3 Short-Term Savings Goals for College Students
The busy, college life is an exciting experience with gaining new friendships, joining student-organizations or clubs, learning new things, and pursuing dreams. Yet even in these busy 4 years, setting and starting minor savings goals can prepare for a smooth transition into post-graduation!
Here are 3 short-term savings goals for college students:
PRIORITIZE YOUR NEEDS VS. WANTS
Do you need a new pair of running shoes or a new laptop? Maybe the better decision would be choosing the laptop for sharpening your skills, while having access to creative resources. Depending on daily life, some expenses are needs, and others are simply wants.
Begin prioritizing by writing a list of all the things that you purchase, whether it’s a monthly HBO subscription, car insurance, or lunches.
Common needs include: housing, food, gas & electricity, transportation, insurance
Typical wants consist of: entertainment, designer apparel, traveling, music subscriptions
Once your list is complete, catergorize the items into larger subgroups, such as bills, entertainment, and personal care products. Next, place these larger subgroups into two sectors: wants or needs. Great job! You’ve now pieced together an official list. That wasn’t so bad, was it?
Don’t worry, even if you can only deposit $30 per month into a savings account—it adds up! When depositing into a savings account, choose a nearby credit union with low or no fees, excellent rewards, and generous rates.
Helpful Tip: have a savings account for education expenses
These funds can be strictly for educational reasons such as quarterly tuition bills, student loan payments, or pricey textbooks. For college students with deferred payments, why not start saving months ahead of time to avoid interest fees and anxiety?
I get it, you’re ready to save money! Every college student’s budget can vary depending on what university he/she is attending, how much financial aid is received, and any other sources income. Through planned budgeting, you’ll learn about personal spending habits and practices for successful saving!
BUDGETING STEPS
Track spending
List income & expenses
Calculate (are you in the black? Or the red?)
Revisit & adjust any changes
If you’re an on-the-go college student like myself, take advantage of a credit union’s online financial calculator and fun budgeting apps in your smartphone.
I See Me…Do Yu C.U.?
Discover new college saving tools at ABECU’s Financial Calculators , Budgeting Tool , & Setting Savings Goals !
Want to discuss your college savings goals? Please share your memorable experiences and ask us any questions below!
