- Open a Savings Account. It’s always a good idea to get in the habit of setting aside a certain amount of money for saving each month. The easiest way to do this would be to set up a savings account at your local bank. Use the same bank where you previously set up your checking account so that all of your banking is handled in one central location.
If you are working a summer or part-time job, collecting an allowance or receiving money as a gift, it is a good habit to set aside a percentage of that money in a savings account. Accumulate some savings over the course of your college career to give you a jumpstart on paying back those student loans upon graduation. If you plan to work in college and have direct deposit set up with your checking account, ask your bank or use your mobile app to set up an automatic deduction from your paycheck to deposit into your savings account. This will ensure money is set aside every single month and will save you much needed time.