Saving for college can often feel daunting. Especially if you begin saving later on in life. The sooner you can begin saving for college, the better off you will be when the time comes to leave the nest and start your future. If that’s not an option, keep in mind that making some sort of contribution is better than contributing nothing at all.
At this point you may be asking yourself – why should I contribute my own money?
The answer to that question is simple…. Typically, students who provide partial or full payment or rely strictly on financial aid understand the importance of a dollar. The more contribution you have in the overall weight of the investment, the more likely you are to take college seriously as a student. Although having the added help from a parent or relative is beneficial, you’re most likely not going to appreciate the investment (at least not until later on in life). If you do happen to be one of the few who do, then score for you!
To start with, open a personal savings account and turn it into your new best friend. Although there are many resourceful financial opportunities available out there (i.e scholarships and financial aid ) your best bet is to begin putting money aside in a personal savings account or an Education Savings Account (ESA). Most banks and credit unions offer this type of account. The great part about having this type of account is that they are generally tax free.
Another choice to consider…
Prepaid college tuition plans are another option you may want to take into consideration. These types of plans are generally run by the State Treasurer’s Office and allow you to contribute a specific amount of money on a monthly or yearly basis. If tuition fee’s go up, the prepaid program will cover the increase. A couple of down sides to this program are that if you want to attend an out-of-state school or private school, the pre-paid tuition will not cover the costs. You can, however, request a refund and put that towards the revised college/university of your choice.
All in all, saving for college means you will have to make sacrifices and plan accordingly. Maybe instead of buying that brand new car you dreamed of sporting in your junior and freshman year of high school, you go for the hand-me-down or used option instead. A little bit here and there can go a long way. Remember, there are opportunities to save everywhere. From saving on summer storage to living expenses.
Good luck and feel free to post any additional suggestions you may have. As a Dorm Room Movers Author, I look forward to your comments here.