There’s a lot to think about when you’re in school. While a lot of your educational life is going to be dominated with things like your general school work, writing papers, and making sure you can make it to class on a consistent basis, there’s so much more to making sure that your college career leads into a solid long-term career and overall life.
The process of getting your college career under control begins with controlling your time and your money. Getting both of these variables under your control isn’t only a great start to your life as a whole, but they also build the right habits you can keep on using. It’s also valuable to your overall wealth and enjoyment in life to be in control of your time and money from as early as possible.
Breaking the broke student life
A lot of people think that being broke is just a part of the college experience. While this used to be the case, and some delayed gratification is necessary to reach a high level of success, you can begin building your wealth even while you have very little, relatively speaking. Investing can start with as little as a few dollars per week, and it can be automated in several different ways.
Firstly, if you have a job, you can have part of your paycheck automatically deposited into a savings account. Once you have a couple of thousand dollars built up, which admittedly could take a year or so, you can begin to put some money into a Roth IRA. There’s no minimum amount you can put in. It won’t mess with your taxes because it’s after-tax money. Even if you don’t come close to maxing out your Roth, the earlier you start with compound interest, the better off you’ll be. Thirdly, you can automate any savings account to draw out a small amount every so often, every week, or every month. Having even a few hundred dollars saved up can be a big deal if you need a car repair or get too sick or hurt to work for a while.
Bills and their times
One of the biggest wastes of time is sitting around stressing about bills. During your early career, you won’t be at your highest earnings level. This begins as a student, and bills can become annoying if you let them. The easiest way to save yourself some time while keeping your fears of poverty moderate is to automate your bills. The same principle that keeps your savings gradually piling up can let you automate your bills.
With automated bills, they pay themselves at the right time, in the right amount, so you don’t have to think about them. This way, you can focus on your schoolwork, beginning to make some money, and have confidence that things are taken care of. Making sure to calculate your student loans and work to minimize your expenses can also help a lot.