June 8, 2022
What Every College Student Should Know About Saving
Implement these strategies early to save during your college years.
Unlike procrastinating on a paper, saving takes time and mindful planning. Incorporating saving early in life will not only boost the number in your bank account but also build financial confidence.
Time is money
The first (and most important) step in any saving process is recognizing the value of starting early. It’s crucial to put money into an account as soon as you can to collect compound interest. Doing this will only make you more money in the long run through earned interest. The best time to begin saving is now!
Search for the right savings account
It’s time to ditch the childhood piggy bank and look for a real place to store your hard-earned cash. Opening a savings account (if you haven’t already) is a money saving essential, and the best part is – it’s simple! Try the new Citizens First Bank online account opening feature. It’s a safe and convenient option, especially for students. You can choose from a variety of account options, and we can help find a savings plan that works best for you.
Set up auto deposit
After you’ve selected a savings account, set up automated deposits to easily plan and manage your banking contributions. Start by selecting a specific amount of money that you’d like to save. Then, schedule that amount to automatically transfer from your checking to your savings every couple weeks, or months. It’s fast, easy, and you’ll thank yourself later when your savings account starts to grow.
Keep what you need, cut what you don’t
Identify any extra expenses that you are currently paying for and eliminate them. Only spend money on what you truly need such as groceries, gas, rent, and a set budget for entertainment. Then, contribute the remaining cash into your account and gradually build up your savings. You’d be surprised how much money you can conserve just by being mindful about spending habits.
It’s safe to say that college goes by quickly making it all the more reason to start saving sooner, rather than later. At Citizens First Bank, we’re here to help you save and answer any questions or concerns that you may have along the way. Come graduation time, you’ll be happy to have given yourself a strong financial base by following these helpful saving strategies.
