By becoming aware of the amount of money you spend each week and month as well as the products and services you spend money on, you can start to form a picture of your spending habits. Lists items such as the costs of restaurant meals, going to the movies, buying concert tickets and paying to get admitting to athletic events the college or university you attend hosts. Subtract your expenses from the amount of income you receive from working part-time jobs, college internships or university work/study programs. If you have money remaining from your income, use this money to start saving and growing your wealth.
Keep in mind that by creating a weekly savings goal (rather than leaving the amount of money you save to chance) you can increase the chances that you save the amount of money you want by a certain period of time. For example, you might want to save enough money to pay for your college textbooks on your own or to pay off a car loan early. Make sure your savings goal is reachable to avoid becoming frustrated and feeling disappointment. Encourage yourself by setting and keeping reasonable savings goals. You can create a savings goal by:
There are several areas of your life where you can create savings goals (e.g. auto insurance, car payments). If you create a goal or limit on how much you’re willing to spend in each area of your life, you can start focusing on saving.In addition to your education, creating and managing a savings goal is one rewarding skill you can acquire as a college student. After you meet your savings goal, create a new goal so you continue to reach bigger milestones. Once you get hired or use your college education to open and operate your own business, you can grow your savings faster. You can use the money you save to pay off your college or university student loans, pay down any credit card or other debt that you may have and to reward yourself with products and services you appreciate.