Nov 24, 2016 11:33 AM EST
Personal Finance 101 For College Students: How To Save More At 20
You're young, free, single, and you only live once so you enjoy life and do the things you want, right? Yes but it is also the right time to save more money because you are not thinking of any other responsibilities except yourself. Here are some strategies how to save more even when you're in your 20s.
The best way to protect some of your earnings from getting used up is to send them directly into your savings account. Make sure, though, to leave some in your checking account to avoid overdraft fees.
With your savings in place, let's move to how you spend your money. When you see something you really like, it is easy to just flash your plastic and buy them on credit. Such habit will hurt you not only now but in the future as well. Practice discipline in the area of your finance and think it over first, especially if you're making big purchases. That will give you time to think whether you really need to make the purchase or not. Moreover, there must still be a lot of things in your closet which you can wear.
In terms of stuff you don't use anymore, you can make a profit from them by selling them. Are there any textbooks you don't use anymore or finished reading already? You can sell them to other students who need them: they get it for a lower price while you earn, which is a win-win situation. For old clothes, you can sell them online.
To further help you with your money saving endeavor, make sure that the goal you set for yourself in terms of saving money is realistic and based on the money you are receiving or earning every month. Make sure that they are fun and doable, not a chore or you won't stick to them. Better yet, get an app that will help you with it.
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