Savings Overview

STAAPP recommend students save what is financially beneficial (what you can save and still have enough to spend on your needs) to them and as we know what is financially beneficial is not always beneficial. We recommend every student save regardless, because as we become older our life needs changes and those needs will cost more once you retire or situations arise that may need additional funding to accomplish. The main purpose though is to create wealth, so the retirement years are not a struggle.

Most of us understand the phrase “Save for a rainy day”. Well let’s start by pretending the clouds are coming in and the rain will come any day now. Ask your parents to take you to the family bank or if you are old enough drive yourself and open a saving account. Put a freeze on online banking and the only way you can withdraw money is by going to the bank teller only. From your allowance, summer job, or whatever source of money you receive, take 15% to 20% percent of that earning and put it into a saving account.

Let your parents know that you (the student) want to start saving for your future. Being a young adult still require responsibilities, so let your parents know you want to be responsible. Start by not buying that additional video game, buying extra beauty products, getting that extra box of popcorn at the theater, or going out to eat when there is food inside the house; small things will have big results years from now.

To spend based on your needs and not your wants will accumulate a lot of savings.

STAAPP knows cell phone adds, television commercials, facebook, twitter, and other social media sources spend millions of dollars to influence you to buy their products (wants) not your needs. They convince you by making commercials with popular artist, movie stars, and public figures wearing or using their products, or advertisement to get you to buy things that accumulate and do not serve a purpose other than you spending money. Think about this, every dollar they spend you spend 10 to 20 times that, based on the product they sell. Invest in your future not theirs. Keep Saving!!!!!