Five Tips to Save For College
As a parent, one of your biggest investments is your child’s success. You’ve sung them the ABC’s, put them in swimming lessons, bought brand new school supplies every year, and even paid for all of those music lessons. In the midst of it all, have you considered investing in their future?
College Board indicates that an in-state public education from 2013-2014 has a price tag of $22,826. Seeing as a typical college student spends four years obtaining their undergraduate degree, you end up paying a pretty penny for your child’s future.
While college isn’t for everyone, and many people reach success without a degree; the typically unforgiving economy creates a competitive job market where most employers expect potential employees to have at least an undergraduate degree. This has contributed to an increase in college admissions, and an increase in student debt as a result.
In an effort to maximize your child’s potential while minimizing their debt, Miller’s has compiled some simple tips to help you sock away some money before they leave the nest.
You’re Not Their Piggy Bank – Teach your kids the value of a dollar by having them manage their own money. They’ll make wiser spending decisions if they understand the value of a dollar, and you’ll save more money in the meantime. Money that can be put in a savings account for their education.
Check Your Insurance Plan – Oftentimes you can consolidate insurance plans, ultimately saving you lots of money in the long time. Miller’s Insurance Agency would be happy to shop around for a plan tailored to you.
Advanced Placement – If your child has the opportunity to take AP classes in high school they should! These courses prepare them for college-level coursework and the credits transfer to their university. This means they’ll be required to take fewer credits, and buy a couple less of those unimaginably expensive textbooks.
Regularly Put Away Money – Transfer whatever amount of money you’re comfortable with into a separate savings account on a monthly basis. This could be $10, $20, or $30- it doesn’t matter, what matters is it adds up! By putting away just $20 a month, you’ll have an extra $240 dollars at the end of the year. You paid for at least two or three textbooks and it didn’t even effect your daily lifestyle.
Do Some Research – You’d be surprised how many services exist that specialize in saving you money for your child’s education. You’d also be surprised at how many scholarship opportunities there are for your son or daughter. Do some research and find out just how much money you can save!
The only bad college plan is a nonexistent one. You want your child to be happy and successful, but you shouldn’t have to drain your bank account in the process. Implement the above tips and watch your wallet grow!