3 Steps to Saving for the Future While in College

Josh Smith

Saving money, really saving money, in college is a pretty overlooked idea, but it doesn't have to be. We are going to show students how to save for a new car, down payment, apartment security deposit, wedding or trip around the world without living like a starving student.

Between book bills and trying to save $10 on snacks and beer, most students don't even think past graduation when it comes to savings. This is bad news but you may not know it yet. If you are working a part time job and using loans to get through school, you probably have the most disposable income you'll see for several years past graduation.

How to save money in college, for after college:

Increase your cash flow - You're young, you can afford to burn the midnight oil a bit. Go look for a part time job or a second job. If you have a 12 hour a week campus job and can find another small side gig you'll be ready to put money in savings in no time.

To make sure you don't miss out on the college experience look for jobs with downtime that will allow you to do your homework. Working in the tech center, at a coffee shop or some other location with bursts of activity then downtime will allow you to get homework done so you can have fun when work ends.

Save that money - Take the cash from your second job and have it direct deposited into a high yield savings account that you DON'T have a debit card for. Check out Moolanomy for the best interest rates, and ask at your local bank to see what rate they can offer you on a higher yield savings account.

This will allow you to earn the most on your money and make it harder to tap into it for a late night craving or a new iPad 2.

Invest while you learn - Take some of the money you earn and invest it in the stock market. This may seem daunting at first, but most colleges have a student investment club that will show you the ins and outs of investing for free. You can also get access to a lot of inviting tools, news sources and advice from this group that would normally cost a decent amount of money.

To find your college's investment club, stop by student life or the business department and you should be pointed in the right direction. If there is no investment club, take an elective on investing or ask one of the professors for help. You may be surprised how quickly a professor will jump in to help when you show some initiative.

With a little bit of work, and some smart planning, you will be able to graduate with enough cash in the bank that you'll have an emergency fund and some extra set aside for a down payment or one of life's other expenses.