The inflation that none of us are fond of can easily overwhelm our thoughts for our future as it pertains to finances. We all have goals and aspirations that we hope to achieve. Whether that’s buying a house in 10 years or planning the perfect Europe trip in a few months, having a plan in place will set you up for success. Always remember that starting your financial planning early will be the key to your future financial security. This article dives into the ways students can start sculpting their mind around their future financial goals and tips from a recent Fanshawe finance graduate.

The first step in your journey of financial planning is discovering whether your goals are short-term or long-term. A short-term goal is under a year and a long-term goal is five years away or longer. An example of short-term goals can include saving for a trip whereas a long-term goal example could be paying off a hefty debt or high-scale investments.

Once you know this much, reaching out to third party expertise such as a financial planner, will be the next step to making a plan to action for your finance goals. Most individuals are scared away from their goals due to a high cost. This shouldn’t deter students from holding back on their aspirations and once connecting with someone who specializes in this field, they will be able to look at your personal information, assess your financial position, and create a plan of how you can meet your goals. It’s important to be as open and honest with yourself and your financial planner when outlining your goals to achieve success in your planning. Don’t be intimidated when speaking to a professional that goals may be out of your reach.

Another way students can prepare themselves for financial success is by limiting their expenses as much as possible to increase their savings. Savings is extremely important even if you aren’t necessarily saving towards something. What students should be doing is having a savings account in addition to having an emergency fund. Saving money in the case of an emergency will have students well protected for any curve ball that life decides to throw in the way. This tactic is not only a great form of financial protection, but also self-discipline to save money. There are many budgeting tips that students can consider when saving or building their emergency funds.

A third way students can prepare for their futures financially, is by building a good credit score early. Having a credit card isn’t suitable for everyone. However, those who are well disciplined and are sure to create a good credit score and not a bad one, should investigate financial avenues. Having a good credit score could influence future loans that may contribute to your long-term financial aspirations.

The below highlights six tips from a recent Fanshawe finance student who is interested in becoming a financial planner, Nathan Marshall:

1. Create a budget.
2. Plan for major expenses.
3. Take advantage of student discounts.
4. Minimize any debts.
5. Pay off your credit card in full at the end of every month.
6. Entertainment budget for college lifestyle is still important.

Often we hear from older generations making comments such as, “I wish I had started saving at an earlier age,” and with enough exposure to young people, this mentality can hopefully change. Shifting the mindsets of those who are in college to start thinking about their financial security in the future and putting a plan into place from then, can create a mass of success in the coming years. Don’t be a student who wishes they started their savings journey from a young age, be the student who did!