It may seem like your post-grad days are light-years away, and that the only money worries you have are saving for and investing in beer.

College days are actually a great time, though, to start saving even the smallest amount you can afford to put away. And, if you have the means to do so, you could take managing your dough a step further and invest it.

Cory Owens, Kansas City, Kan., junior, says he saved about $7,000 between last March and the second week of August. Owens says he wanted to graduate without taking out school loans, so he took half the money he made every week from bartending and put it into his savings account.

Undergraduate Business Council president Adam Whelan, Lawrence senior, is taking it a step further and already investing his money. Whelan takes a percentage of his paychecks and invests that money in an individual retirement account, or IRA. He says that percentage typically amounts to saving $100 every month.

Just saving $100 a month adds up. In the four years it usually takes to earn a degree, you could stash $100 every month under your mattress and come out with $4,800 at the end of that four-year period. But there are smarter ways to save and invest your money than slipping cash under your mattress.

What can I do with my money now?

Catherine Shenoy, assistant professor in the School of Business, says putting a small amount of money away now helps a person form good habits and will make a tremendous difference by the time that person reaches retirement. Shenoy says people who don’t save for retirement will be working their entire lives or won’t be in good financial shape.

Investing $100 a month, as Whelan does, might not always be a realistic option for the typical college student, though. There are bills to be paid.

“You shouldn’t invest any money that you need for the groceries,” Shenoy advises.

In fact, Shenoy says that, for most students, it’s probably best to just save money right now rather than invest it. A rule to remember is to not start investing until you have three months of living expenses saved up, so that way you’ll have a cushion to fall back on, Shenoy says.

“Everybody should get into the habit of putting something aside every month. Try to forget about it. Try to pretend like it’s never even been there,” Shenoy says.

Laura Meadows, Overland Park senior, says she has saved money from her job throughout high school and college. Before starting a checking account about three years ago, Meadows says she put the majority of her paychecks into a savings account.

Last August, Meadows underwent Lasik eye surgery. She says she was able to pay for the surgery in one lump sum and without taking out loans because she had the $3,500 for the surgery saved in her account already.

Even though she didn’t invest that money, she says the Lasik procedure was like a long-term investment because she doesn’t have to pay for contacts anymore.

Where can I put my money?

Shenoy says people can put their money in a three-or-six month CD, or certificates of deposit, which can’t be easily accessed. CDs are deposits of money set aside for a specified period of time that accumulate interest. You don’t have to be a member of a certain bank to open a CD there either, Shenoy says.

A six-month CD, Shenoy says, has an average interest rate of 3.16 percent right now.

If you put your money in a savings account you’ll get interest on that savings, but no more than 3 percent right now, Shenoy says. Putting money in the stock market is much riskier than putting money in a savings account, she says, because there’s always the possibility of losing all your money in the stock market. However, the stock market has the potential for higher returns, she says.

Shenoy says if you aren’t interested in the stock market, then once you have that minimum three months savings, an option is to invest in a mutual fund. A mutual fund is a pool of money that can be made up of stocks or bonds. She says mutual funds expose a person to the stock market, but someone else manages your money.

Setting up a mutual fund is like opening a bank account, Shenoy says. Choose a mutual fund, complete its application and send in the money to invest in that fund.

Finance Club vice president Jeremy Appleton, Lee’s Summit, Mo., senior, says students might be interested in investing mutual funds, because then they don’t have to keep track of their investments themselves.

It’s important, however, to pay attention to the amount of fees you have to pay with a mutual fund, Shenoy says, because you’re paying someone to invest for you.

How do I decide where to put my money?

Deciding what to do with your money depends on your purpose, says School of Business lecturer Kelly Welch. Is the purpose for retirement, tuition or a house in five years?

If you’re saving for tuition, the best thing you can do is invest in CDs, a savings account or a money market mutual fund—something with low risk, Welch says. Your savings shouldn’t be what you have leftover at the end of the month. Welch says you should plan for it in advance.

“Paying yourself first means that you set aside a certain amount for savings and for investing, and then with what’s left over, then you go and buy food and clothes,” Welch says.

Don’t let the money you have slip away. Take control of it and start saving, and if you have the opportunity, give investing a shot.