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Teaching College Students About Saving: A Financial Planner's Perspective

J.R. Guerreri • Jun 17, 2024

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As a financial planner, helping young adults is very rewarding. Working with college students on developing good financial habits early on will pave the way for them as adults. Saving money might seem like a daunting task when you're juggling tuition, textbooks, and living expenses, but it's one of the most important skills you can learn. Here’s why saving during your college years is essential and some practical tips to get you started.

Develop a Plan which includes:

1. Building an Emergency Fund: Life is unpredictable. Having an emergency fund can provide a financial cushion for unexpected expenses like car repairs, medical bills, or sudden travel needs.

2. Avoiding Debt: The less you borrow now, the less you’ll have to repay later. Saving can help minimize student loans and credit card debt, which can be a significant burden after graduation.

3. Developing Good Habits: Learning to save money now sets a foundation for healthy financial habits that will benefit you throughout your life.

Practical Tips for Saving in College

1. Create a Budget
Start by tracking your income and expenses. Categorize your spending (e.g., groceries, entertainment, transportation) and identify areas where you can cut back. There are apps out there that can be incredibly helpful for budgeting.

2. Open a Savings Account
Having a separate savings account can help you keep your savings out of sight and out of mind. Many banks offer student accounts with no fees. Look for accounts that offer competitive interest rates to make your money work for you.

3. Automate Your Savings
Set up automatic transfers from your checking account to your savings account. Even small amounts, like $10 a week, can add up over time without you even noticing.

4. Take Advantage of Student Discounts
Many businesses offer discounts to students. Always ask if a student discount is available and make it a habit to use your student ID. This can save you a significant amount of money on everything from clothing to electronics to meals.

5. Limit Eating Out
Cooking at home is almost always cheaper than eating out. Plan your meals, make a grocery list, and stick to it. Not only will this save you money, but it can also be a healthier option.

6. Buy Used or Rent Textbooks
Textbooks can be a significant expense each semester. Consider buying used textbooks or renting them. Websites like Chegg or Amazon offer great deals on textbooks.

7. Work Part-Time
If your schedule allows, consider getting a part-time job. Not only will this provide you with extra income, but it will also help you gain valuable work experience.


Saving money as a college student might seem challenging, but with the right mindset and strategies, it’s entirely possible. By building an emergency fund, avoiding unnecessary debt, and developing good financial habits, you’ll set yourself up for a brighter financial future. Remember, it’s not about how much you save, but about creating the habit of saving that will pay off in the long run. Start small, stay consistent, and watch your savings grow.

If you have any questions or need personalized advice, feel free to reach out. Your financial future is worth the effort, and I'm here to help you every step of the way.

The comments expressed and are for general information and not to be relied upon as financial advice. Please consult legal or tax professionals for specific information

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