While many college grads have big plans to live in a big city, backpack abroad, get married, or go to grad school, they don鈥檛 have a realistic plan to pay for it. I wanted to travel to Thailand after graduating, but when the summer rolled around, I couldn鈥檛 afford to travel and move out of my parents鈥� house. I had to choose.
Young consumers should start saving money now for their big plans, as well as for financial emergencies. Make it easy by setting up an automatic transfer to a savings account every month. If you can鈥檛 afford to do a big lump sum towards your savings, start small. The program from Bank of America automatically deposits change from your debit card purchases to your savings, so you can automatically save without feeling a big pinch in your budget. Or try , a text message tool that helps you skip impulse purchases, like a latte or candy bar, and instead pledge that money towards savings.
