Saving in Senior Year
When it comes to your senior year of school, it’s never too early to start thinking about your future.
I know that a lot of students are already worrying about jobs, moving out, and exams. However, one of the things that will never stop being important is how to be responsible with money.
One of the first things you should do is begin consulting with people who have been in the “official” adult world for a while. Your parents and potentially older siblings will be able to give you tips on how to be fiscally responsible. Remember that your parents have been budgeting and taking care of a family for years so they’ll be one of your best guides. It might sound like they’re nagging you when they ask why you spend money on a new shirt when you already have 20 but they’re just doing what you should be – budgeting. You don’t need to disclose everything to your relatives but asking them a few questions about how much they would recommend putting into savings, drawing up a plan with you, or even scheduling a meeting with a bank consultant are good places to start. You may be young, but the sooner you learn about money, the better your sustainability will be.
Something else that works is to learn how to budget. Living within your means only becomes more crucial as you get older. If you’re crazy with your credit cards, don’t go shopping for a while. Take out cash and live with the money that you take out for a week.
A big part of being financially responsible is understanding that sacrifices need to be made in order to help your future self. It may be a bit of a downer to not eat out as often as you’d like with friends but there are always ways to improvise. Have a few friends come over for a homemade dinner. It’ll be worth it to give up a $40 restaurant tab if it means you’re putting money away for an apartment or a rainy-day fund.
One of the best things that you can do for yourself is to consult with a professional. Schedule an appointment with a consultant at the bank about how to save, what plans are best for you, and the kind of account that will work best for you. The queen of finance, Gale Vaz-Oxlade is definitely someone who can give you great tips on how to save. Her site, specifically this link on her tips is exactly what young millennials need: http://gailvazoxlade.com/tips.html
Saving money is difficult – especially with the introduction of plastic cards. We don’t see our funds deplete and keep going until it becomes a problem. But, with these few tips to help get you started, fiscal responsibility and saving is right around the corner.