When it comes to establishing good money habits, I use a simple principle: Start Small With What You Got.

Think about it.

If you don’t save money when you make $6/hour, what makes you think you’re going to save when you make $60/hour?

If you don’t give money when you make $5,000 per year, you probably won’t give when you make $50,000 per year.

So start small and start with what you have.  A good rule of thumb is to save at least 10% of your income.  If you can do more, that’s even better.  As a student, you probably don’t have a lot of expenses, so if you can save 20%, 30%, or even 50% of your money, that’d be sweet.

In order to create that habit, save money as soon as you get it.  If you’re like most students with cash in your pocket, it’s probably just dying to be spent.  So to avoid blowing it, once you cash your paycheck, immediately deposit or transfer some of that money to your savings account where you’ll be less likely to spend it.

YOUR 2 CENTS: What are ways you’ve tried to create good saving habits?

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