February 24th through March 1st is America Saves Week, and today, we’re focusing on ways to help students save money. Here are five ideas — do you have any of your own?
Open a savings account
Instead of keeping your money at home, open a savings account. You’re less likely to spend the money you save if it’s in a bank instead of a jar on top of your dresser.
Keep in mind that not all savings accounts are the same. They have different fees, restrictions, required opening balances, and interest rates, so be sure to research different options to find the one that’s best for you. Continue reading
Click on the image above to see the full infographic from FinEdChat.
February 24th to March 1st is America Saves Week, “an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.” On Friday, February 28th, various organizations including America Saves, Bankrate.com, and Experian will be participating in a Twitter chat specifically for students. Covenant Trust Company will be sharing some #StudentsSave ideas, too!
Students (and anyone else interested in saving money!) are encouraged to follow #StudentsSave on Twitter throughout the day on Friday. You’ll find tips and resources for improving your savings habits and will have the opportunity to contribute your own ideas.
You can read more about the Twitter chat on FinEdChat. They also provided the above infographic; click on the image above to read more about the chat and some of the many reasons we need to encourage everyone to set financial goals and start saving.
Click on the image above to see the full infographic from freecreditscore.com
Hopefully our recent articles on emergency funds have motivated you to start one (if you don’t have one already) and given you some helpful tips.
If you’re more of a visual learner, check out freecreditscore.com’s infographic on emergency funds (click on the image in the new window to magnify the viewing size). In addition to summarizing some of the ideas we shared in the last week, it has some additional tips and throws in some interesting facts and figures on the state of emergency funds in America.
Last week, I listed a few questions to ask yourself to help you decide how much money to hold in your emergency fund. Hopefully, the questions have helped you seriously think about your emergency fund and discuss it with others as needed.
The next step is to put a savings plan into action. Don’t worry if you still don’t have an exact amount set for your emergency fund; whether your goal ends up being $5,000 or $10,000, you should start saving today. Of course, you should create a specific goal for your emergency fund eventually. Continue reading
Most financial experts will agree that people should have an emergency fund. But there are different opinions on just how much money should be kept in that fund. The general consensus is to have anywhere between three months to a full year’s worth of expenses saved in case of emergency – that could easily be a difference of over $15,000.
Obviously, you can’t predict how much money you’ll need in an emergency. Your inclination may be to save as much as possible, but focusing too much on your emergency fund can negatively affect your other financial goals. You need time and money to save and invest for things like retirement, a home purchase, a wedding, or your children’s education. Sure, you could tap into your emergency fund for these things, but there are two problems with this: Continue reading