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Should I be saving the money I earn for college?

I'm an upcoming junior in high school and I work a minimum wage job. It's more of a part-time job or internship, but I've been saving most of my paycheck for college because I'm almost terrified of not having enough money to pay for it. I've been stressing over finances and scholarships and I haven't even started my junior year in high school. But a part of me wants to save the money just in case I need it when I'm older, although there's another part of me that just wants to be a kid and spend most of my paycheck on things I like.

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Keyston’s Answer

I didn't go to college myself, and I've found success in my own way. It's smart to save for college, but also important to enjoy your youth. Consider finding a balance between saving for your education and treating yourself now and then. Just remember, life has its own way of working out.
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Terrell’s Answer

There should be a balance between saving money and living a little. Whenever I've come into extra money, I use the acronym S.S.I.D. (Spend a little, Save a little, Invest a little, Tackle Debt) to determine how I use the money. This creates balance for me and eliminates stress. If you aren't investing or have debt, enjoy some of your money and save the rest. Determining a percentage of what you would like to spend may be helpful.

Your priority is making sure you have money for school, so perhaps you save 90% and spend 10% on yourself from each paycheck or consider an 80/20 split between saving and spending. We should all partake in enjoying the fruits of our labor.

Good luck!
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Taj’s Answer

Hello, it will be good if you. An visit a financial aid department with one of your parent to ask about the FASFA because you may qualify for grants depending on the outcome of your parents or guardians. This is very important and will help you know what you need to do.
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Jerome’s Answer

This is a great question. I think there is a balance between living life and saving for a rainy day. I’d highly recommend paying for college as you go if you can. The amount of interest I paid on my student loans is insane.

I’d pick a dollar amount that makes sense to have in savings ($2,500, $5,000, etc) and work towards getting that saved. From there keep saving a little at a time, but have some fun!

Depending on your state, you can get grants and support to get an Associates Degree nearly free of charge.

Good luck with the decision you make!
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Kaori’s Answer

You can't never go wrong with saving, I applaud your initiative and concern about your future.

Try to look for bank accounts that have a good APY% to maximize your savings in the long run!

You'll find a lot of options in the link below

https://thecollegeinvestor.com/22105/best-savings-accounts-students/

And, let's say you get thay precious scholarship, then you have a great amount of savings you can use for emergencies or just to support your needs as a student 😉

Good luck !

Kaori recommends the following next steps:

Look for banks that offer a good interest rate
Keep applying for scholarships
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Adele’s Answer

Hello, Yes. If you can save at least 10-20% of your paycheck you are already ahead of the game. I strongly suggest finding a financial planner who can help you set up a portfolio ... some start with as little as $20-$50 a month and you can build it as your finances grow.
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Tukaram’s Answer

yes, we should save the money for it.
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Malini’s Answer

I think it's important to save money as much as possible, especially given the economic situation we are facing in the world. You should also be able to enjoy and spend money wisely. A great first step on how to save for college is doing some research on scholarships and financial aid. You would be surprised at how much support you can received in those two areas. Best of luck to you- make sure you have fun!
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