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What is the best way to save while in college?

During college I hope to graduate debt free, but what are some ways I will be able to actually save while in college. What is a good job that would help me gain experience for a business management major?
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Michael’s Answer

Hi Hunter,


I had the same goals while I was getting my business degree. My advice would be to not take any loans while you are there, if possible. If you do, try to verify they are as low interest as possible (I would check into pell grants as well). There are likely several organizations and facilities at your campus that offer student jobs that allow you to be flexible with your school schedule while also making a wage. For example, I worked at my campus's conference center assisting with registrations and they built my work schedule around my school schedule. Furthermore, once you get further along in your major, there will be paying internships that are business-related. I would ask members of business school administration what their best options are. I interned with Northwestern Mutual my last year of college that was relative to my major and springboarded me into my current career.


Thanks!
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David’s Answer

Great question. Taking a loan for education is a great investment as long as you make it worth. Balance your cost vs potential income upon graduation. I always had part time jobs and worked during the summers and saved a lot of money.
Taking a credit card while in college if you are prudent and pay back every time you use it, will help you create credit history and have credit in advance for when you want to purchase a house or a car to work.
To start saving first create a savings account and accumulate short term liquidity reserve. Save in every corner you can, There are discounts for college students everywhere. Do not waste money in unnecessary items. Always ask yourself; would this be accretive and support my career goal down the road? Is it really necessary? or is it something I want? Or is it something I wish.
I always advice taking advantage of all resources that are included with tuition. Please apply for internships since beginnig of 2nd year.
On your last year take all the training's and get all the help you can for career development, job search and how to land you dream job.

David recommends the following next steps:

Find a source of income that does not interfere with your academic schedule or concetration.
Only use disposable income for saving and ultimately necessary tools, computer, courses or other knowledge development and career advancement procesess.
Open a savings account on your bank, credit union or credit card company.
Start setting aside every month until you have enough to cover 3 months worth of necessary expenses.
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Jay’s Answer

#1 - do not sign up for any credit card offers that give you a T-shirt for signing up. Not sure if that still happens but it got me a few times. This is one of the hardest times to save but I would suggest that you commit an amount or a percentage (that is non-negotiable) that you put into savings every month. Even if it's a small amount, treat it as an investment that you don't have access to.

#2 - try to develop an "emergency fund" so that when things happen you don't have to dip into your savings.

Lastly for the job. I feel like any job with do as long as you do what is necessary to advance at that job. Make that known, continue to grow and promote. This will give you a base of leading people and provide some prospective on whether or not management is what you want to do. It's not for everyone.

Hopefully this helps.
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