Students Can Create a Better Future by Saving Now

Sometimes saving isn’t easy – especially when you look at it as a luxury – reserved only for
times when you have the cash to spare. The first step to successful savings is, ‘out of sight,
out of mind’. Your savings should be part of your budget, and as such, you should consider
that money spent before it is earned. Where does the money come from for savings in the first
place? You may ask. Well, if you budget smart, you will find a number of sources at your
disposal.

First of all take a look at the monthly services you subscribe to. Do you really need those
extra cable channels? What about that gym membership that you have neglected for over a
year? Your internet and phone service may come with added features; most of which you are
probably not even aware of, but are paying for every month. Cutting those payments, and
reallocating them to savings, is simply making better use of money that you never missed in
the first place.

The money you are left with after loans have been paid is ideal for saving. You have already
resigned yourself to that money being debiting from your account each month, so you won’t
miss it by paying it to your savings account instead. However, be careful when you actually
open a savings account – for example, some banks may charge you fees for falling below a
minimum balance. Check the terms and conditions carefully, and choose the account that best
suits your savings budget.

While it is important to save for your future, ensuring you have good credit is equally
important. The easiest way to have good credit is to pay all you bills on time. For credit
cards you should look for a low, fixed rate card, with no annual fees, and, clear and concise
terms for additional services, late fees, balance transfers and other charges. If you are going
to use a credit card pay off the entire balance each month and make sure you pay it on time!