Thinking about applying for a scholarship but feeling overwhelmed by all the different types out there? Don’t worry – we’re here to help break it down for you. Whether you’re a straight-A student, someone who loves helping in their community, or you just need some financial support to achieve your dreams, there’s probably a scholarship out there for you.

Why should I apply for scholarships?

Receiving a scholarship can make a huge difference to your future. Here’s why they’re worth checking out:

• They can help pay for your education costs (like textbooks, fees, or even living expenses)
• They look great on your resume and university applications
• They can open doors to special opportunities and programs
• You don’t have to pay the money back (unlike student loans)

What types of scholarships are out there?

Let’s look at some common types of scholarships you might come across:

Academic scholarships

These scholarships are all about your grades and academic achievements. If you work hard at school and get good results, these could be perfect for you. Most universities offer academic scholarships, but you might find them from other places too.

Financial need scholarships

These scholarships are designed to help students who might struggle to afford their studies otherwise. You’ll usually need to provide some information about your financial situation when you apply.

Talent-based scholarships

Good at sports? Love art? Amazing at public speaking? There are scholarships out there for all sorts of talents. In most cases you’ll need to provide evidence of your achievements, like competition results or a portfolio of your work.

Community service scholarships

If you spend time volunteering or helping out in your community, these scholarships could be for you. They’re looking for students who are committed to making a difference, whether it’s in your local area or across the world.

Special interest scholarships

These scholarships are super specific – they might be for students studying certain subjects, from particular backgrounds, or with specific career goals in mind.

Tips for applying

Here are some quick tips to help you put together a great scholarship application:

• Start early – scholarships often have different deadlines throughout the year
• Double-check all the requirements before you apply
• Ask someone else to read over your application before you submit it
• Keep copies of everything you submit
• Don’t give up if you don’t get the first one you apply for

Want to know more?

Ready to start your scholarship search? You can find current opportunities on our scholarships database.

If you still need a bit more advice, you might like to check out some of our other blogs and resources.

Receiving a scholarship can be a huge boost, not just to your education, but your quality of life too. It might mean you can afford better study equipment, don’t need to work as many hours, or provide you with a place to live.

While there are undoubtedly many benefits to receiving a scholarship, one common question students have is whether or not they need to pay tax on scholarships. In this article, we’ll delve into the details so you can apply with peace of mind.

First off – what is tax?

If you’re unfamiliar with the concept, tax is essentially a bit of money taken off the top of your income and earnings. That money then goes to the government, who uses it to provide public services and build new infrastructure, like hospitals, schools, and roads.

Nearly everyone who has a job will pay tax. There are minimum amounts you need to earn before you start paying tax though. And most of the time, your employer will automatically withhold tax from your pay, so you don’t need to worry about a thing.

So the real question is do scholarships count as income, and consequently, will some of it be taken as tax? Let’s find out.

In Australia

If you receive a scholarship in Australia, chances are it will most likely be considered exempt income (that is, you don’t pay tax on it). However, there are a few conditions to meet:

• You must be a full-time student. Unfortunately, part-time students must always declare scholarships as income.
• Your scholarship is not tax exempt if, as a condition of the scholarship, you work or will work in the future for the person or organisation funding the scholarship.
• The scholarship must be provided to you principally for educational purposes. If the scholarship or your course involves unpaid work experience, this still counts as educational.

If your scholarship is taxable, you must include it on your annual tax return. The ATO will then assess whether or not you will have any tax deducted from your scholarship payments.

If you have any concerns or questions, we suggest you get in touch with the scholarship provider or the ATO.

In New Zealand

In NZ, the Inland Revenue Department has said that “scholarships or bursaries for attendance at an educational institution are exempt income”. This means the scholarship can be used for things like:

• Tuition fees
• Accommodation and living costs
• Books for study
• Travel to and from university
• Equipment required for study (including laptops and similar devices)

If you use any part of your scholarship to pay for items that are unrelated to your course, you will need to declare this as income. Note that scholarships are always counted as income for Student Allowance purposes.

If you have any concerns or questions, you should contact the scholarship provider or Inland Revenue.

In the UK

Payments from scholarships are generally exempt from income tax in the UK, provided:

• The scholarship holder is studying full-time; and
• They are studying at a university, college, school, or other educational establishment.

Scholarships and bursaries will not count towards your Personal Allowance (that is, the amount of money you can earn before you need to start paying tax). Standard Personal Allowance is currently £12,570 (Dec 2024) – so even if you have a job where you make £10,000 a year, plus receive a scholarship worth £5,000 a year, you won’t have to pay tax.

If you have any concerns or questions, get in touch with the scholarship provider or HM Revenue and Customs.

In Ireland

Income received from scholarships in Ireland is usually tax exempt, as long as you are:

• Receiving full-time instruction; and
• Studying at a university, school, or other educational establishment.

Note that this exemption does not apply to fellowships.

If you have any concerns or questions, talk to the scholarship provider or Revenue.

In the US

Scholarships and grants are tax-free in the US, as long as you meet the following conditions:

• You’re a candidate for a degree at an eligible educational institution; and
• The money is used to pay for:
  • Tuition and fees required for enrolment or attendance; or
  • Books, supplies, and equipment required for your course.

Scholarship money that is used to pay for “incidental expenses” (for example, accommodation, travel, and optional equipment) must be included in your income for tax purposes.

If you have any concerns or questions, contact the scholarship provider or the IRS.

In Canada

Elementary and secondary school scholarships are always tax exempt. Scholarships for post-secondary study are usually tax exempt, provided:

• You are a qualifying student;
• Studying at a designated educational institution; and
• Are enrolled in a qualifying educational program.

Even if you are a non-qualifying student, the first $500 is still considered tax exempt. For qualifying students, generally the entire scholarship amount is tax exempt.

If you have any concerns or questions, you should talk to the scholarship provider or the Canada Revenue Agency.

Ready to apply?

Keep in mind that these are all general guidelines. Whether or not you need to pay tax on scholarships will come down to your personal circumstances and the conditions of the scholarship. So if you have any doubts or concerns, make sure you talk to a professional first, whether it’s your careers advisor, someone from the university, or the tax office.

You can read more about scholarships, including application tips, on our website here.

Receiving a scholarship is exciting, but sometimes there’s one important task to do: writing a thank you letter to your donor. So if you need (or want) to write a thank you letter after receiving a scholarship, we have some tips to help.

Why write a thank you letter?

Writing a thank you letter isn’t just about being polite – it’s a chance to show your appreciation and practice professional communication. Sometimes it’s a part of your scholarship conditions; but even if it’s not, it’s a thoughtful gesture that might encourage the donor to support more students in the future.

The basic structure

Let’s go through some examples to help you write your scholarship thank you letter.

The greeting

Your greeting sets the tone for your entire letter, so it’s important to start off professionally. Start with “Dear [Donor’s Name]”. If you don’t know their name, “Dear Scholarship Donor” is perfectly acceptable.

Your introduction

The introduction is your chance to help the donor get to know you. Keep it brief but personal, including your name, study plans, and something interesting about yourself that relates to your chosen field.

Example: “My name is Sarah Chen, and I’m a Year 12 student at Riverside High School. I’m planning to study Biomedical Engineering next year, and I’m particularly passionate about developing medical devices that can help people with disabilities.”

Show your appreciation

This is the heart of your letter – where you express your gratitude. Make sure to name the specific scholarship and explain why receiving it means so much to you.

Example: “I am writing to express my sincere thanks for selecting me as a recipient of the Artistic Excellence Scholarship. This support means so much to me and will help make my dream of becoming a visual artist a reality.”

Tell them how it will help

Donors want to know their support makes a real difference. Explain specifically how the scholarship will impact your education, whether it’s covering textbooks, accommodation costs, or allowing you to focus more on your studies instead of working part-time.

Example: “This scholarship will cover my first-year accommodation costs, allowing me to live on campus. Being able to live at university means I can fully participate in study groups and access the library late at night, which will be especially important during exam periods. Without this support, I would have needed to spend over two hours commuting each day.”

Share your plans

This section helps donors understand the long-term impact of their support. Talk about your goals and how this scholarship is helping you work toward them.

Example: “After completing my degree, I plan to work in rural healthcare, specifically focusing on bringing medical services to remote communities. The experience and knowledge I’ll gain through this degree will be crucial in helping me achieve my goals and making a real difference to people in rural areas.”

Wrap it up

End your letter professionally with another thank you and a formal sign-off. This is your last chance to leave a good impression, so don’t waste it!

Example: “Thank you once again for your generous support. I am truly grateful for this opportunity and am committed to making the most of it. Sincerely, Jayden Thompson.”

Extra tips for success

Writing a thank you letter doesn’t have to be complicated, but there are some important things to keep in mind:

• Keep it to one page
• Check your spelling and grammar – then check it again
• Be genuine – donors can tell when you’re just copying a template (including this one!)
• Write it within a week of receiving the scholarship (or whatever time frame is specified)
• Keep a copy for yourself to refer back to

Common mistakes to avoid

Even the best writers can make mistakes, so watch out for these common pitfalls:

• Being too casual (e.g. “Hey there!” or using slang)
• Writing a generic letter that could apply to any scholarship
• Making it too long
• Forgetting to proofread
• Not following any specific instructions provided by your institution

Find out more

Remember, a well-written scholarship thank you letter isn’t just about being polite – it’s about showing donors that their support really matters and is going to someone who appreciates it. So take your time, be genuine, and let your personality shine through.

You can explore more future study options and pathways on our website. Or if you’re ready to apply, you might like to search our Scholarship Database for opportunities.

Being invited to a scholarship interview is exciting, but it can also feel pretty overwhelming – after all, there could be thousands of dollars on the line! But with some preparation and practice, you can walk into that interview feeling confident and ready to show them why you’re the perfect candidate. In this blog, we’ll provide you with some tips and tricks to help you nail your scholarship interview.

Why do some scholarships have interviews?

Scholarship interviews help the selection panel get to know you beyond what’s on paper. They want to see your personality, understand your goals, and figure out if you’re a good fit for their program. Think of it as your chance to bring your application to life.

Not all scholarships will require you to attend an interview – they’re typically more common for very prestigious scholarships or those that come with work experience opportunities.

How to prepare for your scholarship interview

The key to a successful scholarship interview is preparation, so here are some tips to help you get ready for the big day.

Do your homework

Before you even step into the interview room, make sure you know what the scholarship is all about and who’s offering it. Understanding their values and what they’re looking for in candidates will help you present yourself as the ideal choice.

Take some time to research how much the scholarship is worth and what it covers too – this shows you’re genuinely interested in the opportunity.

Get your achievements ready

Make a list of things you’re proud of, including academic achievements, leadership roles, and times you’ve overcome challenges. Having specific examples ready makes it easier to answer questions about your experiences and skills. Remember to think about how these achievements relate to what the scholarship provider is looking for.

Practice common questions

During the interview, you can definitely expect to be asked questions by the interviewers that will help them decide what makes you stand out from other candidates. Here are some questions that often come up in scholarship interviews:

• Why do you want this scholarship?
• What are your educational and career goals?
• How will this scholarship help you achieve these goals?
• What makes you stand out from other candidates?
• Can you tell us about a time you showed leadership/overcame a challenge?

Try practicing your answers with family or friends – the more you practice, the more natural your responses will feel.

Tips for interview day

You’ve done all the preparation, and now it’s time for the interview itself. Here are some key things to remember to help you make a great impression.

Look the part

First impressions count – dress professionally but comfortably. You don’t need to wear a suit, but avoid anything too casual like jeans or sandals.

Show confidence (even if you’re nervous)

It’s totally normal to feel nervous, but there are ways to appear confident. Make eye contact, smile, and sit up straight. Remember to speak clearly and listen carefully to questions before answering. The interview panel isn’t trying to trip you up – they just want to get to know you better.

Have questions ready

Prepare some thoughtful questions to ask at the end of the interview (if you’re given the opportunity). You could ask about what a typical day looks like for a scholarship recipient, or what special opportunities might be available. This shows you’re interested and engaged with the program.

After the interview

Send a thank you email to your interviewers and follow up if you haven’t heard back within their stated time-frame. Most importantly, stay positive – if you don’t get this one, there are always more opportunities out there.

Want to know more?

You can find more scholarship tips and opportunities on our website, or check out our other blogs about study.

For many Indigenous students, especially those living in rural and remote communities, the path to university or higher education can feel like an uphill battle. But the good new is that scholarships are available to help make education more accessible and affordable. In this blog, we’ll explore some fantastic scholarship opportunities available specifically for Indigenous students.

Why should I apply for scholarships?

Scholarships can have a variety of benefits, but the main one is the financial support they provide. This money can help you pursue your dreams without the stress of financial burdens. They can cover a variety of costs, including:

• Tuition fees
• Accommodation
• Textbooks
• Living expenses
• And more

This allows you to focus on your studies and not worry about how you’ll pay for them. Plus, scholarships aren’t just for academic excellence. Many are also awarded for leadership skills, community involvement, or simply to support students from underrepresented backgrounds.

Scholarships for Indigenous students

There are many scholarships out there provided by governments, universities, and community groups to support Indigenous students. Here are some of the best ones:

The Smith Family Indigenous Youth Leadership Program

This program offers scholarships and leadership opportunities for Indigenous students, particularly those from very remote or regional communities. It focuses on supporting young Indigenous Australians to grow into leaders.

Find out more here.

ANU National Indigenous University Scholarship

If you’ve excelled in your secondary school studies, this scholarship is for you. It acknowledges your academic achievements and helps cover costs related to tertiary education at the Australian National University.

Find out more here.

Bendigo Bank Indigenous Scholarship Program

This scholarship is for Aboriginal and/or Torres Strait Islander students who are starting their first year of tertiary study. It’s a great opportunity to get financial help as you begin your academic journey.

Find out more here.

AMA Indigenous Medical Scholarship

Dreaming of becoming a doctor but concerned about the costs? This scholarship is aimed at Indigenous students pursuing a medical degree, helping you take that first step toward a career in healthcare.

Find out more here.

Indigenous Health Scholarship Program

This scholarship supports Indigenous students pursuing careers in healthcare by helping with educational costs. It’s designed to empower the next generation of Indigenous health professionals so they can give back to their communities.

Find out more here.

Indigenous Student Success Program

This initiative helps universities fund scholarships and other support services specifically for Indigenous students. Check with the university you’re interested in to see what’s available.

Find out more here.

How do I apply?

These days, most scholarship applications are done online. Here’s a quick breakdown of what you’ll usually need:

• Access to a computer or tablet with the internet
• An application form
• Academic transcripts or results
• A personal statement

Your personal statement is your chance to shine, so be sure to highlight:

• Your achievements
• Your community involvement
• Your cultural heritage
• How you’ve overcome challenges

Don’t be afraid to ask for help either. Teachers, mentors, mob, and universities are there to guide you.

Dream big

Scholarships can open doors to amazing opportunities. Whether you want to be a lawyer, engineer, artist, or leader in your community, a scholarship can help make that dream a reality.

You can search for more scholarship opportunities on our website here.

Are you the type of person who’s always dreaming up new ideas? Maybe you’ve got a business concept that you think could change the world, or you’re passionate about solving problems in your community. If this sounds like you, then entrepreneurship and innovation scholarships might be right up your alley. Let’s take a look at what they are and why you should apply.

What are entrepreneurship and innovation scholarships?

These aren’t your average scholarships. Sure, they offer financial support, but that’s just the beginning. These scholarships are designed to recognise and nurture your creative spirit, offering you a chance to turn your innovative ideas into reality. They often come with extra perks like:

• Mentorship programs: Get guidance from experienced entrepreneurs who’ve been in your shoes.
• Networking opportunities: Connect with other young innovators and industry professionals.
• Access to resources: This could include things like workshops, software, or even office space.

Who can apply?

The great news is that there’s probably a scholarship out there for you, no matter what your specific interests are. Some focus on particular areas like tech or sustainable energy, while others are open to any kind of innovative idea.

When you’re looking at these scholarships, consider:

• Your passion: What problem are you trying to solve?
• Your experience: Have you already started working on any projects or initiatives?
• Your goals: Where do you see your ideas taking you in the future?

How to stand out in your application

When you’re applying for these scholarships, it’s not just about your grades (although those are important too). Here are some tips to make your application shine:

1. Highlight your entrepreneurial spirit: Talk about any projects you’ve started, even if they’re small.
2. Show your passion: Explain why your idea matters to you and how it could make a difference.
3. Be specific: Rather than saying you want to “change the world,” explain exactly how you plan to do it.
4. Demonstrate your skills: Whether it’s coding, public speaking, or creative thinking, show off what makes you unique.

Entrepreneurship and innovation scholarships to check out

Here are a few scholarships that might interest you:

• Jane M. Klausman Women in Business Scholarship (International): For women pursuing business management degrees.
• QUT Budding Entrepreneur Scholarship (Australia): Supports student entrepreneurs in both for-profit and non-profit spaces.
• WBS Young Entrepreneurs Scholarship Programme (UK): Offers full undergraduate tuition and entrepreneurship mentoring at Warwick Business School.
• The Milton Fisher Scholarship (US): A four-year renewable scholarship for innovative and creative high school students.
• Stephen Riady Young Entrepreneur Scholarship (Singapore): Awarded to exceptional individuals who aspire to be entrepreneurs.

Remember, these are just a few examples. There are many more out there, so don’t be afraid to do your own research too – our scholarships database is a great place to start.

Making the most of your scholarship

If you’re lucky enough to win one of these scholarships, congratulations! Here’s how to make the most of it:

1. Engage with your mentors: They have valuable experience to share.
2. Network, network, network: You never know where your next big opportunity might come from.
3. Take advantage of all resources offered: Whether it’s workshops, software, or events, use everything available to you.
4. Keep pushing your ideas forward: Use this opportunity to refine and develop your entrepreneurial skills.

Ready to take the leap?

Applying for scholarships can seem daunting, but every successful entrepreneur started somewhere. Your innovative idea could be the next big thing, and these scholarships are designed to help you get there.

Want to learn more about scholarships or explore other study options? Check out our website here for more information and resources to help you on your journey.

We talk a lot on Study Work Grow about scholarships, and for a good reason – they’re a great means of support for your future, whether you need help covering costs, want access to bonus perks, or would like to grow your professional networks. But they can also be confusing at times. So in this blog we’re going to provide a brief overview of scholarships, then dive into some frequently asked questions (FAQs).

What are scholarships?

Scholarships are essentially financial gifts. They can come from various sources, such as educational institutions, private organisations, or even local businesses. You can use the money to cover a wide range of different things, from textbooks and accommodation to tuition fees and travel costs.

What benefits can scholarships give me?

Scholarships sometimes offer more than money. Here are some of the other benefits you might receive:

• Priority access to courses and accommodation
• Networking and mentorship opportunities
• Exclusive events and workshops
• Academic and career support
• Connections with industry and alumni
• Travel and exchange opportunities
• And more!

Scholarship FAQs

Now that we know a bit about what scholarships are, let’s answer some frequently asked questions (FAQs) that students often have.

Do scholarships only cover course fees?

Not necessarily – scholarships can cover various expenses, including tuition, textbooks, accommodation, and even living costs, depending on the scholarship. Always check the terms carefully to see what the money can and can’t be used for.

Is it possible to apply for multiple scholarships?

Absolutely! In fact, applying for multiple scholarships is encouraged. You’ll have a better chance of receiving one, and in some cases you can actually accept multiple scholarships (though carefully check the terms and conditions before doing so).

When should I start applying for scholarships?

We recommend you begin your scholarship search as early as the beginning of senior high school. Many scholarships have early deadlines and thorough application procedures, so it never hurts to get in early.

Can I still get a scholarship if I don’t have good grades?

Yes. Many scholarships consider a wide range of factors other than academic ability, including community involvement, leadership, financial need, disability, rurality, sporting achievements, unique talents, and more.

How competitive are scholarships typically?

It can vary widely. Some may have a large number of applicants for a limited number of awards, while others might have fewer applicants. Generally, scholarships with higher monetary values or from well-known institutions tend to be more competitive, but don’t let this discourage you from applying!

Are there scholarships for non-traditional students or adults returning to study?

Yes, there are scholarships out there specially tailored to non-traditional students and adults returning to school, making higher education accessible to a everyone.

Are there scholarships for specific fields of study?

Yes, many scholarships are targeted towards specific majors or fields of study. They often aim to encourage students to pursue careers in particular industries, so they might even include internship or work experience opportunities.

Are there scholarships specifically for students pursuing vocational or trade programs?

Absolutely. These scholarships might help to cover costs that university students don’t have, such as tools, uniforms, protective gear, and travel expenses.

Do I need to repay my scholarship if I change my major or don’t complete my degree?

It depends. It’s important to always carefully read and understand the terms of a scholarship before you accept. Some may require repayment or be cut-off if you don’t meet certain conditions, such as completing your degree within a specified time or maintaining a certain GPA.

Do I need to pay taxes on scholarship money?

In most countries, scholarship money used for tuition and other course-related expenses is tax-free. However, scholarship funds used for non-study-related costs may be taxable. If you’re unsure, it’s best to consult with a professional for advice.

Can international students apply for scholarships?

Yes, many scholarships are open to both domestic and international students. Eligibility criteria can vary, so don’t forget to review the requirements for each scholarship before you apply.

Where can I find out more about scholarships?

If you’re ready to apply, you can search for scholarship opportunities on our website here.

Still have more questions? Check out our other blogs on study and pathways options here.

Finishing school is an exciting time, full of possibilities for your future. Whether you’re planning to jump straight into work, continue your education, or take some time to explore the world, having some money saved up can make a huge difference. This is where a launch fund comes in.

A launch fund is a pot of money you save whilst still at school, specifically to support your transition into adult life. It’s like giving your future self a financial head start, providing you with more options and flexibility when you finish your studies.

Why is this important? The period right after leaving school can be both thrilling and challenging. You might need to relocate for university or a job, buy professional clothing for interviews, or fund a gap year adventure. Having a launch fund can reduce financial stress during this time and allow you to make choices based on what you really want, rather than just what you can afford.

What is a launch fund?

A launch fund is more than just a savings account. It’s a financial strategy that can help you achieve your post-school goals. Unlike general savings, a launch fund has a specific purpose: to support your transition into the next phase of your life.

Your launch fund could be used for a variety of purposes, depending on your plans:

• Travel or gap year: If you’re dreaming of exploring the world before settling into further study or work, your launch fund could cover flights, accommodation, and experiences.
• Short courses or training: You might need to pay for additional qualifications or training to enter your chosen field. Your launch fund could cover course fees, materials, or exam costs.
• Relocation: Moving to a new city for university or work? Your launch fund could cover moving expenses, rental deposits, or essential furniture.
• Transportation: You might need to buy a car or pay for public transport passes to commute to work or university.
• Work essentials: Depending on your career path, you might need specific items to start work. This could include a professional wardrobe, tools (like knives for chefs), or a laptop.
• Business startup: If you’re entrepreneurially-minded, your launch fund could provide seed money to start your own business.

How much do you want in your launch fund?

Setting a target for your launch fund is a crucial step. Here’s how to approach it:

Start by considering your future plans in detail. If you’re planning to go to university, research the typical student living costs in your chosen location. This might include accommodation, food, textbooks, and social activities. For those dreaming of travel, investigate the average daily costs for your desired destinations, factoring in flights, accommodation, food, and activities. If you’re planning to enter the workforce, think about the costs associated with starting a new job, such as relocating, purchasing work-appropriate clothing, and transportation.

Estimate costs

• Make a list of everything you think you’ll need money for after school.
• Research the costs of each item. Use university websites, travel blogs, or job sites to get accurate figures.
• Don’t forget to include a buffer for unexpected expenses.

Set a realistic target

• Add up your estimated costs to get a total figure.
• Consider how much time you have to save and how much you can realistically put aside each week or month.
• Set a target that’s challenging but achievable. Remember, even if you don’t reach your ideal amount, any savings will be helpful.

For example, if you’re planning to go to university, your estimated costs might include:

• First month’s rent and deposit
• Essential furniture and household items
• Textbooks and course materials
• Living expenses for the first month
• Travel costs
• Emergency fund

Strategies for building your launch fund

Building your launch fund requires a combination of smart budgeting, increasing your income, and reducing unnecessary expenses. Start by tracking your income and expenses for a month to get a clear picture of your spending habits. This exercise can be eye-opening, revealing areas where you might be spending more than you realised. Categorise your expenses into ‘needs’ (like school supplies) and ‘wants’ (like entertainment). This categorisation will help you identify areas where you can potentially cut back.

Increasing income

• Consider taking on a part-time job if you haven’t already.
• Look for opportunities to earn extra money, like tutoring, babysitting, or selling items you no longer need.
• If you receive pocket money, ask if you can do extra chores for a bit more.

Reducing expenses

• Cut back on non-essential spending. Could you reduce how often you buy takeaways or new clothes?
• Look for student discounts on things you need to buy.
• Consider cheaper alternatives for your regular expenses. Could you switch to a cheaper phone plan, for example?

Where to save your launch fund

Choosing the right place to keep your launch fund is an important decision that can impact how quickly your savings grow. Look for savings accounts specifically designed for young savers, as these often offer better interest rates. Some countries offer tax-free savings options for young people, which can be an excellent choice if available to you. Research the options available in your area and compare the benefits of each.

It’s crucial to keep your launch fund separate from your everyday spending money. Open a dedicated account for your launch fund. This separation serves two purposes: it makes it easier to track your progress towards your savings goal, and it reduces the temptation to dip into your savings for day-to-day expenses. Seeing your launch fund grow in a separate account can also be highly motivating.

When choosing an account, consider both accessibility and interest rates. You’ll likely need access to your launch fund soon after leaving school, so avoid accounts with long notice periods for withdrawals. At the same time, compare interest rates between different banks. Even a slightly higher rate can make a noticeable difference over time, especially if you’re saving a significant amount.

Tips for successful saving

Successful saving often comes down to creating good habits and sticking to them.

Automatic transfers

One of the most effective strategies is to automate your savings. Set up a standing order to automatically transfer a portion of your income or pocket money to your launch fund account each month. This ‘set and forget’ approach means you’re saving before you have a chance to spend the money, making it easier to stick to your savings plan.

Track your progress

Tracking your progress is another key to successful saving. Keep a visual record of your savings progress – this could be a spreadsheet, a savings app, or even a simple chart on your wall. Being able to see your progress can be highly motivating. Don’t forget to celebrate milestones along the way, whether that’s reaching a certain amount or consistently saving for a number of months.

Resist the temptation to withdraw

While saving, it’s important to avoid common pitfalls. Resist the temptation to dip into your launch fund for non-essential purchases. If you do need to use some of the money for an emergency, make a plan to replace it as soon as possible. Don’t be discouraged if you have a month where you can’t save as much as you’d like – remember that every contribution, no matter how small, is bringing you closer to your goal.

Making the most of your launch fund

When the time comes to use your launch fund, it’s important to approach spending wisely. Start by prioritising essential expenses. Create a spending plan that ensures your money lasts as long as possible. This might mean choosing a more affordable accommodation option or buying second-hand textbooks to make your funds stretch further.

While it’s important to cover your immediate needs, try to keep some money aside for future opportunities or emergencies if possible. Your launch fund doesn’t have to be completely depleted as soon as you leave school. In fact, if you can continue adding to it even after you’ve left school, you’ll be giving yourself an even stronger financial foundation.

Remember that your plans might change, and that’s okay. One of the great things about a launch fund is that it can be adapted to support your new goals. Be prepared to adjust your spending plan as your circumstances change. The financial management skills you’ve developed in creating and maintaining your launch fund will serve you well as you navigate these changes.

Ready to build your launch fund?

Building a launch fund is a brilliant way to prepare for life after school. It not only provides financial security but also teaches valuable money management skills that will serve you well throughout your life.

Remember, every bit you save is an investment in your future. Starting early gives you more time to build your fund, but it’s never too late to begin. Even if you’re in your final year of school, saving what you can will still make a difference.

You can find more money tips for teens and young adults on our website here.

Are you a high school student who loves music and dreams of turning your passion into a career? Moving forward in music education can be expensive, but don’t worry—there are lots of music scholarships available to help you out.

Whether you’re into playing an instrument, singing, or composing, these opportunities can give you the financial boost you need. Here’s a list of 5 music scholarships you should definitely check out.

1. Patricia Lucas Music Achievement

This scholarship, offered by the University of Sydney, is perfect for talented high school students who want to continue their music education at university. It supports singing, oboe, violin, cello and clarinet students at the Sydney Conservatorium of Music, and offers financial support to help cover tuition fees and other education costs.

Find out more and apply here: Patricia Lucas Music Achievement

2. The John Lennon Scholarship

Named after the legendary musician, the John Lennon Scholarship is open to students pursuing a career in music. Three scholarships totalling $20,000 are presented annually for the best original songs in any musical genre. Over the past seventeen years, more than $360,000 has been awarded to talented young musicians from colleges and universities throughout the United States, making this award one of the nation’s most esteemed accolades for emerging songwriters.

Learn more and apply here: John Lennon Scholarship

3. The Davidson Fellowships

If you’re a young musical prodigy, the Davidson Fellowships might be for you. This scholarship of up to $50,000 offers awards to exceptional young people in various fields, including music. It’s not just about money—it’s also about recognising and supporting your talent.

Check out the details and apply here: Davidson Fellowships

4. The Drake Calleja Trust

The Drake Calleja Trust awards scholarships to instrumentalists, singers and accompanists of undergraduate, postgraduate and research level studying at music colleges and conservatoires in the UK. They award these opportunities annually, as well as providing regular performance opportunities. Scholarships can be used to cover fees, instrument purchase, masterclasses, competitions, recordings, concerts and other related activities.

Find out more here: Drake Calleja Trust Scholarships

5. The Berklee College of Music Scholarships

Berklee College of Music offers several scholarships for talented students who want to study music at their college. Not only do they offer places to those looking to enter the college, but they also support scholarships for continuing students. Placing for one of these awards could help cover a significant portion of your tuition fees, and enable you to pursue your dreams.

Learn more and apply here: Berklee College of Music Scholarships

Want more?

You can also search our Database for tons more free money, or contact the university of your choice and ask about scholarships.

If you’ve been looking for scholarships, applying for jobs, or preparing university applications, you might have been asked for something called a personal statement. But what exactly is it, and how can you make yours stand out? In this blog, we’re going to break it down step by step, providing tips on crafting a personal statement that showcases your unique qualities and aspirations.

Understanding the personal statement

Think of a personal statement as your chance to introduce yourself beyond numbers and grades – almost like your personal highlight reel, where you get to shine a light on who you are, what you’re passionate about, and why you’re a perfect fit for that scholarship, job, or university program.

Top tips for crafting a great personal statement

Let’s dive into the nitty-gritty of crafting a standout personal statement. These five tips will guide you through the process and hopefully leave you feel more confident about your applications.

Be authentic

Your personal statement should be, well, personal! Don’t try to be someone you’re not or just write what you think people want to hear. Be true to yourself. Share your experiences, interests, and dreams in your own voice – this is your chance to let your personality shine through.

Tell your story

Your personal statement should be a mini-story about you. Start with a compelling opening that grabs the reader’s attention and take them on a journey through your experiences, challenges, and achievements. Show them how these moments have shaped you and led you to where you are now.

Highlight your achievements and goals

This is your time to brag a bit (but in a humble way, of course!). Talk about your accomplishments, both inside and outside the classroom or workplace. Whether it’s winning a debate competition, leading a community service project, or overcoming a difficult situation, let your achievements speak for themselves. Don’t forget to share your future goals and how this scholarship, job, or program could help you achieve them.

Be specific and concise

Avoid being too vague or generic. Provide concrete examples and anecdotes to illustrate your points. Paint a vivid picture of who you are and why you’re a great fit. On the other hand, remember to keep it concise. Admissions officers and employers can have a lot of statements to read, and sometimes there are strict word limits, so you need to make every word count.

Edit, edit, edit

Once you’ve poured your heart onto the page, it’s time to polish it up. Check for spelling and grammar errors (and don’t just rely on Word to point them out for you). Read it aloud to make sure it flows smoothly. Have someone you trust, like a teacher, friend, or parent, read it and give feedback. A well-edited statement shows that you care about the details and are serious about your application.

Final thoughts and next steps

Crafting a standout personal statement might seem like a big task, but with these tips, you’re well on your way. Take every opportunity, whether successful or not, as a chance to learn and grow. Even if you apply but aren’t accepted, you might receive some feedback that can make your next application even better.

If you’re eager to explore more about your future study and career options, take a look at some of the other blogs on our website. Or if you’re ready to apply, you can search for scholarships or experiences.