Are you looking for some easy ways to put money away for college. Below I have a list of some of the fastest ways to save money each month for your child’s college tuition.
College is a major expense for any family, especially if you have more than one child that will be attending college. Some students can get financial aid, grants or scholarships, but will still have to pay a portion of the tuition and others are responsible for their entire tuition. Not everyone has a college fund or bank account set aside for their children’s college education.
If you do not have money set aside for college it is time to start saving now. One of the best options is too look into is a 529 plan. I have read a lot about paying for College and a lot of the options require money upfront or investing. But, I wanted to show you that you can still save money everyday that you can stash away in your own account for your children. So I made a list of some of the fastest ways that you can save money for college. Even though it is not a short-term goal nor will it be easy to put money away, every little bit will help. This will take sacrifices on your part but it is for something well worth it and you will be seriously surprised at how fast you will see the money start to accumulate. Here are the 3 simplest and fastest ways to save money for college for your child.
Fastest Ways to Save Money for College:
1. Use a budget. This may seem like such a simple way to save money, but not a lot of people use budgets. Not only can using a budget help you to manage your monthly income and expenses but it will allow you to see just how much money you can put away each week or month. Once you figure out your budget you can even setup a direct withdrawal that can take a particular amount out each month and deposit it an account you have designated for College. You may be surprised with the amount of money you can put away each month!
2. No more frequent McDonald’s (or anywhere else, for that matter) trips. You know those leftovers that inevitably get thrown out every few days? Well, from now on, those leftovers are your lunch or dinner. Even if you only spend $10 a week on fast food or other items it can add up to $40 for a month. It may seem small but over the course of a year the savings can add up. Now, think of how much money that can be over the next ten years. If you did the math that is about $5,000. Yes, I know that does not even put a dent in the cost of a college education, but I would much rather have $5,000 to help pay than $0. Plus, most families spend more than $10 per week so your savings would be much higher.
3. This will probably be your lest favorite option, but consider finding a way to generate a second or even third income. If you are talented at making homemade objects you can sell them online on Etsy. If you have a garage, basement and attic filled with items you no longer use, you can sell them on online sites like eBay, Amazon and Craigslist, or even at yard sales or flea markets. Look for part time jobs in your area or even online. Set a goal to save $100 extra a week. That’s another $400 each month in your college savings. There are a lot of ways that you can work from home with all kinds of side jobs. Recently, I started a new journey as a Young Living distributor as a way to make money from home. Just think about what you are interested and try to find ways to earn money doing it.
For a family with 2 adults, you can save $1,200 per month if you do all 4 of these things. That is over $14,000 saved in a year just by using these fastest ways to save money for college. It will be hard at times to make these sacrifices, but when you see how fast the money adds up it will be a lot easier.
You may also like: