Savings, not spending, is the key to wealth and financial stability. If you want to be a saver down the road, college is the perfect place to start practicing. And, even as a “broke” college student, these tips will help you jump start your savings account and train your brain for managing money when you have a great-paying job later on.
- Wait 24 hours. Before you make any large or non-essential purchase, wait 24 hours. Sales people know that if you wait, you might decide you don’t need or want the item, so they will pressure you through limited time offers and sales to “buy now.” But savers always wait until the impulse passes.
- Keep the change. A great way to get your saving account going is to put your loose change in a jar. It’s easy to see the savings add up, and you’ll be surprised how quickly you’ll have enough to start a high-interest yield savings account!
- Freeze your credit. We mean that literally! If you have a credit card that’s getting out of control, you can place it in a bag of water and put it in the freezer. That will thaw out those impulse buys!
- Calculate purchases by hours worked. Instead of looking at the price-tag, calculate how many hours you would have to work to pay for the item. It gives a much more real-world view to your spending!
- Bring your lunch. Savers know that a lunch from home costs about $2 less than eating out. That’s a savings of at least $10 a week, and $40 a month. It’s an easy tweak that leaves money in the bank for a big splurge down the road.
The more you save, the more your money will start working for you. You can sit back and watch your savings grow for your big goals like traveling the world, preparing for a comfortable retirement, or buying a home.