Should you start building your savings in college?

A penny saved is a penny earned, save money and money will save you - at least that’s how the sayings go. Truth is, it’s difficult to put money aside when the allure of the newest iPhone is in front of you, or when you’re out on a fro-yo binge with your besties. However, there are really good reasons that you should think about before skipping out on a solid savings account. Here are a few of them to chew on before chewing through your cash.

Emergency costs

Life has bumps and bruises that can derail even the most resilient people. Countless natural disasters and illnesses have upended entire lives out of nowhere, and it’s often hard to see it coming. Imagine you’re driving to class, with your favorite music on the speakers, and boom! Your tire blows. Or, that stomachache you’ve had for the last few weeks turns out to be a serious medical problem - with treatment costing thousands of dollars. Having a savings account protects you from having to spend big when life hits you hard, and makes the road to recovery that much easier. 

Dreaming about the future

From the first time you get your own place, or finding the perfect puppy that showers you with affection, having a robust savings account will make these huge life events fun and painless. Imagine you're moving into your first apartment, paid a hefty deposit fee, only to realize that you still need to buy furniture. Or, that new puppy gets sick, and the trip to the vet isn’t covered by insurance. With a solid savings account, you’ll be able to remedy these issues immediately. Without one, you’ll be heavy in debt or sleeping on the floor.

Recurring events

Ever scrambled to get those presents for the holidays, only to realize that UberEats has eaten your account balance? Or, maybe you’re realizing that you can’t actually afford the spring break trip to Miami this year. These recurring events that happen every year can sneak up on those who don’t have money set aside for them. Unfortunately, it can have real world consequences, such as missing out on the cruise that defines your college experience, or being that awkward person left out of the gift exchange. Play it safe and lock your money away so that when it’s time to pull it out, you’ll be ready.

Beef up (or start!) a savings account today. Having some cash stored will not only protect you, but will also make you money just sitting there. Pretty sweet deal, right? You can track your budgets and put more money away when you use the Boro app now.

Learn more about managing your money in college