First, I want to emphasize the importance of saving and the many ways people, most importantly students can save on a regular basis. Saving money is a major benefit because it sets aside savings for emergency use and allows extra money to grow using investment tools.
Why is it so hard to save in the first place?
Walking down the streets of downtown, I notice advertisements are everywhere from buses, buildings and even on the top of taxi cabs. It’s almost like they’re screaming out to you saying “Buy me!” No wonder college students and even I struggle to save money due to the temptation from all these ads everywhere. Companies are targeting online ads nowadays the most because technology has provided easy access for all of us with those handy dandy smart phones. With all the nicely advertised sugar coated products out there, the younger generation of kids out there ends up with racked up credit cards and no savings. There’s so many new innovative products out there today in the market that it’s irresistibly hard for people not to own one for themselves.
My own experience
After so many years of spending and trying to save money, I have accumulated several tips on how to save money.
- Set a goal: How much money do you hope to save within a certain time frame?
- Motivation: What do I want to use that saved money for? Perhaps to buy something really nice for myself? Invest the money? Or simply to put in a bank for emergency use?
- Categorize needs and wants. Ask yourself what are the absolute resources I need for everyday use and those that I can live without.
- Create a budget on how much you allow spending every week
- Set money aside every week and store the money away.
The tricky thing about saving money in my own opinion is the temptation to spend it after you save some money.
Here’s an interesting piece of advice that can help college students save money.
Saving money using a step by step procedure is also important for those who want to get started right away.
What to do with the saved money afterwards?
Money can be put in a savings account that has a minimum. Having a minimum on an account for example $5000 allows the temptation to pull out money or else it will get charged. If enough money is saved up, you have the option of putting into a CD account. A CD account is a certificate of deposit account which allows you to have interest on your money. The longer you allow your money to sit in the account, the higher interest rate you will receive in return. A CD allows the client to put money into an account but aren’t able to draw money out before its maturity date.
It was very hard to keep the money I have successfully savedk but I have learned that control is the biggest power we own.
There are indeed
“Subdue your appetites, my dears, and you’ve conquered human nature” by Charles Dickens.
Here is a link for financial strategies to invest money