School is out and summer has begun. It’s a season of graduations and new beginnings for young people across the country. The financial burden of college is a popular topic among recent high school and college graduates. Even the most financially stable young adults find themselves seemingly overwhelmed with bills. Everyone seems to have some advice to give, but one of the simplest ways to successfully save for college is simple: stick to a plan.
Setting Up a Budget
Managing a budget might seem like a no-brainer, but many young adults simply don’t know how to set one up. Living within your means doesn’t mean breaking even every month, it means being financially savvy enough to live on your own, pay your bills, and start a savings account.
Get Thrifty
Often, the number one problem with budgeting for young adults is that they don’t want to sacrifice their social activities to save money. It’s true that you “only live once,” but that doesn’t mean you should only be thinking about today. You can have it both ways with a little planning and creativity. There are tons of sites and apps to help out with this, such as Groupon, LivingSocial, and Gilt. Think about it this way: if you are a young adult living on a tight budget, chances are most of your friends are in the same situation. Support each other and plan low-cost activities to do together.
Starting a Savings Account
At We Florida Financial, we want to help make that burden much more manageable for our young members, and our college savings accounts are a great way to do just that. One of the best features of a college saving account at We Florida Financial is that there is no minimum balance until age 26. Students can also benefit from free Presto! (at Publix) & STAR network ATM transactions (ATM owner fees may apply).
For further information on teen savings, visit www.claimyouryouth.com for articles on opening your first credit union account, finding a summer job, making smart financial choices, and more. As always, contact We Florida Financial at any of our locations, by phone, through an email, or via social media for more information.