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Saving and Investment: When It’s Worth Your Money

Published: February 10, 2020

Should you save or should you invest? Sure, you want financial security, but how do you get there and still get what you want along the way? As they say, there’s a time and a place for everything, and choosing your financial strategies is no different. Check out our handy guide to see when it’s time to save and when it may be time to invest.

Saving Money for a Rainy Day

As a student, you’re probably more concerned with earning money to live on today and not thinking as much about tomorrow. But saving a few dollars now can pay off in the future. If a small emergency comes up, you’ll be grateful that you have a little bit of cushion to fall back on. To help you start a rainy-day fund, here are a few tips:

  • Set an Achievable Goal—Experts recommend that you save enough to cover six months’ worth of expenses, in case you lose your job or are unable to work. But six months represents a lot of money, and depending on your financial situation, it may not be a reasonable goal. Instead, the experts at NerdWallet recommend that you start with a goal of $500, which should be enough to get you through most small emergencies.
  • Start Small—Every penny counts. Get out a jar or container and start collecting your change. You’d be surprised how quickly pennies can add up to dollars. Can you commit more? Take $10 to $25 from each paycheck and put it in an interest-bearing account.  
  • Earn Supplemental Income—There are always ways to make some extra cash. Sell items on eBay or your handcrafted goods on Etsy. Take on seasonal work when it fits your schedule. And don’t forget that money you save through coupons and rebates is also money earned.

When It’s Time to Invest Your Money

You never know when that flat tire, illness, or flood will set you back. That’s why it’s important to save. But it can be just as important to invest your money, when the time is right. Here are a few things that may call for an investment:

  • Car—You’ll always need to get from point A to point B. But public transportation, two wheels, or even two feet don’t always cut it. That’s when investing in a car might be the right move. But don’t go buy brand new wheels; put your money into an affordable and dependable car that will last.
  • Computer—There are very few jobs today where you won’t work on a computer. In fact, even to get the job, you may need to apply online or provide an electronic signature. So whether you’re preparing for a career or doing some work at home, you’ll want a decent laptop and a reliable internet connection.
  • Education—The best thing you can invest in is yourself. One of the greatest ways you can do that is to give yourself the investment of an education. Your knowledge and skills are something that no one can take from you, even on the rainiest of days.


An education can also boost your confidence, make you more competitive in the job market, and help you switch careers. If you’re ready to make that investment, Charter College can help. We offer programs in Business, Health Care, IT, Veterinary Assistant, and some Trades. Call 888-200-9942 today to learn more.