Developing wise spending practices early can give you a significant financial advantage. Imagine being able to pay off your debt, including student loans and other obligations, as soon as you graduate or even making a down payment on a house.
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The last thing you may want to do while you're already learning in school is learn how to save money for college. It can get overwhelming. However, developing wise spending practices early can give you a significant financial advantage. Imagine being able to pay off your debt, including student loans and other obligations, as soon as you graduate or even making a down payment on a house.
With our Master College Funding Course, college can be affordable. For more information, click here.
Saving money is a great habit to get into. Keeping your hard-earned stash in a dedicated savings account also comes with certain benefits, including stability, growth and safety!
Before we get into the tip, let's go over these two important questions:
Start by establishing clear financial objectives for yourself while you are still in college. To reach your goal, such as paying for college or affording living expenses, you should figure out how much money you need to set aside each month.
Read here: Savings - How Much is Enough?
After that, just divide the required sum by the number of months you have to save it. You then deposit that sum each month into your savings account and live on the balance. It can be challenging, but you might want to think about cost-cutting strategies like skipping the meal plan, learning to cook all of your meals at home, or even moving back home for the summers. Even if you are unable to save the full amount required, you should nevertheless try to save as much as you can. You might think about setting up an automatic withdrawal from your account the day following each paycheck. This will enable you to save money rather than just spend it.
Your savings should be reasonably liquid while you're in college. You don't want to keep the money in a place like the stock market where you can easily access it. Online savings accounts offer better interest rates than local institutions, so you might want to take them into consideration. You might think seriously about investing if you have a great part-time or full-time job, can cover your essential costs, and can pay for school without taking out any loans.
Speak with an advisor at Vincere Wealth to see if you are ready for the investing world and let their team get you started on the right path to building your wealth. You can reduce fees and other expenses by selecting the best bank accounts for college students. However, make sure to pick accounts that won't charge you any extra fees.
Saving for college involves more than just depositing funds into a savings account for a particular purpose. Setting yourself up to make wise financial decisions for the rest of your life is the goal. Doing this from a young age will set you up for a successful financial life. There are a lot of budgeting apps that can help you get a handle on your money. There's nothing better than being able to handle your own money, and if you learn how to budget while you're in college, you'll have a more secure future.
Read here: 7 Budgeting Tips for College Students
So always, always create a new budget each month and pay close attention to your “needs” vs. your “wants”. For example, living at home during your college time as opposed to a dorm or moving into a less expensive apartment, getting roommates, or limiting your "fun money." Lower Your Starbucks bill. I don’t want to cramp your style but it can really add up.
Even though you still need to have fun, you don't have to spend a hundred dollars every weekend. Set a cap on how much you can spend on leisure each month. If money is tight, you can still find ways to save even though you are a college student. Pay close attention to the discounts that are available to students and that you understand how to do your taxes and learn the different tax saving strategies.
Not sure what those are? Get in touch with a tax specialist at Vincere Tax for advice and assistance if you need it; they'll make sure you claim all the deductions and credits to which you are entitled.
Apply for scholarships (like crazy). Scholarships aka free money. Free money is given to students through scholarships every single day. Did you know there are more than 1.7 million private fellowships and scholarships awarded every year, with a combined value of more than $7.4 billion? So, your chances are definitely NOT slim to none. Without a doubt, the best type of financial aid is a scholarship. They are free funds for college expenses!
Read here: 17 Scholarships tips you need to know.
Buying new textbooks at the beginning of each semester is one of the more expensive 'hidden costs' of being a student. The greatest method to cut costs here is to acquire used books and then sell them on for a profit. Likewise, this is true for the acquisition of apparel and household goods. Buying used is a great way to save money compared to purchasing something brand new, and you can find some amazing deals if you look around. A smart shopper with some time on their hands can save a lot of money.
Having a part-time job or two on the side while attending school is a great strategy to reduce financial stress. Even though you'll be spending a lot of time with your head in a book, you should be able to spare 15-20 hours per week to pick up some extra cash. Want to know what else there is to do than work in a bar or restaurant?
One of the best things about being in school? Your student ID. You can get loads of student discounts at a wide range of stores, restaurants, and cultural institutions with this card. You can also get big discounts on tech products from Apple, Adobe, and Microsoft. If you know how to use your coupons well, you can save a lot of money.
..and there you have it! All that's left to do is go out there and make those "S.M.A.R.T plans.
A common acronym that can assist you in remembering the most essential aspects of a goal is called SMART. The acronym SMART refers to "Specific, Measurable, Achievable, Relevant, and Time-bound." The question now is, how does one go about developing SMART financial goals? Similar to this:
Avoid that crippling student loan debt with our Master College Funding Course! This course will cover everything you need to know on how to pay for college the RIGHT WAY.
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