Start Building your WEalth Now
Crystal Waller
For many of us, college is the first time we begin managing our finances on our own. On top of that, being in college can be very expensive and making decisions on how to spend your money can be a struggle, especially with a limited budget. Why is this important though? If you learn how to spend and save properly now, you can have a more stable financial future.
One of the best ways to save money is planning and budgeting. Stay on top of your needs, then add your wants if there is extra spending money available. Making a list of all your fixed expenses also can be helpful. You know every month you have your rent to pay or utilities to cover. If you already have a list of these things, you can add them easily to your budget to remind you to not dig into these funds. Until you create a list of your monthly expenditure requirements, it may be difficult to create a budget.
Something else to remember is that it is okay to live simply now. You do not have to purchase the newest electronics that come out as soon as they are released or add new items to your wardrobe every week. Make sure that everything you need to pay for is covered before you begin spending on unnecessary items. One thing that I often hear from fellow peers is, “I just got paid, let’s got out,” which is okay sometimes, but every time you get paid, you do not have to spend it immediately. Save up! Put some of your paycheck away if you have that flexibility, even if it’s just ten or twenty dollars per check. Though it seems like a little, it adds up. This money can be a cushion for you if anything ever happens. Or if you decide to treat yourself to a vacation, or want a new outfit for an interview, you will have it. You can even begin a retirement saving plan now and by the time you retire, you will be rolling in money.
Just remember planning and budgeting. These are essential skills not only for now but for the rest of your life. If you won’t take it from me, then read this quote from one of the smartest and wealthiest men alive:
“Do not save what is left after spending, but spend what is left after saving.”
-Warren Buffet
One of the best ways to save money is planning and budgeting. Stay on top of your needs, then add your wants if there is extra spending money available. Making a list of all your fixed expenses also can be helpful. You know every month you have your rent to pay or utilities to cover. If you already have a list of these things, you can add them easily to your budget to remind you to not dig into these funds. Until you create a list of your monthly expenditure requirements, it may be difficult to create a budget.
Something else to remember is that it is okay to live simply now. You do not have to purchase the newest electronics that come out as soon as they are released or add new items to your wardrobe every week. Make sure that everything you need to pay for is covered before you begin spending on unnecessary items. One thing that I often hear from fellow peers is, “I just got paid, let’s got out,” which is okay sometimes, but every time you get paid, you do not have to spend it immediately. Save up! Put some of your paycheck away if you have that flexibility, even if it’s just ten or twenty dollars per check. Though it seems like a little, it adds up. This money can be a cushion for you if anything ever happens. Or if you decide to treat yourself to a vacation, or want a new outfit for an interview, you will have it. You can even begin a retirement saving plan now and by the time you retire, you will be rolling in money.
Just remember planning and budgeting. These are essential skills not only for now but for the rest of your life. If you won’t take it from me, then read this quote from one of the smartest and wealthiest men alive:
“Do not save what is left after spending, but spend what is left after saving.”
-Warren Buffet