Joseph
What is the best strategy to save up and raise money for school?
I want to be smart with my money when I graduate from school. #finance #student-loans #budgeting
3 answers
Neil O'Connor
Neil’s Answer
You are definitely asking the right questions! For saving for something specific I usually create some defined goals.
How much do I need to save and how long to I have to reach my goal. That way you can break it down into more attainable milestones, either an amount per pay check, or an amount per month. I would also make sure that the 1st thing I do when I get my pay check is to deposit the amount you need to save into the savings account(or somewhere else where it's not easily accessible). That way your less likely to spend it before you save it.
Happy saving and best of luck with college.
Karyn Auger, MHA
Karyn’s Answer
There are several strategies you can use 1) never spend your change, put all your loose change in a jar, you will be surprised how much you have when you need it for school 2) if you have a job or earn money mowing lawns or babysitting, etc. put at least 10% of what you are paid away either in a savings account or even in an envelope under your mattress. the important thing is not to spend any of it until you need it for school.
Bill Geist
Bill’s Answer
Asking the question is half the battle because you already are thinking about things correctly and understanding what the priority is, saving for college. The answer is really not that difficult, find a job and save your money. I painted houses every summer and saved everything I could. If you can, in addition to your main job find some other way to make money, baby sitting, etc. it takes hard work and the right attitude but you can do it. Best of luck!