Developing good savings habits early can help you create a financial cushion for emergencies and reach your long-term savings goals like buying a more reliable car or making a down payment for a house. In fact, even putting aside a small amount each month can quickly add up.
Enter an amount you can afford to save each month
Type in the estimated interest rate you expect to receive
Plug in the number of years you plan to save
Then hit Calculate!
Keep in mind that most financial planners recommend setting aside at least 10 percent of your income to create an emergency fund equal to 3-6 months of your living expenses. This may be difficult for most college students, but here are some suggestions: