Looking to save money? Read through the introduction and experience to learn the basic principles of saving money. Click on the button above to create your own financial plan. To learn more, sign up for a financial wellness mentor or attend our budgeting workshop listed in the calendar to the right sign.
Saving money is the simple act of setting aside a portion of your income each time you receive it. When it comes to saving money in college, it may seem like an impossible task. Many people tend to pay for living expenses before tithing and savings. Even though rent, food, and other bills are important, paying for them first often overwhelms your ability to save for the future and build financial security. The better approach is to pay tithing first, then yourself (savings), then living expenses. Use the Semester Financial Plan (blue button) to help you find ways to save extra money.
Your savings should be focused on three main areas:
- Emergencies: Save $500 as soon as possible to help guard against life's little surprises
- Purchases: Want a newer car/computer/etc.? Save for it. Purposefully setting aside funds for larger purchases will get you there sooner than you think
- Long-term/retirement: Thinking about this now will help you avoid a lot of stress later
Click here to read about a student who, after several unforeseen expenses, was still able to stay in school because of his savings.
- What was Jacob's priority?
- How did Jacob's financial plan help him reach his goal?
- After reading this story, why do you think your BYU-Idaho financial plan is important?