Student Service Center

Savings

Savings

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:

  1. Live within your means. Don’t spend more than you make.
  2. Determine what you can afford before making a purchase.
  3. Distinguish between wants and needs.
  4. Have a goal amount you want to save each month and do what is needed to meet that goal.
  5. 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. 
  6. Eat out less often.
  7. Rent a movie instead of going to the theater.
  8. 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.
  9. Try and eliminate unnecessary purchases.
  10. Turn off lights when not in a room to cut down on utility bills.
  11. 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.
  12. Avoid fees. You have the ability to prevent fees. Don’t pay bills late; don’t use out of network ATMs, etc.
Money Matters

Learn how to manage your money.