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Put 10% of your monthly income into savings.
Most financial advisors suggest you put 10% of your monthly income into savings. Here are 12 tips to help you do that:
- Live within your means. Don’t spend more than you make.
- Determine what you can afford before making a purchase.
- Distinguish between wants and needs.
- Have a goal amount you want to save each month and do what is needed to meet that goal.
- Set a goal for big expenses, such as buying a car, computer, vacation. Determine how much money you can put aside for these high price items.
- Eat out less often.
- Rent a movie instead of going to the theater.
- Track how much money you spend on “extra” stuff, like grabbing a drink, donut, or a candy bar. You’ll be amazed how fast that adds up.
- Try and eliminate unnecessary purchases.
- Turn off lights when not in a room to cut down on utility bills.
- Keep the change! When you’re buying something with cash, make a rule never to use that change. Each time you get change back, put it in a jar and then cash it all in at the end of the month or year.
- Avoid fees. You have the ability to prevent fees. Don’t pay bills late; don’t use out of network ATMs, etc.
Learn how to manage your money.