Saving for the future might be the furthest thing from your mind when you’re trying to stay afloat financially in college. After all, students don’t tend to have much cash left after paying their tuition, room and board, book fees and other incidental costs.

It’s still a good idea to start developing a savings habit now. Any amount you save is better than nothing, and there are methods you can follow in college to put away a small amount each month and build a safety net.

Here’s how to know how much you should be saving each month, and what kind of accounts can help make it easier to grow your funds.

How much should you be saving?
There’s no standard answer for each person – how much you save depends on your goals and  budget. Any amount you contribute, however, will build your savings in the long run, even if it’s $1 a day.

Crafting a budget can help you manage your spending and find ways to save a portion of your income. Consider the following steps to get started:

  • Count your funds: List all your sources of income, such as student loans, gifts from family and loved ones, and earnings from a job. This will give you an idea of how much comes in every month. For most people, this can change with the seasons or month to month, so think about accounting for fluctuating funds.
  • Track monthly expenses: Start with your recurring bills, such as rent. List the consistent costs that you have to pay every month and assign them to categories.
  • Watch your flexible spending: Decide how much you need for your flexible spending budget, which can include food and entertainment costs. These are expenses that can vary and that you can often control.
  • Save what you can: Find room for savings and decide how much you can allocate to savings, even if you adjust it month to month.

Once you have created your budget, check it often and look for more ways to save money.

What kind of account do I need?
A savings account with an interest rate will allow your funds to increase over time. You can even set aside a portion of your money into a certificate of deposit (CD). A CD will usually give you a higher interest rate in exchange for having your deposit locked up for a set period. Because most CDs have an early withdrawal penalty, there’s less of a temptation to take out funds.

Financial institutions also offer tools to help you save. Your bank’s mobile app might offer autosave features where you can determine amounts to put away daily, periodically or every time you get paid. For instance, you can set up an automatic transfer of $20 from your checking account to your savings account once per week. You can also automatically transfer a percentage of money into your savings each time you get a deposit.

If you have a job and your employer offers direct deposit, they may also offer the ability to designate portions of your check to different bank accounts. If that’s the case, consider earmarking a percentage of your pay to be deposited into a savings account.

Remember — if the money is never in your checking account, you’ll avoid the temptation to spend it.

Why saving money matters
Saving can help you build an emergency fund, which can help you manage unexpected expenses. Saving can also help you achieve short- and long-term goals, like paying off credit card debt, supporting a spring break trip, funding a study abroad program or making a big purchase like a vehicle.

There’s never a bad time to start saving. Even if you start small, developing a savings habit today in college can go a long way toward building a solid financial foundation for life.