Saving for college

Answered

To start saving money, what I typically do, is I split my paycheck into three separate bank accounts. I have my spending account, my emergency account, and my savings.

I found it quite easy to add multiple bank accounts to my minor account under my parents. What I typically do is put about 40% of my check into my spending, 50% into savings, and 10% into my emergency account. And obviously, unless I am buying a necessity, I do not cross these lines.

I have the same problem.

The less aware of that money I am the less likely I am to spend it. If I have my money in the same app, and can easily transfer money from my savings to checkings then I don't end up saving it.

So what I did was open a separate checking and savings accounts in a different bank that I can use as a sort of brokerage account. Have your pay go directly there and have it automatically transfer over the allotted amount to your normal checking account, maybe even have your parents help you manage it. That's what I've done, and its helped me significantly. I know we don't love letting our parents control our money, but I needed SOMEONE to check my "brokerage" account.

To keep your spending down, don't use cards or apple pay, instead get a certain amount of cash out every pay cycle and ONLY spend that. Having the cash to spend will help you FEEL the blow of spending.

I don't know how many people this would actually work for, but I have two wallets and a safe. One wallet has small bills (20s and smaller), this is the wallet I take with me when shopping. The other wallet is tucked away and has larger bills in it, this doesn't get touched unless I make a large purchase or am moving money to the safe. The safe is used when a certain amount is in the second wallet, a percentage gets moved into the safe. As far as cards and bank accounts, my card is only used when travelling. And the bank account doesn't get touched.

I used to struggle with the same problem in middle school!! It took me a few weeks to find out a good way to save money, and when i realized i was flabbergasted at how easy it was.

When you want to buy something, think about when you will use it. Will you use it more than twice? will it be usable after the first time you use it? Where can you use it?

When you have an answer to all those questions you will know if you should buy it or not. I hope this helped you

Yes, just pretend as if you have no money. You can also open a bank account or put your money in a safe... to avoid touching it. I hope this helps!