Simple Steps to Save Up
As summer approaches, you’ll probably want to find a job so you will have money to do fun things. If you are heading off to college in the fall like me, it’s important to save some of your earnings for college expenses. Aside from your tuition and room and board, you’ll need to factor in personal incidentals such as shampoo, deodorant, cosmetics, eating out, laundry, and entertainment. Colleboard.org estimates that the average student spends about $1200 a year on books and supplies alone. You’ll need to step up to a new level of financial responsibility.
Here are some tips to help you take your savings game plan to the next level so you won’t be strapped for cash at college.
1. Keep track of ALL of your expenses from snacks to bus fares and everything in between. Buy a small notebook that fits into your backpack or purse so you can record your spending, or use an app if you prefer.
2. Budget! Now that you have a record of where all your money is going, you can see which categories you spend the most on and then figure out which categories you can cut back on.
3. Set a goal. Based on your spending, how much can you realistically save? This will allow you to better visualize your reason for saving money.
4. Open a savings account or plan on adding a set amount to an existing account. The trick is to keep it in the bank and wait to spend it wisely on expenses when you are at college.
5. Action! Stay true to your plans and watch your savings grow! Stay focused and on track.
Planning ahead is not only a mature and sensible thing to do; you will be far less stressed during your first semester than your college buddies who spent all of their summer savings.