The Steps:
  

Family

  

Government & Community

  

Education & Skills

  

Employment

  

Management

  

Credit

  
 
 
 
 
 
 


Savings
Section I / Section II

Saving contributes to independence and economic security by providing for emergencies and "unforeseen" opportunities. In savings, you have liquidity in funds (readily converted to cash without loss of principal) for emergency and opportunity. Places to save are money market accounts, certificate of deposits, U.S. savings bonds (monthly purchase), savings accounts, and piggy banks. Everything else is an investment. A checking account is not for savings since it is too easily accessed. Don't keep funds too long in a savings account because you will lose money to inflation. Investing requires marketability with a market for buying and selling.

Myths or excuses are your saying and believing the following:

"I can't afford to save."

"I'll save what's left over at the end of the month."

"I'll worry about that… later…. after graduation….when I get a job."

You can start saving right now. It does not take a lot of money to make a big difference. Life will not be dull and boring. Save for:

  • Underestimated expenses which is common for college students

  • After graduation start-up expenses, such as clothing, travel expenses for interviews, etc.

  • Security deposit on an apartment

  • Security deposits on utilities

  • Purchasing a vehicle

  • Clothes for interview and employment

  • Furnishing your apartment

  • Deductibles on health insurance, car insurance, renters/homeowner's insurance and other unforeseen, unexpected expenses

  • Co-pay portion on your medical plan

  • Maintenance and repair on your car

  • Opportunities:

    Travel for job interview

    Discounts for cash purchases

    Down payment; the more the down payment, the less financed, the less interest paid, and the more money saved

    No-fee checking with a minimum balance

    "Stock-up" when an item goes on sale (thus, saving even more money)

    Ability to pay insurance premiums annually

    Ability to pay Internet service annually (There are free services but advertisers pressure you on these.)

    Your wedding or participation in weddings of friends

 

Savings
Section I / Section II

 

Family - Government & Community - Education & Skills - Employment - Management - Credit - Housing, Vehicles & Equipment - Insurance - Savings - Investment - Financial Planning
Ability to Adjust

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