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Three Quick Money Saving Tips for Undergrads
By Sammy K
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We all know that college is expensive (See how expensive the Top 10 are!). Fortunately we have loans, grants, scholarships, and parents to help us out with our immediate costs. What about future costs? How are you going to pay off those loans, save for a house, travel, or achieve any other goals you have in mind? The following tips are small steps that you can take to get into good savings habits over the next few years that will benefit you in your new adult life!
- Keep the change programs–How many purchases do you make with your debit card? Many people have both a savings and checking account that are linked together. Everyday purchases such as coffee, gas, lunch, or gum can put a few extra pennies in your savings account. Keep the change programs roll over the rest of the money from the dollar amount into your savings. For example, if you spend $5.20 at Starbucks, your keep the change set up will round it to $6. That’s right, you’ll instantly get $0.80 into your savings account. Every little purchases funds your savings a little more, and those little bits can really add up over time!
- Finance apps–Most of us have smartphones and access to a wealth of information at our fingertips. There are a few finance and budgeting apps that are perfect for busy students. Mint is one of the top contenders in this category. Instead of spending your time inputting every purchase or deposit you make, Mint automatically connects your bank account(s) and gives you a comprehensive financial overlook. Mint includes your bank and ATM fees into your spending chart and will help you look into the areas you can start cutting back on in order to save. Mint is available on both iOS and Android systems.
- Cut back on luxuries–There are some things we feel we absolutely need when we really don’t! Do you need to stop at Starbucks every morning before classes to fuel up? $5+ coffees every day can really add up. Instead, invest in a good coffeemaker and do it yourself! Every little bit helps, so start working on your willpower skills
Saving money can seem very daunting and, at our age, pointless. But developing good money habits now can help tremendously in the future. You got into college, you’re smart enough to do this!
Questions or comments? Need help starting your savings journey? Follow me on Google+ or Twitter @sammymmkay.
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