College is a stressful time for students because it poses so many challenges.
You’re dealing with a heavier amount of classwork than you’ve ever had at challenging educational levels.
You have to balance your social life while learning how to eat properly, and then there’s the finances of it all. Financial struggles are what all college students have in common, even for those who’ve got a full-ride scholarship or have it paid for by their parents.
Students have to deal with surprise fees throughout the academic year, as well as bills for semesters that haven’t even started yet.
You might live off-campus and have a car to keep up with, not to mention rent to pay and groceries to buy. Add on insurance and utilities and your bank account is probably drained. Even if you live on campus, there’s fees for things like Greek life and clubs. Nothing about college is cheap.
Saving as a student is hard, but it’s not impossible. You just have to find the right saving methods that work for you, which means trying out new things until you get to what’s right.
Check out some easy ways to motivate yourself and save the money you’ll need in the future.
After graduation, there’s plenty of other things you’ll need to pay for, so prepare for that now by building your savings account.
1. Keep it visual
Create a way to visualize your progress. When you’re putting away money into bank accounts that you only interact with online or through a bank teller, it’s difficult to feel like you’re actually making any progress. If you don’t think you’re putting away money, you’ll lose the motivation you need to keep going.
Making visual reminders can make all the difference. Think of those stereotypical thermometer-shaped charts that get used at fundraisers and school events where it gets more colored in every time someone donates.
You can easily make one of those for yourself or any other kind of chart that gets updated where you can see it. You can also start forming your savings with cash in an envelope so you don’t get discouraged before good saving habits form. Then put that money in your bank!
2. Age yourself
Studies have shown that people who printed out age-progressed pictures of themselves saved more money than people who didn’t. It made them feel more compassionate toward their future selves and more inclined to put money away for the future.
You have a lot to think about in the present, but think of your future and put away some pocket change.
3. Plan your dream home
It’s often discouraging if you feel like you’re saving for a future you can’t even picture. Sure, you know you’ll eventually be out of school with a job and a place to live, but who knows where that’ll be and what that life will look like?
Start daydreaming by looking around for your dream home in a place you might like to live someday. Don’t think too specifically, like what jobs are available in the town or anything like that.
Think of a nice place and start browsing. Print a few out and put them up where you can see them — maybe even next to your savings goal poster!
They’ll help motivate you to put your money away for the future instead of spending it on unnecessary things.
4. Open a separate account
Another challenge people face when they’re trying to save money is fighting the urge to swipe their card for whatever they want.
Some people battle this by only paying for things in cash since it’s harder to hand over what you can see and count. Others open a separate savings account, which is sometimes easier and smarter to do.
If you have a separate account, you’ll have a separate card to access it. You’ll be able to hide this card where it won’t be available the next time you want to buy something. You can also open a savings account at a second bank.
The physical separation of your money will drive home the point that your savings aren’t to be used for any reason other than an emergency, like if your car breaks down and you don’t have the money in your checking account for a tow truck or repairs.
The point is that your money will be less accessible in a different account. It’s an easy way to break the habit of burning through what you save, which can make all the difference.
5. Don’t think you're alone in trying to do this
Whether they opened a second account or found a different way to save, millennials with $15,000 or more in savings spiked to 47 percent in 2016. The number is only getting higher. If others around you can manage to save, you can too.
Challenging isn’t a strong enough word to describe the relationship between college students and money.
Lots of students earn paychecks throughout their time at school, but it can feel impossible to keep a hold on that money once it lands in your bank account.
Thankfully, there are easy ways to save money while having fun and still paying the bills. Try some of these tricks out for yourself and see how much you can save.