Invest in Your Financial Future

21 Oct

Girl Purring Money Into Piggy Bank

Photo by: Poppy Thomas-hill

Raysha Duncan Purdue University Student and Peer Counselor

All of us are in college to invest in a better future. And we’re already taking a big step towards the future by investing in a big expense such as a college education. But, there are other activities we can participate in to help us save and plan ahead. I’m not here to tell you that you should get a Roth IRA or start your 401K now or start setting aside large chunks of money for your future dream home. This article discusses some helpful tips you can do now that will help you invest in your future.

MyMoney Water bottle and can koozie1)     Get a reusable water bottle.

Sure, they are really good for the environment because you’re not wasting plastic bottles, but they’re also really good for your wallet. If you are getting your recommend 8 glasses (or more) of water a day and you buy each one of those water bottles, that’s a lot of money! A bottle of water from a vending machine costs about $1.50 and assuming each of those gets you about 2 glasses of water, then you’re spending about $6.00 a day. However, if you buy a reusable water bottle (I have a Brita), you’re going to be saving a lot of money! Also, a lot of companies hand out reusable water bottles as promotional items, and the cost to you is nothing! And like I always say, the freer the better!

2)     Know the weather in your area and be prepared for it.

GIF shows changing seasons, spring to summer, summer to fall, fall to winter

GIF by: Magellan

By this I mean, know that it’s going to rain, snow, and be windy in Indiana and make sure you have the proper apparel. Buy water-proof shoes for rainy days so you don’t ruin your favorite pair. Get a reliable umbrella (maybe something not from the Dollar Store just to make sure it lasts). Get a hat, gloves, winter coat, and full ski gear. Just kidding on the last one, but know that it gets cold. And of course, watch the weather or get an app for that! Know what to expect and dress accordingly. By doing this, you’re not only saving yourself comfort-wise, but you’re also making sure that you don’t ruin non-weather proof items and you could even ward off a costly cold.

3)     Invest in your credit score.

This doesn’t mean that you should get a thousand credit cards and rack up insane amounts of debt. What I mean by this is be smart with your credit. Get one credit card and use it wisely (or not at all, just have it). Pay your bills on time. Take out as little in student loans as possible. If you can’t avoid them, look into different payment options so you are aware of your repayment options. Lastly, if you did take out student loans calculate your monthly repayment. Be prepared!

4)     Buy what you need.

This may sound simple, but think about it. Everyone has a friend who bought a bike to ride to class every day but doesn’t use it, ever! Does that sound like a good investment? The $150 spent for the bike could have paid for your groceries…for a month or two. Be smart about where you spend your money and avoid buyer’s remorse. One tip is to think about how much use you’ll get out of a particular item. If it’s clothing, are you buying it because it’s a fad now or are you investing money in your wardrobe? If it’s something larger, how many times will you use it in the course of a year? If you’re not going to use it nearly every day, maybe you should reconsider it. Check out Should I Buy those Shoes? for advise on how to avoid buyer’s remorse.

These are all fairly simple suggestions, but they really can help make a difference when it comes to saving money and investing in your future. What types of things do you do to invest in your financial future?

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