How should I start saving for grad school and beyond?

<p>I have a full need-based scholarship to Tufts University for my undergraduate - it's great and I'm super thankful for it! However, I recognize that if my dad gets a higher paying job in the next few years, my financial aid is going to go wayyy down. Also, my brother will be graduating from his graduate school in 2 years, so my EFC will undoubtedly increase once my parents stop paying for his tuition.</p>

<p>As a college student doing a work study on a regular basis, how can I start saving for either a) my junior/senior years at Tufts when my financial aid might not be so great, b) grad school, or b) entering the work force after graduating from Tufts?</p>

<p>I mean, I know I could just like put $100 aside every week into my bank account, but I'm looking more for like specific programs (like, is there a 401k-type thing I can do? anything that will return some heavy interest?).</p>

<p>TL;DR - how can I start intensely saving/investing for my future as a college freshman? </p>

<p>Thanks for any help :)</p>

<p>What will you study? If you study a subject in the sciences or in math and go for a PhD, it is commonplace to have your PhD paid for and to receive a stipend. Then you don't need to worry too much about saving for graduate school.</p>

<p>Bonds, stocks, ETFs.
Savings account w/ bank.
IRA.</p>

<p>If your looking to be a long time saver/investor you wanted to have some money in all above mentioned sources, and keep putting money in. (look up compound interest)
If I were you I'd put half my money into savings the other into I Bonds. They are a fairly safe option right now, and they produce high enough yields that you can still profit from them even if you cash them in early. </p>

<p>Personally:
I have a mutual fund, which I bought into a few years ago because I was dumb. (MFs have some of the lowest yields, you can even lose money) which counts for like 10% of my portfolio.
Just yesterday I expanded my stock to around 40% of my portfolio by taking advantage of the mass sell off in the market to purchase some pretty sweet stock.
The final 50% consists of cash which is enough to support me for 6mo should something happen.</p>

<p>I have a fairly risky portfolio now, with so much money in stock.
But I've had time to minimize my income losses towards bills and stuff, buy paying off my car, liability insurance, cheap cell phone plane, I own my apartment, I use coupons...etc.</p>

<p>I'm looking to double major in quantitative economics and math. I'm 100% sure about the economics part but only recently began thinking about math, so that might change. I'd prefer to do a more whimsical second major or minor (like english, french, or psychology), but I know it's more logical to major in non-humanities for the future.</p>

<p>But I've just started researching fellowships etc and they sound great, but they're fairly selective, aren't they?</p>

<p>Any Ph.D program worth attending will fully fund you.</p>

<p>The corollary is that it's not worth attending a Ph.D program without full funding.</p>

<p>Interest rates are so low that you should largely be indifferent between keeping your money in a non-interest-bearing checking account and a savings account. You won't earn any money that way; in fact, your real interest rate will be negative because of inflation. And unless you are a suave trader, making investments in stocks (or mutual funds) are long-terms bets. As a general rule, you don't put money into equities that you need for at least five years. In a work-study position, you'll likely make around $9/hour and work 6-8 hours per week. That will be enough to cover your miscellaneous expenses. </p>

<p>Here's my suggestion: Don't expect to build up too many savings with work-study. It's meant to pay for miscellaneous expenses. Instead, land a high-paying summer internship at a Fortune 500 corporation, consulting firm, I-bank, or whatever to create a nest egg.</p>

<p>I'm a junior math/econ major and managed to save about $4500 this summer after my internship with a major Fortune 100 corporation. Regarded internships in those fields can pay over $10,000 for the summer (before taxes), and they love math/econ majors. It's unlikely you can do something like that before the summer following your sophomore year, however. In the meantime, be frugal.</p>

<p>
[quote]
But I've just started researching fellowships etc and they sound great, but they're fairly selective, aren't they?

[/quote]
</p>

<p>You do not need a fellowship to be funded for a doctorate program. Often, the school will pay for your tuition and also give you a stipend. In return, you teach classes or do work for a professor.</p>

<p>rob a bank</p>

<p>Can you move out of home and apply for financial aid in the coming years as an independent student rather than a dependent student?</p>

<p>As a dependent student, if you make more than $5500 a year (or somewhere around there), your EFC starts going up $1 for every $2 earned. So say you were able to keep your EFC down for freshman and sophomore year, you'd only be able to save up to about $10,000 before your EFC would start going up.</p>