Higher education is getting more expensive every day, so it makes sense to save as much money as you can even while you’re in college. Putting away that extra money from babysitting, part-time jobs and summer jobs into an interest bearing savings account—rather than spending it-will make a big difference! Future expenses like the deposit and first month's rent for a new apartment, buying a car, or a potential out-of-state move for a job, all can make a big financial impact if not planned for in advance.
So, how should you get started? Do your homework. Search traditional and online banks for the interest savings plan with the highest yield and the lowest account management fees. When choosing an account, remember the timeframe when you will need access to these accounts. Some higher yielding savings accounts also have penalties for early withdrawals. From the onset, you need to be mindful of what you anticipate saving and when you think you will need access to those funds.
How do I start building my savings account?
Learn the different ways you can repay your student loans here.