Remember that time you swore you wouldn’t spend another dime on takeout, only to find yourself ordering pizza at 2 AM again? Yeah, we’ve all been there. But here’s the thing: while pizza is life, so is having a solid college student savings plan. Saving money might not seem like a top priority right now, but it’s a habit that can help you thrive during and after college. So, let’s talk about how much you should be saving, why it’s essential, and, ultimately, reveal a tool that will help you meet your college student savings goals without sacrificing your love for pizza.

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Why You Need to Save as a College Student

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As a college student, saving teaches you how to manage everyday expenses, like buying groceries or paying for gas, without relying on anyone. Plus, having some money aside means you won’t have to borrow from credit cards or take out loans, which can lead to debt. 

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It’s also wise to set some money aside for emergencies. An emergency fund means you’ll be financially prepared if something unexpected happens, like needing to pay medical bills or replacing your study laptop. 

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And don’t forget about your future! Saving now can help you afford all the fun and essential stuff you desire for yourself later. It could be anything from traveling, going on a romantic trip, starting your own business, or continuing your education. 

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How Much Should a College Student Be Saving?

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As tempting as it is to suggest a dollar amount, the truth is that there’s no one-size-fits-all number. How much you should save depends on personal factors like lifestyle, monthly expenses, and income. A good rule of thumb is to save enough to cover 3-6 months of your expenses. For example, if you typically spend about $750 a month, your savings goal should be between $2,250 and $4,500. 

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To make things easier, try setting a monthly savings target that you can meet consistently. If you save $100 to $150 each month, you’ll be well on your way to reaching your goal in no time.

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Remember to also consider long-term savings. Setting aside money for significant future expenses, like graduation, starting a new job, or buying a car, is also advisable. Planning for these long-term goals will help you avoid financial stress later on.

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Automating College Student Savings with Cash Goblin

Saving money can be challenging, especially when you have so much going on as a college student. With classes, homework, and social life, forgetting to save is easy. But don’t worry—there’s a simple way to reach your college savings goals with Cash Goblin.

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Cash Goblin is a mobile app that makes saving money easy by automating the process. It’s like a "set it and forget it" app that helps you save without thinking about it constantly. 

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Here’s how it works: Let’s say you want to save $2,500 to buy your first car. You can set up a savings goal in the app and name it "car savings." Then, you create a money manager in the app and connect it to your goal.

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The best part is deciding how much to save based on your income and current situation. For example, if you make $1,500 a month, you can tell the money manager to save 10% of your income, which would be $150, and automatically put it into your "car savings" account in the app. 

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In a nutshell, Cash Goblin takes the stress out of saving so you can focus on your college life while still reaching your financial goals.

Ready to Start Saving with Cash Goblin? Download the Cash Goblin app today

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