Okay broke college students, I know your dilemma. Being in college is like being a “half-adult” because we’re all held up to the adult standards and responsibilities but we have absolutely no salary or money in the bank. How does one handle all of this, and what is the best strategy to start from zero? Don’t sweat it, I’m here to help.
First off, hot girls (and guys) have savings accounts. Yes, I said it. Savings accounts! Your checking account cannot be the primary account where you hold your money. Why? Because you’re gaining nothing on that money, it just sits there and tempts you to spend it. Now the average college student has anywhere from $51-$500 in their checking account. That money is so accessible and easy to spend, and this is where most college students find themselves in trouble. Most students who have jobs tend to have the mindset of “If I spend $100 this week that is okay because I’ll make it back next week.” This “make it back” mentality can be dangerous because your money is always going away in relatively similar increments, meaning you are never actually growing the number you have in the bank. By having a separate account for savings, you can easily transfer money into your savings account and put just a little away at a time to ensure that you are growing that number in the bank over your time being in college.
When it comes to saving money though, how much is too much? How much is too little? The answer to these questions will vary, but most people tend to recommend 10% of your paychecks. Now for most college students that really isn’t much, so it’s fairly feasible to save just a little every paycheck. The best way to do this is to set your checking account up to do automatic monthly transfers from your checking to your savings- this saved my LIFE. I always tend to forget to save money manually, so the automatic option is great for me.
To be honest, financial literacy is sexy. You cannot put it any other way, it’s the truth. Getting your money up can be such a personal fulfilling feeling, and the internal peace you have with knowing you have even just a little bit of money saved in the bank to the side can do wonders. Don’t expect to leave college with twenty grand in your savings (if you do, please hit me up), but if you follow these strategies you will definitely be in a better place than you were before.
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