<p>I'm pretty sure a good number of us here have bank accounts. I'd like to know your feelings about your savings account. This is not meant for anyone to show off or for me to get into your business. I'd just like to know your feelings about your savings account.</p>
<p>For me, I'm content with my savings account. If I wasn't so foolish my entire freshman year (in terms of buying unneccesary shizz) than my account would be wayyyyyyyy higher than what it is now. But I think my savings account is pretty nice and I'm determined to continue saving and not touching the money there unlike I did last year. </p>
<p>For all you incoming freshman: saving is REALLY important. Do not go blow money if you don't have to. The more you save; the more you have; the better the opportunities there are when you want to treat yourself to something nice/rainy day/etc.</p>
<p>is it really the best idea to save in college? your life is much less stable and if you have multiple emergencies in a year (emergency travel, hospitalization, etc), it would be hard to access your money. though if you have a job, then getting a savings account isnt a bad idea cause you have the extra income.</p>
<p>i would start saving upon graduation, and exercise prudence in school…if you insist on saving, i think it’s better to get a checking account first</p>
<p>Well it doesn’t hurt to start. It’s never too early to save (and mind you these are just my opinions, others may disagree). I’m not saying every and any type of money you get you run to the bank and put it in your savings.</p>
<p>I have a checkings and savings (that’s the account package I signed up for; sorta like a joint account thing), so it’s easy to divy up the money…and I see what you mean. Well I should’ve been more explicit. Well if you have a checkings and savings, it doesn’t hurt to put money into your savings once in a while. Now if you only have a savings, I catch your drift siglio21. I should’ve never assumed that checkings/savings are joint accounts lol.</p>
<p>^ Money in a savings account is very easily accessible. The bad news is that it doesn’t really earn any interest either. It’s really more of a way to keep money for regular expenditures separate from money for other purposes.</p>
<p>My savings account had quite a large chunk of money in it, I never touched it save for emergencies, and then I got my car. I have a 88 VW Cabby…finding parts is expensive and I have had to replace quite a bit, runs like a champ though. I generally try to put half of my paycheck into savings…less goes in most of the time but at least put SOME in. It can be a life saver to have that money if you end up REALLY needing it.</p>
<p>^^^Agreed so much dude. I learned the hard way. I had nearly 4k this entire year and nearly blew it all and had about 150 bucks by the end of the school year. Talk about stupid decisions. On top of this I didn’t have any luck finding a job this summer but fortunately, I received money from other sources recently which helped increase my accounts. Saving is reallllly important. Like Drew said, you never know when you’ll need it. And even besides that, if you save enough, well, and wisely, you can treat yourself to something you really want while still maintaining a nice account.</p>
<p>Savings accounts may help some people control their spending. But they’re useless to me, since I have great self control when it comes to using my money. They have such low interest and its more of a hassle to access the money.</p>
<p>They’re not that much of a hassle IMO. When I had a job last summer I would try and put some away in my savings account. Unlike my checking account it does accrue interest. Not enough to beat inflation (basically need to invest in the stock market to do that) but it’s good enough for me. Keeps me from spending it and it grows.</p>
<p>My savings account only has money I’ve marked off for other things (my first month’s rent for example) but nothing I’m actually saving for whatever. I guess I’d like to save, but there’s always something to spend money on! Mainly concert tickets, those’ll kill ya.</p>
<p>When I started highschool, my parents gave me an allowance of $1,000 a month. Since then, I’ve saved most of it, and at 19, I have about $50,000 in my savings. My parents cover all my college expenses, so i’ll probably have close to $80,000 or so when i finish my undergraduate. I’d hope to think I’m doing pretty well if i have around $80,000 in my savings account at age 22.</p>
<p>I started a savings and checking account when I started college, with the money I got at graduation. Both are joint accounts with my mother, so she was able to easily transfer money into my account each week. </p>
<p>The savings was a lifesaver. Because I lived in such an expensive area, I would frequently run out of money and was grateful for having the backup cash.</p>
<p>I’m trying to save money and rebuild my savings account for when I move overseas, but I’ve come to terms with the fact that it’s just not going to happen until I get a job.</p>
<p>Yup. it’s my parents way of teaching us “how to make money”. My dad owns businesses throughout orange and la county in california. schools don’t teach students how to make money, so someone has to, right? the value of saving!</p>
<p>You make money by working, not by being handed it to you by your parents. </p>
<p>You say all of your college expenses are paid for.</p>
<p>You said you got $1,000 a month in high school and will get $1,000 a month in college. So after 8 years, that amounts to $96,000. How would you spend $16,000 if your parents covered all of your expenses?</p>
<p>I have a savings account with a good chunk of change that I plan on using to pay for med school apps/interviews (hopefully) and a checking with money that I plan to use for day to day expenses.</p>
<p>My parents had a rule for all of us that our monthly allowance was equal to our age in years, and that was directly put into a savings account. So I saved up about $4000 from that and birthday/Christmas money and an additional $4000 from scholarships and working in college. I’m pretty comfortable with that at this point since the scholarships were enough to pay for all of my school and living expenses as well (I live off campus which is slightly over half the price of living on campus even when you factor in utilities). But I have a joint account at my school’s credit union so it’s easy to transfer money from savings to checking if I need to do so.</p>
<p>What’s the point of your parents giving you 80k to put in your savings account when they could be using that money to make more money? Oh yeah, they’re “teaching” you how to “make money” and fooling you into thinking you’ve accomplished something. Parenting fail.</p>
<p>^I agree.
All you are learning is that money just appears and that you can bank it all. A better way to actually teach you something would be if they gave you that $1,000 a month but you had to pay for rent, food and other expenses. In the real world you don’t get to keep all your money and save it.</p>