Being a student means having limited resources and a tight budget, but now, thanks to fintech platforms, it’s easier than ever to hold on to your money and start a savings account. In this article, we will share some unique means of saving, investing, and governing your finances without much financial background. Whether you want to fund textbooks, travel, or future tuition costs, fintech solutions will get you where you need to go. Now, let’s look at how to use these tools to start investing in your student savings fund today.
Choose the Right Fintech Platform
Building a student savings fund begins with choosing the best fintech platform. There are thousands of platforms available, each offering different functionality according to your specific financial requirements.
It’s important for students to select a flexible, cheap, and user-friendly platform. Students can use tools like Chime, Revolut, or Acorns to save automatically, top-up spare change, or even invest on a tiny scale with little effort. Check platforms that are student-friendly and work for your budget.
Automate Your Savings
Automation is the best and easiest way to save money when you are a student in a hurry. On most fintech apps, you can have recurring automatic transfers from your bank account to your savings or investment account. You’re saving cash by default this way.
Here are five automation attributes to expect from a fintech platform:
- Automatic roundups: Some apps, such as Acorns, round up what you buy to the nearest dollar and invest the change.
- Regular transfers: Make a weekly or monthly transfer from your primary account to your savings account.
- Saving rules: Create custom savings rules, such as saving a certain amount each time you spend x amount on certain categories (e.g., entertainment, dinner out).
- Save based on goals: Saving for specific objectives, such as travel or emergencies.
- Cashback: Some platforms offer cashback on purchases, which you can then automatically deposit into your savings account.
Automating your savings will make sure you never miss a paycheck, even when you’re in school.
Leverage High-Interest Savings Accounts
Some fintech companies provide high-interest savings accounts, which allow your savings to accrue faster than bank accounts. They generally come with lower interest rates as fintech firms have lower overheads. High-interest accounts are perfect for college students looking to grow their money and make no sacrifices while doing so.
Find fintech apps offering high interest rates on their savings accounts. And that interest can accumulate over time and help give you more cash. Also, please note that some platforms may have minimum balances to earn interest, so ensure the account conditions are appropriate for your needs.
Invest Your Spare Change
If you need to supplement your savings by investing them, there are fintech platforms for you to invest the extra coins. It’s incredibly simple to get started on micro-investing sites such as Acorns if you haven’t got much to invest. When you put your spare change to work, you are not only saving money but also compounding it and increasing it with the return on the market. Such apps tend to use low-risk portfolios and are an excellent beginner-friendly way for students to invest.
Track Your Progress and Adjust as Needed
Lastly, always check your progress and make any changes to your financial plan as needed. Financial technology platforms typically have built-in features to track your savings, investments, and spending habits over time. Check them out to see if you’re on the path to success and where you may need to take a different path. For example, if you’re not saving as much as you’d like, consider scaling up your automated transfers or spending less. You just have to be adaptive, open, and aware of your budget. You will also receive notifications or investment information from many of these platforms to inform you of your progress.
Learning about investment can seem intimidating, but it’s not that hard if you have the time to research this field. If you’re too busy with schoolwork but still want to give investment your best shot, you may be thinking, “Can someone write my essay?”. If so, look into UKWritings. This is a writing service that can help you write and submit your assignments on time, leaving you free to tackle your investment projects.
Start Building Your Future Today!
Building a student savings fund through fintech platforms is an easy and smart approach to own your finances. Selecting the right platform, automating savings, accessing high-interest accounts, investing spare change, and following up will help you get on your financial trajectory. Fintech platforms offer tools and freedom to make savings plans successful, whether for short-term spending or long-term wealth creation. Start now and save away!
