As a college Sugar Baby I know how easy it is to blow through your allowance on shoes, spa trips, and my favorite: coffee. But we also have books and tuition fees to worry about. With proper balance, it’s a piece of cake! So before you head to the mall or club downtown, take a few security steps for when a rainy day hits. Here are my tips for a College Sugar Baby savings plan.
We all know college is one of the leading cause of debt, and if you don’t have a plan it’ll take you under. First things first, open a savings account if you don’t have one already. This is a great way to put some money aside for future use. If you planning to buy a new car, move into a new apartment, or find yourself in a tight spot you’ll have something to fall back on until you’re back on your feet. If you currently have one, then your allowance will help it grow faster. You don’t have to make huge deposits, but a little here and there will add up.
Plan It Out
You may use your allowance to pamper yourself, pay off tuition, or bills. Whatever the case, plan wisely so you’re never down and out. I recommend putting 20 to 30 percent into your savings. Depending on your allowance, the amount you’re putting away will vary but it will start up your savings account and every bit counts!
Next comes the thing we all dread: bills. So before you hit purchase on an online order, be sure that all bills are covered so they don’t catch you by surprise! I love my phone and can’t live without it so I make sure that’s the first thing that’s paid. One thing I’ve found helpful for the forgetful/busy Baby is automatic payments. Pick a date when you want the bill to be paid each month and the company does the rest. Easy, right? Be sure to double check that the money for your bill is in your account, if not it won’t work or it will and sent your account to the red.
Let’s not forget tuition! If you’re like most college students, you’ve either taken out a loan or borrowed money from mom and dad. Whichever path you choose; you’ll have to pay it back sometime. If you’re aiming to eliminate your debt faster to take the strain off your shoulders, then you should opt for larger monthly payments.
The good news: your debt will diminish quicker. The bad news: it may take up more of your allowance. If you have to start paying off your loan after graduation, then that gives you some time to save up for it. Try making a savings account dedicated to your loan. Like any other savings plan, depositing small amounts here and there will give you a good amount to start paying it off when the time comes. If you do have a good Daddy, you can suggest he pay off the whole balance as a birthday or Christmas gift once you’ve established the arrangement.
Now that all the hard stuff is out of the way, it’s time for you to spoil yourself! Whether you’ve had a long day at work or multiple exams, there’s nothing a good massage and manicure can’t fix. A mini road trip and a weekend at a nice hotel are great ways to destress and relax. Dinner at your favorite (or a new) restaurant or a shopping spree- whatever your stress reliever is, enjoy it! You deserve it!