You can save up to $3,687.37 by simply doing NOTHING.
Sounds complicated? Yeah but it will work, here is my theory. If you can’t be bothered with maths (or not a student), then don’t read on. However if you really want to know how to save more than $3k within 3 years, read on.
Alright kids, you all know that you can borrow up to $1000 of “course related cost” right? Also you guys can borrow that $1000 for every semester. Yes? Oh, did I mention its interest free?
So far: You guys can borrow upto interest free $6,000 in 3 years time.
Now time for some maths… (Press Alt + F4 whenever you guys want)
1st Semester: You start with borrowed $1000. But hold on, before you do all this, you must create an untochable savings account for yourself. Untouchable, which means you can not withdraw ANY AMOUNT of cash. This is really important.
So yes, where was I… You start with a Thousand dollar. Put it in the untouchable account.
By end of your first semester, you will receive $1,016.08 thanks to the happy 3.25% pa interest. Congrats you have earned $16 dollars for being very patient. (Ok lets move on quickly now)
Beginning of your 2nd semester, you apply and succeed getting another $1000. Gaining you $2,016.08 for your next semester. Keep it that way and you will end up earning $2,048.50 by end of the semester. That’s $48.50 for you for being very patient.
And so on you follow my train right? Every semester you get $1000 plus the interest and your savings (It would be much easier if I could write a java program on KB! Aargh).
2nd year 1st semester: $3,105.00
Oh wait here, if you are with the National Bank, the interest rate goes upto 3.75% from 3.25% when your funding reaches $2500.
2nd year 2nd semester: $4,181.08 (The higher interest rate kicked in)
3rd year 1st semester: $5,277.10
3rd year 2nd semester: $6,393.84
Congratulations you have now graduated the university. Now it’s time to pay back the money, total of $6,000. Oh now hold on, you get something left! $393.84, how did that get in there?
WOW Congratulations, you have earned $393.84 for doing absolutely no shit kidding NOTHING!!!!!
But hold on! This gets better!
If you can save $10 a week (Automatically depositing $10 every week to the untochable account if you have a job or an allowance), by end of your 1st semester you will see total of $1,277.46 in your account (Same 3.25% p.a. applys).
So on and so on…
By end of 1st year 2nd semester: $2,575.46 (note that $1000 gets deposited every semester, Plus the 3.75% p.a. again kicks in from now)
2nd year 1st semester: $3,963.40
2nd year 2nd semester: $5,255.95
3rd year 1st semester: $6,633.57
3rd year 2nd semester: $7,652.10
So if you save $10 (2 Bacon and egg pies and a bottle of coke) a week, you can SAVE upto $1,652.10. By the meaning of SAVE, I mean THAT amount of CASH can be YOURS! IN CASH!
Hold on! I’m not finished, it’s double time!!!!
Now lets say you will save $20 every week (2 Pies, a bottle of coke plus some Friday Chiller’s alcohol drinks).
Again you will start with $1000.
By end of 1st year 1st semester: $1,538.83
1st year 2nd semester: $3,109.24. Note: 3.75% already kickes in!
2nd year 1st semester: $4,708.76
2nd year 2nd semester: $6,337.92
3rd year 1st semester: $7,997.27
3rd year 2nd semester: $9,687.37
Now lets pay off $6000, you will have saved a total of $3,687.37 Interest free, tax free, clean cash in your pocket!!!!
Man I love maths! I’m a year and a half late but I think I’ll start now.
Note this too: Studylink has borrowed/ givin away almost $5.7 Billion dollar last year. Now as time goes by, they will get fussy about letting the money. Now is a good time to claim “course related cost”. I’m thinking that in the future they’ll do a lot of background and credit checks.
So, Act now. Time is gold (ironic huh), Sieze the moment! Damn fuck sake why I figured this just now! I could’ve started earlier! Damn it…
*Above statics are for National Bank School Plus accounts only.
** Above fundings are only capable if you are extremely patient. All calculations above have been done from www.sorted.org.nz Saving’s calculator. Savings per semester is based from 1st January to 31st of June, in 6 months period.
***By not touching the funds in the account, no eftpos or withdraw fees apply.
FAQ:
Q: It's course related cost, can I just claim it?
A: Yes you can! Just fake it! Say you have to buy 4 text books, or you catch bus 2 times a day. Or just say you are going to buy a laptop and some Microsoft Office software. They will simply give you the form, fill it out and $1000 will be in your account within 2 weeks.
Q: Don't you get caught?
A: So far none. You may be the first if you are unluckybut truely it's your money when it is in your account. You can do whatever you want when it comes in.
Q: Don't they check or anything?
A: Don't ask! No one has ever done this before! ....yet
Q: Sounds cool. How about using the over draft to furthur increase $1000 in my first year?
A: I strongly suggest you not to. Remember, your first semester's interest earning will be $16, however using the over draft (which costs $3 per month) will take you $18 off your account each semester, resulting losing -$2 in your first semester. Not good. However you may use the over draft, (you can get up to $2000 o.d. from the National Bank in your 2nd year of study) and deposit the whole amount to your new untouchable account. That may increase your interest earnings. I can't be bothered doing that calculations so why don't you do the maths? Thanks.
Q: Cops may read this on KB. What should I do?
A: Quick! Change your name and your personal details on your profile! But hold on, it is your money. This is not money laundrying nor fraud..... is it?
Q: Hey, is there any other way that I can score extra money?
A: Easy. All you have to do is act fast, don't hesitate, and sieze the day. You know when ASB Bank gave $40 to whoever signes up? Yeah, take it and don't use it ever again."Carpe Diem"!
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