As a college student, you might think saving money is about as likely as finding a quiet corner in the library during finals week. But fear not! Saving money during your college years is not only possible, it’s a crucial skill that will benefit you long after you’ve graduated. Let’s dive into the world of college student’s ultimate guide to savings and discover how you can build a financial cushion while juggling classes, social life, and maybe even a part-time job.

Why Saving Matters in College

While it may be tempting to live in the moment while you’re in college, overspending can rob your future self of opportunities. In the next few years you may have some once-in-a-lifetime opportunities come up. 

This could be something like a study abroad, internship outside of Utah, buying a house after college, a wedding, or even a vacation to celebrate your graduation! All of these things require money. You don’t want to be in the position where you have to turn down a once-in-a-lifetime opportunity because you didn’t save in college. 

Let’s go over how to set a goal:

Setting Savings Goals

The first step in any savings journey is setting clear, achievable savings goals. Here’s how to do it:

1. Identify Your Priorities: What do you want to save for? Short-term goals might include a spring break trip or a new laptop. Long-term goals could be a study abroad or a down payment on a house. Knowing what you’re saving for can also help motivate you.
2. Make Your Goals SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. Instead of “save money for summer,” try “save $1000 by May 1st for summer travel.” Also, make sure your goal is realistic or you may risk losing motivation if it seems too unachievable. 
3. Write It Down: Put your goals somewhere visible as a constant reminder and motivation.

Strategies to Boost Your Savings

Now that you have your goals, let’s look at some strategies to help you reach them:

1. Automate Your Savings: Set up automatic transfers from your checking to your savings account. Even small amounts add up over time. Many banks (including UCCU!) offer this feature in their mobile apps, making it easy to set up and adjust as needed.
2. Use the 24-Hour Rule: For non-essential purchases, wait 24 hours before buying. This can help curb impulse spending and ensure you’re only buying things you really need or want.
3. Take Advantage of Student Discounts: Always ask if there’s a student discount available. From software subscriptions to movie tickets, you’d be surprised how much you can save.
4. Become a Smart Grocery Shopper: Learn to cook simple meals, buy in bulk when it makes sense, and use apps to find the best deals and coupons at your local grocery stores. Also, try to not waste food. Not only are you throwing food in the trash, but you’re also throwing money down the drain.
5. Textbook Tactics: Rent textbooks, buy used, or look for digital versions. You can also sell your textbooks at the end of the semester to recoup some costs.
6. Find Free or Low-Cost Entertainment: Explore free events on campus and in your community. Many museums, parks, and cultural institutions offer free or discounted admission for students.

Making Your Savings Grow

Once you’ve started saving, consider these options to make your money work harder:

1. High-Yield Savings/Money Market Accounts: These often offer better interest rates than traditional savings accounts and let you add and take out money as needed.
2. Savings Certificates (Certificates of Deposit, CDs): If you can lock away money for a set period, CDs typically offer higher interest rates, but you can’t add money or take it out. 
3. Micro-Investing Apps: Apps like Acorns or Stash allow you to invest small amounts of money regularly.

Remember, saving money is a skill that improves with practice. Start small, be consistent, and don’t get discouraged if you have setbacks. Every dollar saved is a step towards greater financial security and freedom. Your future self will thank you for the smart choices you’re making today!

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