Saving money in college seems at odds at everything we know -- and everything the media throws at us -- about college and money.
Think about it. Conventional wisdom has it that the only financial issue about going to college is affording it in the first place. After tuition, room and board, loans, grants, 529 accounts, and scholarships, saving for college while in college is low on the higher education priority list.
That's unfortunate, since saving money while in college offers two huge benefits:
- It builds up much-needed financial savings for college students to afford the lifestyle needed to succeed on the university scene.
- Saving money while in college can build good personal financial habits -- regular savings, living prudently and getting creative about saving cash -- that last a lifetime.
There's data that backs this sentiment up. A University of Kansas study notes that opening a bank account early in life sets the table for increased financial account ownership later in life. Additionally, saving money as a teenager is a gateway to a diverse and highly profitable investment portfolio as an adult.
In short, the sooner one develops good savings habits, the better off that person will be financially as he or she builds on that early platform of saving money on a regular basis.