Savvy Library

5 Practical Ways to Save Money for College

Going to college is a great decision to make in life. It is a chance for you to further your education, expand your career opportunities and gain new knowledge. However, higher education can be relatively expensive which is what often deters people from going. With careful planning, saving, and a few sacrifices you should be able to afford a large portion of the expenses. You may be reading this because you have plans of going to college for the first time or because you’re a parent thinking about ways to save for your child’s college fund. Either way, if you keep reading, you’re likely to find some practical ways that you can save money for college.

Budget

When it comes to all things financial, budgeting is usually king. It is one of the fundamentals of effectively managing your finances and one of the best places to start when trying to achieve a finance-related goal. In the process of trying to save money for college, you should, therefore figure out how much you’re going to need. This should include tuition fees, how much it’s going to cost to stay on campus, as well as maintenance and upkeep where necessary.

Once you’ve come up with this figure, the next step should be to review your finances and see how much you’re presently earning and spending. This should then give you a clear picture regarding how much you have left to save on a monthly basis and how much you would need to set aside to meet your target within your set timeframe. Once you’ve done this, you can begin reviewing your expenses and seeing areas where you can afford to cut down. Tips for stress-free budgeting that you may find useful are paying with card instead of cash, putting aside the money you want to save first, and using the right saving tools whether it’s via an app, reminder or your personal notes.

Look for Scholarships and Grants

Effective ways of saving for college that people sometimes overlook are scholarships or grants. Although this isn’t exactly saving as its money awarded to you, it is a financial alternative that could mean part or all of your tuition, and in some cases, books needed for your courses are paid for. The Honor Society, for instance, is a foundation that offers scholarships to members, so it’s one you should definitely consider learning more about. Aside from this, there are many other available that offer financial assistance. There are several ways to find college grants or scholarships which include asking any educational facility, asking friends, or checking online. You may find numerous options, however, it is also important that you check and make sure you’re eligible to apply for them. At times, the application process can be long and gruesome, but as with anything else, keep at it and give it your best shot.

A successful application could mean that a significant chunk of your fees are paid for and you only have to foot the bill for a much smaller amount. Tips when applying or scholarships or grants include applying for local ones, considering scholarships that have smaller rewards, not introducing yourself in the essay or repeating the essay prompt, and also not including quotes.

Reduce Spending on Outdoor Leisure

In line with the first point, when trying to save money for college, it’s likely that you may need to scale back. This could mean reducing the number of times you go out in a week or month and spending more time indoors instead. Often times when you go out for leisure you end up spending money on things such as entertainment, food, and drinks. It may seem insignificant at first, but it is something that tends to add up and accumulate over time. However, by reducing the amount of time you spend on outdoor leisure, the money that you usually spend on activities can be put away and go towards your college fund.

Find Free Entertainment

Once you resolve to reduce the number of outdoor leisure activities you engage yourself in, you may be wondering what’s left for you to get up to. The good news is that there are numerous things that you can do which don’t require you to spend loads of money if any at all. If you need ideas for free activities that you could do with family or friends, then head online. Activities include making homemade ice cream, flying a cart, creating an obstacle course outside of your home, having a mini-festival in your backyard, taking advantage of free admission at national parks and having a picnic, or spending time volunteering doing something you thoroughly enjoy. The idea should be to use your creativity to find things to do so that you can save that money you usually spend going out to eat or at the movies every month.

Get an Extra Source of Income

Sometimes it’s near impossible to reduce your expenses, and in such cases, it may be time to look for ways to increase your income. If you’re working full time, one of the first things to consider is finding a higher paid job, to begin with. You could also try putting in extra work at your place of employment for a few months and then put in a request for a raise if you’re not open to changing jobs. Additionally, another practical idea is to look for something you can do alongside full-time employment such as selling items on platforms like eBay or Etsy. In addition to those above, other ways of generating extra income from the comfort of your own home include becoming a virtual assistant, sell bitcoin for paypal, renting out your home, or launching an e-commerce site. If you do, for example, decide to trade in Cryptocurrency you could look into something like litecoin price prediction, to take a look at the fundamentals and technicals to discover where the seventh-ranked cryptocurrency is heading this month. This will definitely demand time and dedication, but it will be worth it when you find yourself closer to achieving your savings goal for college.

Making the decision to go to college is one that shouldn’t have to be revisited because you can’t afford it. The process of looking for ways to finance your venture or saving up money for the fees can be daunting, however, it is something that can be very effective. It may not be easy, but making the necessary sacrifices to raise funds for college should pay off in the end.

6 Comments

  • Kelly Freeman

    This article is extremely helpful to me because I have five kiddos who will be hopefully going to college!

  • Lauryn R

    These are great tips, thanks for sharing! I was a single mother when I went I went to college l, so I was able to get a loan. Of course, 9 years later and I’m still paying it off. I definitely wish I would have done it differently now.

  • Tamra Phelps

    My niece is just 14, but she already has to start thinking about those grades. They are so important when it comes to grants and scholarships.

  • Denise Low

    Thank you for sharing your tips. Our son had to get a part time job and still went to college.

  • Christina Gould

    Community colleges are a great way to save money, although a lot of teens don’t want to go that route. Thanks for posting!