Yesterday, I have been talking about how to manage your money as a college student. As I promise, today I will talk about how to save your money in college.
Saving is a process of "one step at a time". Many of college students decide to start saving their money when they graduate and have a salary. Perhaps it is much more better to save your money when you are in college, day by day. If you do that consistently, you will be able to save a lot of money when you are graduate.
Make a Goal
Make a goal for yourself before you start saving will help you along the way. This goal can be : "I want to have $15,000 in my saving account at the time I graduate from college" or " I want to be able to buy a car at the time I graduate from college". Write it down on a piece of paper and put it on your desk where you can see it everyday.
Make a goal is a forgotten step for some college students who are trying to save their money. However, having a goal will give you spirit and commitment to save your money consistently which is very important in the process.
Plan the Saving
The next step is to figure out how much money you want to save every day. At this point you will see one of the reasons why make a goal for yourself is important:
Suppose if you know you want to have $15,000 in 3 years, you have to save at least $5,000 per year. This means $417 per month which is around $14 per day.
At this point, you know that to achieve your goal, you have to at least save $14 of your income per day.
Then, you know by saving $14 per day you can have $15,000 when you graduate and your goal is achieved!
How if you do not have enough income to save $14 per day? This depends on how much you desire to achieve your goal. If you have a commitment, trust me you will find a way.
One of them is you can get another revenue stream at summer by working. or you can also work part-time when you are in college as a tutor or baby-sitting. Find information what job your college offers to their student. If you are living in U.S or Canada, you can give virtual tutoring at tutor.com.
Another way is to reduce and control your expenses by make a budget for yourself. I will share some tips on how to make a budget in college in later post :)
Now you already know step to step how to save in college, it is time to take action! Start saving your money day by day.
I wish this post will help you to be able to save your money in college. Do you have any advice from your experience?share with us !:)