Better hold on to that change, it can turn into some dollars.
Many college students understand how difficult it is to struggle financially.
There are ways to learn how to prioritize in college that can help build better saving habits for the future.
“Focus on saving money for things you need. I’m just a student-worker just trying to get by. Making a dollar out of 15 cents,” Williams McIntyre, 21, chemical engineering, said.
Being a broke college student can have it’s disadvantages, but putting away a portion of every check in savings can accumulate money over time.
According to www.getrichslowly.org , students should learn money management and focus on saving money for necessities rather than wants. It will help with organization and planning finances.
“I focus on spending my money on things I need like gas, food, and cloths here and there but not too much. I save it by not going out a lot,” Joshua Jasper, 20, humanities major, said.
Another alternative way to save money is to get an automatic account transfers monthly. Funds around $25 to $100 can be transferred from checking accounts to saving accounts helping put away money for later use. Also transfer amounts can be calculated by the persons financial capability.
This makes it easier to save for a rainy day and can be done anytime of the month through online settings or with the help of a customer service representative provided by the bank.
“Money management teaches you responsibility,” Asanti Jensen, 18, undeclared, said. “Making lunches for work, using financial aid money to buy school supplies, and finding all the change around the house to save helps out a lot.”
According to Bank of America, Automatic Transfers can be stopped at anytime. Nevertheless there can be a minimum to hold money in a savings and checks with many banks and most accounts.
Always research which account to open with banks that is beneficial to ones financial needs. Find ones with no monthly fees or hidden charges that can be attached to the account.
There are ways to weave through the fees with some accounts but most saving and checking accounts have monthly fees if the minimum isn’t kept.
Along with reaching the different accounts that are best for saving money, try to find account flexibility plans like “Keep your change” and “Direct Deposit” from Wells Fargo, Chase and Bank of America.
The most important tip is to pay in cash. Do not sign up for credit cards or use debit cards where theres a charge to use it or gain access to money with a minimal fee.
By spending less than you earn and saving up for wants after making sure more important needs are met, it can help with money management skills.
“Don’t buy everything you see. Just wait and think about it and then just buy what you need,” Jasper said. “Balance out your needs from your wants.”