Saving for College
College can be a wonderful experience. It can open the door to many career opportunities.
However, tuition is extremely expensive, and many college-age students need help paying the full cost.
Here are a few ways to put money away for your child’s college education.
Begin Saving Immediately
A “full” college tuition is overwhelming to think about when you begin saving.
Take it one step at a time.
Whether your child is 5 years old, 1 years old, or not even born yet, the earlier you begin, the more money you can save.
Start by setting aside as much money as you can every month. If you start saving $50 a month for the next 10 years, you will have $6,000.
Sit down and think of realistic goals for how much you can save each month. By having a benchmark to reach, you can feel a sense of accomplishment and progress as you save.
Find Ways to Spend Less
Are there ways to cut down on your water and electric bills?
When you’re grocery shopping, are there any cheaper brands you can buy?
Saving money requires having money to save.
With all the bills you have, setting money aside for a college fund can seem challenging.
Finding ways to spend less money in the present can give you more money to save for future expenses.
Get Your Kids Involved
When high school comes around for your kids, encourage them to get good grades.
This makes it easier for them to be eligible for scholarships that can help pay a portion of their tuition.
In addition to qualifying for scholarships, encourage them to research what scholarships they can earn.
Do your children play sports?
If so, they might be able to earn an athletic scholarship. Several colleges and universities offer students athletic scholarships for agreeing to play a sport with the school.
Some scholarships aren’t widely advertised, so you and your child will have to look for scholarship opportunities together.
Finally, if they can work, encourage them to get a job.
If they’re bringing in their own income, they can potentially save more money for college expenses. Having their own money may also help decrease their need for student loans.
By getting a head start, they’ll already have a couple of years of saving behind them by the time they graduate from high school.
Saving for college requires a lot of commitment. If you develop a plan and stick to it, you can make college an attainable and amazing experience for your child.