Am I not saving enough while in college?

I have a very simple motto regarding money - make more than I spend and make it before I spend it. I don%26#039;t have a credit card. My bank offered to make my checking act as credit and I told them not to bother. However, I%26#039;m making a pretty decent amount for a college student and I%26#039;m spending most of it. I%26#039;m traditionally a complete saver (my parents never had a whole lot of money and I never got a job until after my freshman year in college). I pay for tuition room and board with scholarships/loans. I never decide not to do something I want to do (eat out, concert, sporting event) because of money. Thus far this year (sophomore) I%26#039;ve gained a wii package worth easily 600 used, xbox 360 package worth a good 500, a nice LCD HDTV, some bose computer speakers, and a macbook pro. That filled my electronic needs so I%26#039;ve shifted to clothes. I%26#039;ve spent about 500 on clothes in the last 2 weeks. Again I make all of this before I spend it, but should I be saving instead?

Am I not saving enough while in college?bad credit loan

You should definitely be saving what you can, to help safeguard your future and get yourself in the habit. Read any financial website-- all illustrate that starting as early as possible is the best, to take advantage of compounding.

It would also be a good idea for you to get a credit card now, to start building up your credit file. Pay it off in full every month, and start building up a %26quot;reputation%26quot; as a good bet for credit. May not seem important now, but you will want a good FICO score in the future, when you apply for mortgage, etc. Length of credit history makes up a surprisingly large percentage of your credit score.

Am I not saving enough while in college?

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If you make more than you spend (your motto), then you ARE already saving. However, I think you%26#039;re asking if you should save more. Well, you sound very intelligent and I%26#039;m sure that being financially independent is a goal of yours? In my opinion, you should save a little more and here is why:

Most people spend according to what they make, not what they need. So many people who we think of as being %26quot;rich%26quot; are actually highly leveraged and have very little net worth. Most millionaires actually live a very modest lifestyle. So it is a matter of whether you want to look rich or be rich!

Although your job prospects are great, I%26#039;d suggest that you get yourself into the habit of lowering your spending now. The actual amount isn%26#039;t that important, but learning the habits that will help you reach your ultimate goal of becoming financially independent. And keep in mind that you are borrowing money right now to sustain your lifestyle (even though it is a good investment), so ask yourself if this is the pattern that you want to set for your financial life?