As college students, we are in the weird age of being old enough, but not quite old enough. If that makes sense. We are constantly fighting to get the respect of an adult, but the understanding that we are still young. When it comes to money, some of us are lucky enough to receive support from family, while others are literally out here on their own. All in all, financial responsibility is very important and the habits we set today, will affect us down the road.
Our age allows us to set the foundation now. We can begin by creating a savings account. Forming the habit to pay yourself first by putting aside a small percentage of what you earn or what you are given will generate more money based on the interest of the account. Choose an account that offers a high yielding interest rate with a bank that offers programs for college students. Also, we can take steps by using money moderately. I know we love to splurge on shopping trips and "Party Favors", but these purchases add up! If we can live off a smaller budget, as well as saving, then by the time a college student graduates, they should have a substantial amount of money saved up. The next step is allowing your money to work for you by making smart investments. Instead of using your refund for some new J's, how about putting that money towards a mutual fund? It's all about taking steps and making smarter decisions with your money.
Don't worry, this doesn't occur overnight. It takes discipline and focus. Set a goal. What do you want to purchase in the next few months? Do you have a debt you need to pay off? Or do you want to be more stable. Write it down. Revisit my past post called Money Goals for more information! One step at a time. :)
