What's the best way to start saving money even if you are in college?
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Lucky for me I won 10 thousand dollars before college...
But To save my money I usually keep busy with college and work and limit my spending
Open 2 accounts, one saving and one checking, Split your pay checks half and half. ( If you make $400 a paycheck 200 in savings 200 in checking) Then if you control your spending you can transfer your extra money from checkign to savings, If you cant controll spending, Then you arent able to spend it all at once because you are limited to half.
This will allow you to save and spend, how much you save is up to you.
Bank account. You need one... for every paycheck you earn, just put a certain percentage of it into your bank account so you can't spend it easily.
spend only on things that you need. and spend less than your allowance or earnings. that's where budgetting comes in.
don't drink at Starbucks
get a night job. that way you wont socialising and you will be making money. Double saving
Save all of your change each night by putting it in a jar or something some where that no one knows and at the end of the week put it into the bank. You will be surprised by the end of the month how much money that you will have. By the end of the year you will probably have several hundred dollars that you wouldn't have had otherwise. I had a friend who after doing this through junior high and half of high school was able to by her own car after getting her license at age 17.
Set up a budget and stick to it. Try to spend 80% of what you earn. Save every month for expenses that only come once or twice a year, like holiday gifts or tuition bills.
I just bought some budget software called You Need a Budget that I like a lot. It helps with planning your spending.
Good luck!
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