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Student Financial Services

Saving & Investing

Saving and investing are important for college students as they help build financial security and set the foundation for long-term financial success. While many students focus on immediate expenses like tuition, books, and everyday living costs, starting to save and invest early can have a lasting impact. Saving creates an emergency fund to cover unexpected expenses, reducing the need to rely on credit or loans. It also ensures that students can manage financial challenges without added stress, allowing them to focus on their academic and personal growth.

Investing, on the other hand, helps students grow their wealth over time through compound interest and returns. Even small, consistent contributions to investments, such as stocks, mutual funds, or retirement accounts, can grow significantly over the years. Starting to invest early takes advantage of the power of compounding, which allows the money to earn interest on itself. By saving and investing while still in college, students can build a strong financial foundation that supports their goals after graduation, including buying a home, traveling, or securing a comfortable retirement.

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  • Tips for getting started with saving & investing
    • Start small, but early: Even if it鈥檚 just a small amount, begin saving regularly. The earlier you start, the more time your money has to grow through compound interest.
    • Create an emergency fund: Aim to set aside at least $500 to $1,000 for unexpected expenses. Having this safety net helps avoid going into debt when emergencies arise.
    • Use student-friendly savings accounts: Look for high-yield savings accounts or student savings accounts with no monthly fees and higher interest rates to maximize the growth of your savings.
    • Take advantage of employer or school-provided retirement plans: If your job offers a retirement savings plan, such as a 401(k), start contributing even if it鈥檚 a small amount. Some plans may offer matching contributions, which are essentially free money.
    • Use robo-advisors or low-cost investment platforms: If you鈥檙e new to investing, consider using robo-advisors (like Betterment or Wealthfront) or platforms with low minimum investments (such as Robinhood or Acorns) to get started with investments like stocks and EFTs.
    • Invest in index funds or ETFs: These are low-cost, diversified investments that track market indexes, offering broad exposure to the market with less risk compared to individual stocks.
    • Automate your savings: Set up automatic transfers from your checking account to your savings or investment account. This method ensures that saving becomes a habit and helps you stay consistent.
    • Avoid high-interest debt: Paying off high-interest debt (like credit cards) should be a priority. The interest you save by avoiding or paying down debt can be invested instead.
    • Educate yourself on personal finance: Take advantage of free resources online or attend financial literacy workshops to understand how to save and invest wisely.
    • Set financial goals: Define your financial goals, whether it鈥檚 saving for an emergency fund, a vacation, or retirement. Having clear goals will help keep you motivated and focused on your saving and investing journey.
  • Saving & investing resources