As a college student, you are advised to first and foremost hit the books to be successful in your future careers. However, why not also think about your financial situation now rather than later? Provident State Bank (PSB) believes that college student investments are crucial for you to think about. If you are asking, “how I want your finances to look like in the future?” then you are one step ahead. We, as a team, did extensive research and found out four ways you can start on and how to maintain it during your college career. Here are some tips to make the best college student investments before you graduate:
Pay Yourself First
Before you pay your bills or go out for a happy hour with friends, set aside a portion of your income for retirement, an emergency fund, or for a long-term goal that you have, like buying a new house or car. At PSB, we aim to make sure that financial goals are covered by providing avenues on what savings college student investments can go towards.
Start As Soon As You Can
Although college is a time when you have a limited budget, now is an excellent time to add those coins into an investment piggy bank. You can start as low as $15-$25 a month and work your way up when you feel the comfort to do so.
Being able to save and invest in stocks is a bonus! If you lean towards a low-cost broker, then you will have the opportunity to invest at least $20 and not have your capital taken away. Having money invested also encourages you to do more research and examine your findings.
Pay Off High-Interest Debt
Our team at PSB highly recommends that once you graduate from college, you pay off the private student loans first and your federal student loans later. This is one of many investments a college student can rely on that will help save a considerable amount of money.
As you continue to look for college student investment options, be aware that our bank is more than happy to keep your wallet healthy during your higher education journey. For more information, call 1-877-673-BANK (2265) or contact us today!