Saving up to fund your child’s college career isn’t an overnight process. It isn’t cheap and it can take time to save up the necessary amount of money. If you’re looking for a few simple tips for saving the money you need for your kiddo’s college, check out these ideas.
Use Tax Refunds
If you get a tax refund every year, plan to allocate a specific amount for college savings. Since you have kids, chances are that you are eligible for Earned Income Credit and Child Tax Credits. Plan to put back a set amount of that refund for college savings. If you set up an interest-bearing savings account or even plop the tax refund into a certificate of deposit every year when you get it, you can add to your investment through interest.
Pocket Coupon Savings
Do you ever see people posting pictures of their shopping trip and savings with coupons? You know how it is — “I saved $33.50 with coupons today!” Maybe you’re not one of those, but you do use coupons now and again. Use them more often and make a plan to put back the amount you save by using coupons. For example, if you used $2.50 worth of coupons, then deposit $2.50 into a jar or savings account. Make a habit of doing this with every shopping trip and every coupon use. You might not save huge bundles, but the little bit of savings will add up over time. Just think — you will be able to tell your friends and family that you paid for Junior’s college with coupons!
Here is a fantastic coupon organizer that will help you get started at Amazon. This thing is awesome and priced dirt cheap. It is amazing how something so simple can save you so much money!
Set Up a Direct Deposit
Set up a savings account for your child’s college fund. If you get paid by direct deposit, set up a separate direct deposit out of your paycheck to go into the savings account. It doesn’t have to be large — even $5 or $10 per paycheck is better than nothing. The great thing about saving up with this method is that you never even see that amount and therefore don’t miss it. Do the math: If you start saving when your child is five and you get paid weekly, $10 per week over 13 years equals $6,760. That’s a pretty good chunk toward college.
Hold Yard Sales
If your family holds an annual yard sale, plan to use your sales for college savings. It might not add up to a lot, but if you combine this method with others, you can certainly come up with a good amount of money to help put your kid through college.
College can be expensive and saving for it won’t happen quickly. It takes time, but every little bit you can save will help pay for that higher education for your child. Your kid’s college fund is too vital to ignore. What ideas can you share for saving?
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