How I Saved 10k by College Graduation
Hint: it’s not as hard as you think
Before I started college, I never had a real job. Sure, I had a few babysitting gigs but never a steady stream of money coming in. Sophomore year I finally landed my first on-campus job. With this, came a bi-monthly paycheck arriving in my account, every 2 weeks. At first, I didn’t prioritize saving and spent my paychecks on frivolous shopping ventures, eating out, and “treating myself.”
It didn’t take long for me to realize that this lifestyle is unsustainable, stressful, and no way to set myself up for success. Soon, I made a goal to save 10k by college graduation, and here’s how I did it.
I made a plan using the snowball method
The concept of a “the snowball method” in money management is typically used when referring to paying off loans or credit cards. For me, I set myself target goals for how much money I would have saved per month, and used that to motivate and feel confidence in myself. The first step to getting good with money is to see progress happening, and feel good about it.
Money management is largely emotional, and it can feel defeating when you set up a huge savings goal, but don’t see traction right away. Don’t allow yourself to feel defeated, or like the goal you’re working towards is insurmountable. Set up smaller goals, stick to those goals, and as you begin to build trust in yourself, the snowball with steadily build up.
I hit my first savings goal of 1k
I attribute all my current knowledge about money and hitting my 10k goal toward saving my first 1k. Once I had 1k in my savings account, I never wanted to see my account move any lower. So, I went to great lengths to keep the money coming in, and very minimal amounts going out. I started feeling myself scrutinize coffees and lunches in a way I never had before, no longer eager to give up my new savings. I started turning down going out to expensive events in favor of chill nights in. At 1k my entire thought process behind my money, and what I wanted it to do for me changed.
Your money mindset matters, and I no longer had the mindset that I could casually spend $5 to $10 throughout my week, and be unbothered. I started to see those small amounts as pathways to my goals, one small salad bowl at a time.
I started another job — and then another
Once my plan was set and my mindset was shifted, I took aim at my goals with full swing. I stayed at my first on-campus job for 2 years, and applied for another on-campus position that paid for my dorm. While my first on campus job only allowed me to work 20 hours a week, my second job allowed me to work 50–53 hours a week. I was a campus orientation leader, so I only worked summers, and spent my days introducing new students to my campus. On my days off, I worked my second job. While I don’t encourage you to over work yourself, I knew that my mental health could handle the additional work hours. I grinded all through the summer months, and saved more than half of my paycheck every month.
After a year I was promoted on the orientation team, and was able to quit my 2nd, less lucrative job. While you’re in school, you typically don’t have many commitments tying you down, and a lot more energy than you will have later in life. Take advantage of that time and energy, and start working ahead now — so you can relax, and enjoy freedom later.
I applied to paid fellowship programs and paying internships
Now I know that finding a paid internship is like trying to find a diamond in a coal mine — rare and daunting. Even still, I needed the work experience of an internship and could not afford to take on an unpaid position. So, I reached out to the Urban Planning and Public Policy department at my school (because I wanted to go into policy and research post-grad) and found out that they offer a paid fellowship program for students like me. I applied, asked for a few professor’s recommendation letters, and got into the fellowship my senior year. The program reached out to my dream internship on my behalf, and soon I was working as a Policy Intern for the Department of Health in my city. The original internship was unpaid, but my fellowship paid me minimum wage for each hour I worked. Then, through reaching out to a club I had heard about freshman year of college, I learned that they too had connections to a non-profit looking for interns and lucky for me — the position was paid.
Going to college is largely about developing your own career network. Whether it be through clubs, department heads, professors, or classmates. The people you meet in school can write the recommendation letters for your first job, or help you find a new career path. Don’t be afraid to reach out to anyone and everyone, and see what they say or can recommend to you. Don’t let the fear of a no, hold you back from future success.
I recognize that with many of these decisions, came an enormous amount of privilege. I lived with my parents for many semesters of college or had dorms paid for by my on-campus job. I lived in a big city where a car was unnecessary and I had very minimal living expenses. But at the core of meeting any savings plan, you have to set a goal, trust yourself, and hustle ‘til the end. When you’re young and have nothing but time on your hands, you have nothing to lose.
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