Written by Maggie Raker, Culture, Wellness & Lifestyle Editor
Welcome back Maroons! Now that we’re (hopefully) all getting settled into our semester routine, many of us are also settling into our work schedule for the coming months. For those of us with on campus jobs, it’s no secret that things are changing. Many of us have experienced changes in management, pay, hours, and more. Even if you’re a student with off campus employment, navigating professional and financial wellness as a student can be challenging. For many of us, it’s our first time navigating it on our own. So, this week I’ve done some of my own research, and provided the tips I found below!
Keep track of paperwork and records. If you receive paperwork, make note of what it is and store it somewhere safe. If you receive electronic statements or other information, save copies of that information and keep it password protected. Make sure you understand your bank’s policies, and, if nothing else, make sure you have a record of how much you’re earning. Knowing your gross income is vital to being able to accurately plan your finances.
Set savings goals and make a money plan. As a student, ideally your first savings goal is for your future. Many advisors recommend trying for a 70-30 split; living off of 70% of your gross income and saving 30%. With that being said, be specific about other goals as well! Define what item you’re trying to buy, how much time you’re giving yourself and how much it will cost. Once you do that, you should be able to calculate exactly how much you’ll need to save from each paycheck!
Remember– your education is a financial investment. According to the Education Data Initiative, the average bachelor’s degree has a 560.53% lifetime return on investment. If nothing else, I hope that can serve as a motivation to keep getting up and going to classes as we head into the autumn months!
