Ryan graduated from Temple University in 2013 with a degree in Business and Entrepreneurship. Since high school he’s loved money and investing but recently, he has been reading a lot of forums and sharing his new knowledge with me. I asked him if he had any advice for college aged students who are just getting started with saving money and hoping to plan for the future because it would make a really great, helpful blog post. He was reluctant at first (as he is with most blog related things) but then a few nights ago I saw him composing an email and typing away. I asked him what he was doing and he said “I’m writing a post for you!” He finished it that night and sent it over. He is super passionate about money and investing, like I said, so I wasn’t surprised that he did such a great job.
I don’t know the first thing about saving money (I don’t have much to save in the first place) so I wanted to make sure this post was easy to read and easy to follow. I hope that you find this helpful and if you have any questions, I know Ryan would love to answer them. Now, without further ado, here is Ryan’s post!
Mint is a program that tracks your spending, income, and debt for FREE. Mint is available on the computer and as an app for your phone! Once you sign up for Mint, take the time to sync all your accounts such as cash, credit, debt, assets, and investments.
2. Identify your income & expenses.
Mint allows allows you to set a budget and expected income. One you set your budget you will have identified how much you have left over to save each month. Mint allows you set aside money each month for items that you might only have to pay for a few times a year such as car insurance, vacation, etc!
3. Cut your budget
Do you really need a $50 dollar monthly budget for Starbucks? This is the time to analyze what you are spending your money on and make adjustments.
4. Stash Away the Savings!
Now that you’ve cut out all those lattes its time to stash away the savings. Ever notice how your money sitting in the bank pays about a cent per month of interest? You can change that. Capital One 360(affiliate link) pays .75% (.20 for checking account) APY per year. The average bank pays around .03-.05% APY per year! Capital One 360 offers checking and savings accounts for FREE. The debit card they provide offers free ATM transactions at most locations which are easily identifiable through their app!
5. Set Goals!
Now that you are saving monthly and racking up higher interest in your Capital One 360(affiliate link) account its time to set some goals. Capital One 360 allows you have up to 30 different savings accounts (for free) each with a different goal. See an example below!
To start investing with Acorns, all you have to do is link your debit or credit card. Every time you swipe your card Acorns will round your total to the next dollar and invest the extra money for you. So you spent $4.35 on the Starbucks latte I told you stop buying earlier? Boom. That’s $0.65 cents invested into your Acorn account! You’ll be investing without ever missing a cent… or two!
7. Review your budget each month
This is important! Make sure you’re doing everything to can to save and invest, you’ll thank yourself later!
Any additional questions on any of these applications feel free to drop a comment (I read them all) or email Kayla directly so she can forward your questions to me!