When it comes to saving money, it’s never too early to start saving.  In fact, if you had disciplined parents, they could have potentially made you start saving at the age of 10.  If they didn’t, that’s okay but when it comes to saving, there’s so much to learn but for now, we can learn the basics on how you can save money as a college student.

Open up another savings account

When I say open up another savings account, we are going to open up an account with a bank that gives a higher return online.  Check out banks online such as ING Direct.  The reason we are going to choose online banks is because not only are you going to get a better rate, you’re going to be less tempted to spend the money since it’s harder to get the money in your hand right away.

Put away at least 10% of your earnings

Experts will tell you that if you put at least 10% of your earnings away, you’ll have enough for a nice padding for a retirement fund.  If you can make it a habit to set aside 10% and put it into either your savings account, a mutual fund, etc, you’ll have no problem retiring down the road.  I know people want to live for the now but think of the future.  Do you really want to rely on the government?

Look at your budget

When we think of saving money, we instantly think of putting into in a bank account.  What most people don’t realize is that their budget may be the blame.  If you have a $200 cell phone bill and you only need a $40 plan, we need to cut things out right there.  Take a look at your own budget and see if you can cut some unnecessary bills.  Just by doing this, we can save a few dollars a month.  Take that savings and set it aside in your savings account.

Learn about investing

If you don’t know much about CDs, Money Markets, Mutual Funds or Stocks, I highly recommend you start looking online to gather more information about them.  There are so many investing opportunities that can make you a lot of money in the long run.  Investing is a great way to earn a big return on your money but also remember, you can lose a lot if you don’t know what you’re doing.

Saving money as a college student isn’t hard.  Just make sure you try and put aside at least 10% of your income each month.  It take discipline and action.  You don’t want to keep setting this aside because sooner or later you’ll be 60 and you’ll be regretting it.