10 Reasons Students Should Save Money Now

Maybe you’re not convinced, yet, of how important saving money is for you. So, I’d like to talk about 10 benefits of saving money for your future.

Saving money for the future…

Nick Bryant - Published 14 Days Ago

1. GETS YOU INTO THE SAVING HABIT EARLY

If you establish a savings habit NOW when your paycheck is super small? You’ll only continue to save more and more money as you get your hands on a real paycheck from a job-job.

2. HELPS YOU BUILD TRUST AND CONFIDENCE IN YOUR ABILITIES

It’s hard to establish confidence in yourself in your early 20s. You are essentially taking over your life, and you need to know that you can trust yourself in doing so.

There are many ways that you can build this trust, but having a buffer in savings?

Well, that will go a long way to trust that you can handle anything (especially after that first hiccup or emergency happens and you don’t have to call home for help).

3. HELP YOU COVER INCREASED EXPENSES

Right now, you’re receiving lots of discounts because you are a student. It may not feel like it – especially if student loans are paying for some of those discounts – but you’re living a somewhat sheltered/nurturing life from the outside world.

What happens ss soon as you graduate?

You’re kinda thrust into the rest of society. No more student discounts. No more subsidized housing (though you can always still keep a roommate – I had one in my first two apartments after college), and no more parents to help you with your monthly bills.

4. LET YOUR MONEY WORK FOR YOU (GROW)

If you put money into your wallet, it just hangs out there until you spend it. If you put money into a savings account?

Woah, Nelly!

It actually grows money of its own. This is called compound interest – and it basically means that you earn interest not only on the money you put into the bank but on the interest that your money has earned. It’s a compounding effect.

Psst: want to earn more money in a really flexible way for students? Check out the gig-app, SnagAJob, which is specifically for students to find work around their busy schedules.

5. FINACIAL STABILITY GIVES YOU OPTIONS

Imagine if you got the dream job you were waiting for all senior year, about midway through your first year with the job you took in the meantime.

How wonderful!

But not so much, if you don’t actually have enough money to move yourself there. Or not so much if you don’t have any way to pay for a vehicle (since this dream job is located outside of a city).

In other words, you need to keep money in savings just to keep your options open. Even if you don’t know what all your options are right now! Focus and strengthen your finances for when opportunity knocks.

6. LIVE LIFE ON YOUR OWN TERMS

If you need to keep borrowing money from others or from your parents whenever you hit a snafu or want to do something…well, they have some sort of say over your life (even if it’s just “yes, you can do that because I’m funding you”).

When you save your own money?

You get to live life on YOUR terms.

7. SET YOURSELF UP FOR FUTURE SUCCESS

The more you save, the brighter your future looks. I’m 36 years old now and have prioritized saving money my entire life.

And I can tell you, it has paid off in so many ways I never could have imagined while socking away $20 at a time in my 20s. I used a simple auto savings account like Acorns Round Up.

For example, my retirement is completely on track. My wife and I were able to put a down payment on a home when the market tanked, so we got a steal, and I was able to quit my full-time job to pursue my passion job (while it was not earning a full-time income) WHILE raising our son at home.

That’s called lifestyle design, and it’s something I want for you one day!

8. HELPS YOU WEATHER THROUGH BOUTS OF UNEMPLOYMENT

In my 20s, I was laid off twice.

Completely unexpectedly.

And guess what? My wife was laid off twice as well.

That’s four times between the two of us. Yes, you can generally get unemployment insurance if you’re laid off.

But it is a fraction of what you typically earn – so you need a savings buffer to pull you through. And when you’re at the beginning of your career? You’re more vulnerable to layoffs.

9. ALLOWS YOU TO LIVE IT UP WHILE YOU'RE IN YOUR 20'S

We decided to not have children until our 30s.

And because I had saved money in my late teens/early 20s, I was able to really live it up before our little guy came along.

This meant doing things like buying a home in our late 20s, traveling to Japan several times, taking a cruise in Alaska, going on a honeymoon in Austria…really, the sky’s the limit.

10. LESSEN YOUR FINANCIAL STRESS

This one’s a biggie.

You don’t have to go through financial stress – though on some level, we all do (even billionaires!). Cut down on your financial stress by saving money.

Seriously – it’s a gift to yourself to not have to worry about where next month’s rent payment is coming from, or how you’re going to get enough food for the week.

You see the benefits, and you’re hungry to save money…but what exactly should you be saving money FOR? Let me help.

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