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College Money Habits @CollMoneyHabits

Check us out on Instagram! @collegemoneyhabits

Joined January 2021
  • Tweets 146
  • Following 6
  • Followers 50
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If you’re new to investing and looking for some helpful resources, check out these free sites: 1. Investopedia 2. Seeking Alpha 3. Marketwatch 4. Motley Fool Whether you’re looking to learn about certain terms, strategy, or read up on companies, these sites are very helpful!
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College Money Habits retweeted
Byrd Barr Place@byrdbarrplace
6 Feb 2024
Interested in how to maximize your financial literacy? Join us for a special event with @CollMoneyHabits as we dive deep into the fundamentals of putting together a budget, building savings and improve your credit score. RSVP info here:tinyurl.com/BBPFinancial24
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There are only 28 days left in 2023 but that’s still enough time to put yourself ahead in 2024. Open that high-yield savings account, start investing, apply for that job, start working out. Don’t wait until the new year to start tackling your goals!
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When I opened my high-yield savings account, I earned $7 in interest my first month. I now earn $10 EVERY DAY in interest and have received over $2,000 in interest payments this year alone. If you don’t have a high yield savings account, you’re missing out on passive income.
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Struggling to save money right now? Automate your savings! By setting up an automatic transfer to a high yield savings account, you can ensure that you are ALWAYS saving. Since automating my savings 2 years ago, there hasn’t been a month that I’ve gone without saving money.
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What are you doing today to secure your desired financial future? For me, right now the important thing is increasing my streams of income! Remember that small steps you take today will have huge impact later in your life 🙌🏾
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One of the most common questions I receive about investing is “how much do I need to get started?” The answer? Whatever you’re comfortable with. They are countless apps that allow you to start investing for free with no fees. All that matters is that you get started!
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College Money Habits retweeted
@realchangenews.bsky.social@RealChangeNews
11 Feb 2023
#VendorWeek final totals are in, and our reigning champ @NikkitaOliver & partner Sabina took this year's crown 👑✨ Together, our teams made over $6,500 in online sales alone! Thank you to the 14 celebs and 307 customers who showed our vendors some love this past week.
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College Money Habits retweeted
@realchangenews.bsky.social@RealChangeNews
3 Feb 2023
📢Initial #VendorWeek numbers are in!📢 @NikkitaOliver & Sabina are leading with $353 raised. With 5 days left, will they stay on top? Venmo your fav team @/Real-Change with their badge # in the notes by Feb. 8! All proceeds go directly to vendor partners.
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Let this be the year that you - Start that business - Start investing - Take that trip - Apply for a new job - Step out of your comfort zone - Move to a new city Let 2023 be the year you stop waiting. If you don’t take risks, you end up in the same place you started!
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The average savings account interest rate is 0.22%. As of today, my high yield savings account earns 3.30% APY. In my first month, I earned $10 Last year, I earned $652 in interest alone. Let’s take a look at how much you could earn with a high yield savings account (1/2)
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Assuming 3.3% APY, here is what you could earn: Balance = $100 High yield savings = $3.3 Reg Savings = $0.22 Balance = $1,000 High yield savings = $33 Reg Savings = $2.2 Balance = $10,000 High yield Savings = $330 Reg Savings = $22 Start the year of strong by opening a HYSA!
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Some of my goals for 2023: 1. Create a Dividend Portfolio 2. Achieve a net worth of $250,000 3. Earn at least $20,000 from my business 4. Travel at least 3x 5. Exercise 3 times a week!
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I can’t wait to have kids and tell them “there is food at home”. It will be a full circle moment.
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5 Tasks For Your 2023 To-Do List: 1. Open a High Yield Savings Account 2. Open a Roth IRA 3. Take advantage of employer’s retirement plans (401k, 403b, etc) 4. Invest, Invest, Invest 5. Set S.M.A.R.T (specific, measurable, achievable, relevant, time-bound) Financial Goals
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A common question I receive is ‘How much should I keep in my checking account?’ Here’s your answer! In general, experts recommend keeping 2 months worth of expenses a 30% buffer. If this is difficult, I would suggest to have 1 month of expenses minimum (1/3)
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You can calculate the buffer by multiplying your expenses by .3! If your monthly expenses are $2,500, then you’d aim to keep anywhere from $2,500 to $5,750 to deal with any immediate expenses. (2,500 2,500 (2500 x .3)) = $5,750 (2/3)
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The point of this is to prevent you from overdrafting on your account, and helps you keep up with your daily expenses and immediate emergencies. Find a number that works for you! I personally aim to have 1.5-2 months worth of expenses so that I can meet my saving obligations.
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If you want to start saving more money, start by calculating your discretionary income. Discretionary Income = the amount of money you have left AFTER paying for taxes and necessary expenses (rent/mortgage, bills, food, etc) (1/3)
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Let’s say your net monthly income is $4,000 and for living expenses, you pay $3,000/month. Your discretionary income would be $1,000. (4,000 - 3,000 = 1,000) Knowing this, you can now set realistic goals around how much you want to save, invest, spend on leisure. (2/3)
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Calculating my discretionary helped me better understand my finances, my spending, and has enabled me to automate my savings. It has helped me plan for the future, create an emergency fund, and cut back on my spending over time. Be sure to calculate your discretionary income!
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