
Step 4: Use the “Envelope System” for Spending
- Withdraw your spending money in cash and divide it into envelopes for different expenses (e.g., food, transport, entertainment).
- Once an envelope is empty, no more spending in that category until next pay week.
Why? Helps you avoid overspending.
Step 5: Review and Adjust Monthly
- Track your expenses weekly; are you staying within your budget?
- Adjust amounts if you find you can save more or need to reallocate funds.
Sample Savings Milestones: (achieving small but realistic goals helps increase confidence to achieve bigger savings goals)
Goal 1: Save $200 at $10 per week.
Goal 2: Increase to $20 per week and save $500.
Goal 3: Build an emergency fund of $1,000.
Tips for Success
- Pay Yourself First: Transfer your savings as soon as you’re paid.
- Cut Small Expenses: Bring lunch from home or skip unnecessary subscriptions.
- Celebrate Wins: Reward yourself when you reach a goal; but stay within budget!
Start small, stay consistent and WATCH YOUR SAVINGS GROW!
If you need help with putting this into play and would like to become more financially independent then reach out to one of our team members. As part of the BUSY Sisters Mentoring program for women in trades, our services are at no cost; we want to see you succeed and be the best version of yourself. WE GOT YOU!
Please note: The information provided is for general informational purposes only and does not constitute financial advice. BUSY Sisters are not licensed financial advisors. This information does not take into account your personal objectives, financial situation or needs. Before making any financial or investment decisions, you should consider the appropriateness of the information with regards to your own circumstances and seek independent professional advice