Pay yourself first

When you're a low-income college student, being responsible with your money is going to be a key to your success. The first step to that is creating a budget that works for you and that you can stick to. And putting money into a savings account should be apart of that plan.

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In fact, saving money should be the first thing you do for your budget by paying yourself first. By this, I mean as soon as you get a paycheck, scholarship or loan disbursement, or financial aid refund, put some money into savings. Literally pay yourself first, before the bills and grocery shopping.

Yes, you have bills to pay and necessities to buy, but don't neglect your savings account. A lot of students think its best to put what you have "left-over" at the end of the month away in savings, but this is not the way to go.

Realistically, how much money do you have left-over after you've paid your bills and whatnot? If you're like most people, not just students, you'll have less than you thought you would. So the best way to avoid falling into this trap is to pay yourself first.

Got questions? Please feel free to ask The Advisor about it.