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HOW CAN A YOUNG 18 YR OLD, WHO PLANS TO GO TO COLLEGE SAVE UP AS MUCH MONEY AS I CAN AND STILL HAVE ENOUGH TO PAY MY BILLS? I HAVE A SOURCE OF INCOME BUT NEED MORE.
HOW CAN A YOUNG 18 YR OLD, WHO PLANS TO GO TO COLLEGE SAVE UP AS MUCH MONEY AS I CAN AND STILL HAVE ENOUGH TO PAY MY BILLS? I HAVE A SOURCE OF INCOME BUT NEED MORE.
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Pat’s Answer
this is a tough question that many people ask throughout their lives, not just for college. having been in this spot while going to college, here are 4 money saving tips that I employed.
1. Roommates. Yes, there are downsides to having them, but they absolutely help cut down the cost of rent. Plus, you could make lifelong friends.
2. Food Service job. This is to help feed you. Most food service jobs allow you to eat a meal if you work a shift. That is one less meal you have to buy.
3. Plan your meals for the week. (this was the hardest for me but I still do this) Use an app (like Sidekick or Mealime) to help ensure the least amount of food waste when buying your groceries. Yes, I ate a lot of noodles as a college student (Ramen, spaghetti, ziti, fettucine, rice noodles. Not only are they tasty and cheap, they can be used in a lot of dishes). Cooking at home is much cheaper (and healthier) than eating out or fast food all the time. Plus leftover dinner can be lunch the next day. A simple sandwich for lunch with a fruit and water is a balanced way to eat. Alcohol and meat are very expensive, so limit how much you eat of that. Pasta and veggies are inexpensive and tasty. An app can help instruct you how to cook and provide a variety of tastes to enjoy.
4. Apply for scholarships. FAFSA scholarships can help pay for college. Apply every year. Apply to every scholarship you see. Every dollar helps.
Other tips include:
A) Don't smoke/vape. you could save an average of $800 a year (based on 2 packs a week usage).
B) Make fancy coffee at home. you can save an average of $1300 (based on 1 tall coffee drink/5 days a week).
C) Get a re-usable water bottle. instead of buying bottles of water, use a refillable water bottle. Fill it at school or a Starbucks station. this can save you $1400 (based on 2 water bottles a day). Drinking free water instead of Soda, energy drinks, or alcohol is a major cost savings.
D) Make your own snack packs. Love those lunchables or hillshire farms snack packs, make them. Much cheaper to put together crackers, cheese and your favorite lunch meat than buying it pre-packaged. Save an average of $1000 year.
1. Roommates. Yes, there are downsides to having them, but they absolutely help cut down the cost of rent. Plus, you could make lifelong friends.
2. Food Service job. This is to help feed you. Most food service jobs allow you to eat a meal if you work a shift. That is one less meal you have to buy.
3. Plan your meals for the week. (this was the hardest for me but I still do this) Use an app (like Sidekick or Mealime) to help ensure the least amount of food waste when buying your groceries. Yes, I ate a lot of noodles as a college student (Ramen, spaghetti, ziti, fettucine, rice noodles. Not only are they tasty and cheap, they can be used in a lot of dishes). Cooking at home is much cheaper (and healthier) than eating out or fast food all the time. Plus leftover dinner can be lunch the next day. A simple sandwich for lunch with a fruit and water is a balanced way to eat. Alcohol and meat are very expensive, so limit how much you eat of that. Pasta and veggies are inexpensive and tasty. An app can help instruct you how to cook and provide a variety of tastes to enjoy.
4. Apply for scholarships. FAFSA scholarships can help pay for college. Apply every year. Apply to every scholarship you see. Every dollar helps.
Other tips include:
A) Don't smoke/vape. you could save an average of $800 a year (based on 2 packs a week usage).
B) Make fancy coffee at home. you can save an average of $1300 (based on 1 tall coffee drink/5 days a week).
C) Get a re-usable water bottle. instead of buying bottles of water, use a refillable water bottle. Fill it at school or a Starbucks station. this can save you $1400 (based on 2 water bottles a day). Drinking free water instead of Soda, energy drinks, or alcohol is a major cost savings.
D) Make your own snack packs. Love those lunchables or hillshire farms snack packs, make them. Much cheaper to put together crackers, cheese and your favorite lunch meat than buying it pre-packaged. Save an average of $1000 year.
Updated
Vidhi’s Answer
This question is the most crucial one for anyone who starts to earn his or her butter and bread and want to save as well from that. In the initial phase of life, its really important to have a set budget for everything and to categorize that how much would you like to save and then spend the rest of it.
Mindset should revolve around savings first and spending the rest of it.
As you are still 18 years old, you can take advantage of federal loans which are given for 0 interest rate and you can pay them back once you start earning, and the meantime, you can focus on upskilling yourself like learning a new technology, tool, or anything which is trending. This will not only help you to earn more but make a great impact in your job.
Mindset should revolve around savings first and spending the rest of it.
As you are still 18 years old, you can take advantage of federal loans which are given for 0 interest rate and you can pay them back once you start earning, and the meantime, you can focus on upskilling yourself like learning a new technology, tool, or anything which is trending. This will not only help you to earn more but make a great impact in your job.
Updated
Alireza’s Answer
🤔 Saving money as a young 18-year-old can be challenging, but there are several strategies you can try to maximize your savings while meeting your financial obligations. Here are some tips:
1️⃣ Create a Budget: Start by analyzing your income and expenses. Set a budget where you allocate a certain portion of your income towards savings and prioritize essential bills.
2️⃣ Control Spending: Track your expenses and identify areas where you can cut back. Avoid unnecessary purchases and focus on saving as much as possible.
3️⃣ Increase Income: Since you mentioned you have a source of income but need more, consider exploring additional ways to earn money. This could be through part-time jobs, freelance work, or taking on gigs that align with your skills and schedule.
4️⃣ Minimize Debt: Be cautious about accumulating debt, especially high-interest debt. If you have any outstanding loans or credit card balances, prioritize paying them off to avoid interest charges that can eat into your savings.
5️⃣ Look for Scholarships and Grants: Investigate scholarship opportunities and grants that can help reduce your college expenses. There are various resources available online to help you find suitable options.
6️⃣ Work-Study Programs: Investigate if your college offers work-study programs that allow you to earn money while studying. These programs often provide on-campus job opportunities that can help cover your expenses.
Remember, saving money requires discipline and commitment. By implementing these strategies and staying focused on your goals, you can build up your savings while managing your bills. Good luck! 💪💰
1️⃣ Create a Budget: Start by analyzing your income and expenses. Set a budget where you allocate a certain portion of your income towards savings and prioritize essential bills.
2️⃣ Control Spending: Track your expenses and identify areas where you can cut back. Avoid unnecessary purchases and focus on saving as much as possible.
3️⃣ Increase Income: Since you mentioned you have a source of income but need more, consider exploring additional ways to earn money. This could be through part-time jobs, freelance work, or taking on gigs that align with your skills and schedule.
4️⃣ Minimize Debt: Be cautious about accumulating debt, especially high-interest debt. If you have any outstanding loans or credit card balances, prioritize paying them off to avoid interest charges that can eat into your savings.
5️⃣ Look for Scholarships and Grants: Investigate scholarship opportunities and grants that can help reduce your college expenses. There are various resources available online to help you find suitable options.
6️⃣ Work-Study Programs: Investigate if your college offers work-study programs that allow you to earn money while studying. These programs often provide on-campus job opportunities that can help cover your expenses.
Remember, saving money requires discipline and commitment. By implementing these strategies and staying focused on your goals, you can build up your savings while managing your bills. Good luck! 💪💰
Updated
Samuel’s Answer
The advice that others on here have provided are great. One point they do not really touch on is where to invest your money. Starting out, put away some money that you can live without in a High Yield Savings Account (look for returns of ~4.5%+). Make sure to read online reviews of the brokerage platform to ensure they are legitimate. Once you're more comfortable putting some money into investments that take on more risk, try out the stock market. Open an investment account with one of the major financial custodians or just use a popular app like Robinhood. Knowledge is power here. Read up on some of your favorite publicly traded companies and just keep up with their news. When you feel comfortable, invest in their stocks and look into the type of strategy you want to employ (long-term holding vs. short term trading). Make sure you're consistently investing. Even if it's just $10 per week or $100 per month, the practice of building your savings in a consistent way is the most important.
Houcine Lakhchach
Career Development Specialist | U.S Department exchange Alumnus | EFL/ESL trainer | Program manager
139
Answers
Updated
Houcine’s Answer
It's commendable that you're thinking about saving money for college and managing your bills at such a young age. Here are some practical tips to help you save and budget effectively:
1. Create a Budget:
- Make a detailed budget outlining your income and expenses. Categorize your spending to understand where your money goes each month.
2. Prioritize Essential Expenses:**
- Identify essential bills such as rent, utilities, and groceries. Prioritize these payments to ensure your basic needs are met.
3. Cut Unnecessary Expenses:**
- Review your discretionary spending and identify areas where you can cut back. This may include dining out, entertainment, or non-essential subscriptions.
4. Set Savings Goals:
- Establish short-term and long-term savings goals. Whether it's for college expenses, emergencies, or future plans, having clear goals can motivate you to save.
5. Open a Savings Account:
- Open a separate savings account to keep your saved money separate from your everyday spending. Look for an account with a competitive interest rate.
6. Automate Savings:
- Set up automatic transfers from your checking account to your savings account. This ensures that a portion of your income is consistently saved.
7. **Maximize Income:
- Explore opportunities to increase your income. This could include taking on a part-time job, freelancing, or finding gig work.
8. **Participate in College Savings Programs:
- Research college savings programs or 529 plans that offer tax advantages for education-related expenses. Consult with a financial advisor for personalized advice.
9. **Apply for Scholarships and Grants:
- Actively search for scholarships and grants that align with your academic and personal achievements. This can help reduce the financial burden of college.
10. **Seek Financial Aid Counseling:
- Schedule a meeting with a financial aid counselor at your college to explore available options, including grants, work-study programs, and student loans.
11. **Build Credit Responsibly:
- Consider building a good credit history by responsibly using a credit card. This may help you qualify for lower-interest loans in the future.
12. **Explore Work-Study Opportunities:
- If eligible, consider participating in a work-study program through your college. This allows you to work part-time on campus and earn money to cover educational expenses.
13. **Emergency Fund:
- Establish an emergency fund to cover unexpected expenses. This can prevent you from dipping into your savings intended for other goals.
Remember, financial planning is an ongoing process, and it's okay to adjust your strategies as your circumstances change. Being proactive and disciplined in managing your finances now will set a solid foundation for your future.
1. Create a Budget:
- Make a detailed budget outlining your income and expenses. Categorize your spending to understand where your money goes each month.
2. Prioritize Essential Expenses:**
- Identify essential bills such as rent, utilities, and groceries. Prioritize these payments to ensure your basic needs are met.
3. Cut Unnecessary Expenses:**
- Review your discretionary spending and identify areas where you can cut back. This may include dining out, entertainment, or non-essential subscriptions.
4. Set Savings Goals:
- Establish short-term and long-term savings goals. Whether it's for college expenses, emergencies, or future plans, having clear goals can motivate you to save.
5. Open a Savings Account:
- Open a separate savings account to keep your saved money separate from your everyday spending. Look for an account with a competitive interest rate.
6. Automate Savings:
- Set up automatic transfers from your checking account to your savings account. This ensures that a portion of your income is consistently saved.
7. **Maximize Income:
- Explore opportunities to increase your income. This could include taking on a part-time job, freelancing, or finding gig work.
8. **Participate in College Savings Programs:
- Research college savings programs or 529 plans that offer tax advantages for education-related expenses. Consult with a financial advisor for personalized advice.
9. **Apply for Scholarships and Grants:
- Actively search for scholarships and grants that align with your academic and personal achievements. This can help reduce the financial burden of college.
10. **Seek Financial Aid Counseling:
- Schedule a meeting with a financial aid counselor at your college to explore available options, including grants, work-study programs, and student loans.
11. **Build Credit Responsibly:
- Consider building a good credit history by responsibly using a credit card. This may help you qualify for lower-interest loans in the future.
12. **Explore Work-Study Opportunities:
- If eligible, consider participating in a work-study program through your college. This allows you to work part-time on campus and earn money to cover educational expenses.
13. **Emergency Fund:
- Establish an emergency fund to cover unexpected expenses. This can prevent you from dipping into your savings intended for other goals.
Remember, financial planning is an ongoing process, and it's okay to adjust your strategies as your circumstances change. Being proactive and disciplined in managing your finances now will set a solid foundation for your future.
Updated
Victoria’s Answer
Hi James! One thing you can do is make sure you know what the cost of living is in your area. You want to have a good idea of what your expenses are and how much income you need to pay for those expenses. You can track this each week and create a budget. When you apply for a job, take a look at how much money you need to cover expenses and apply for jobs that will provide that target income.
What are your current expenses ?
Which career paths will help you earn the income you need?
Do you have a budget ?
Do you need to go to college to get the career you want ?
Look at job sites to search for jobs that meet your salary requirements
Victoria recommends the following next steps:
Updated
Michele’s Answer
It's great that you're thinking about how to save for college! You might consider taking a different approach to your research. Begin by figuring out the amount you'll need before thinking over ways to earn money. Explore the colleges and universities that pique your interest. How much do they charge? Could you potentially cut down on expenses by staying at home instead of attending a far-off school? What kind of scholarships are available? You may discover that a local state school is more affordable, but a pricier private institution offers a needs-based scholarship that covers more.
Once you have a clear idea of the amount you need to save, you can then focus on strategies to reach your target. This method could make your financial planning more effective and less daunting.
Once you have a clear idea of the amount you need to save, you can then focus on strategies to reach your target. This method could make your financial planning more effective and less daunting.