Now is the time to save money for the future

Anesha Wheaton, Courier Staff

College students are notoriously known for being broke. It is a stereotype that is true because college is expensive and people do not have enough money to spend on things besides necessities.

Students need to pay rent, utilities, groceries or spend money elsewhere to make ends meet. A lot of students are not the best at managing money because they are still learning how to balance budgets while having part time or full time jobs along with going to school. For students who are receiving an income and have a little bit to spare, which is not every college student out there, it is a good time to consider your financial future.

It is better to start young when considering your finances. Every year counts when money is concerned, and it is easier to build wealth with more years of experience versus less. Starting to think about your 401k, investing, adding money to your savings account or even opening a savings account is a step in the right direction. Money does not appear out of thin air, and it is better to have $500 in savings rather than $50.

Having a savings account is the easiest way to start saving money, which many of us do. Having money in savings for a rainy day is something that all of us will need for the rest of our lives. Another thing that will be important for the rest of our lives, if it still around towards the end of our lives, is social security. Assuming that it will still be around by the time we are all old and grey, it is necessary to put money aside for it. There will be a day that you will no longer be working because of retirement, disability or a health issue, and money will be needed to survive. Savings will eventually dry up and it would be nice to have a monthly income to live off of. Lastly, investing can be immensely beneficial. Setting aside a good portion of money and watching it increase over the years seems as boring as watching paint dry, but starting as young as 18 rather than 28 can greatly impact how much wealth one will have later in life.

Thinking about your financial future while you are in college is instrumental. There is already a countless amount of debt from student loans that one has to pay back and will probably be paying back their entire lives. It is the Damocles sword that hangs over every college student’s head that took out loans to pay for college. Doing little by little, by saving money or investing it, can lessen the burden over time. Maybe not by as much as one would want, but by a little, which is a great weight off of your back.

Setting aside a little of income that you can spare, if you can spare it, will add up

incrementally and make you a little less worried about your financial future.