If you’ve been working hard all summer, trying to put money away for college, how can you help ensure that the money is there when fall rolls around? Saving money can be a challenge, but here are some tips to keep you on track.
Set a goal. Be specific. “Saving for college” is a fuzzy, seemingly unreachable goal. Try to break it down into more tangible things to save for. Maybe it’s to cover the cost of your books for the first semester, to have $1,000 in spending money for food and other expenses. The point is, to make your goal something you can realistically reach by summer’s end. It will keep you motivated to keep putting the money away.
Put some aside out of each paycheck. Make it easy on yourself and take a set amount off the top of each paycheck and put it into savings. You’ll never miss it that way, and you’ve got a reliable process for saving.
Be frugal. Let’s face it, you’re probably not making tons of money at your summer job. It’s tough to save from already meager earnings, but being a college student means being frugal. Look for ways to cut expenses wherever you can. Can you carpool with friends more often to cut back on gas expenses? Can you trim back entertainment expenses, by looking for free or low-cost things to do? Keep an eye out for sales when shopping for clothes or college necessities.
If you’re saving for college, how’s it going? Got any tips to share?