Saving for College

by Charlotte Wood
(last updated February 21, 2009)

In the twenty-first century, higher education is no longer not an option for many; it's necessary in almost all disciplines and fields of work. However, with this increased social need for education, the costs of education are skyrocketing and finding financing for college is increasingly stressful and difficult. If you can find good and effective ways of saving however, you can greatly reduce the cost of college for you and your children.

The key is to start saving early. When your children are young, set up a liquid certificate of deposit (CD) or a higher interest savings account, in which for a few years you contribute money and once your children start to better understand the concept of saving money they can contribute their own. Find accounts that are interest bearing, because especially if these accounts keep accruing principal over a significant amount of time, the interest will end up being substantial. Teaching your children how to save is integral in saving for their education.

I didn't have a college fund in my childhood and so I work full time during the summers to earn money for the upcoming school year. When you're earning more substantial amounts of money, like with a summer job, you need to budget your income and decide how much of each paycheck should go where; that way it will be easier mentally to put aside that money if you've already decided what needs to be saved.

When saving for college, a major part of the saving process is the motivation to do so. If you don't have motivation then there's no way you'll be too successful. When I'm not motivated to save I end up skimming funds off the top of my savings balance and using those savings for things and expenses I don't need. If you really want your education and it's genuinely important to you, then saving for college won't be nearly as hard.

While coming up with money for college is a daunting task and one that can span several years, it is a goal that reaps lifelong rewards. Saving for college ultimately requires discipline and if you can use your discipline to put aside that money solely for a college education, then saving that money won't be too hard for you.

Author Bio

Charlotte Wood

MORE FROM CHARLOTTE

Choosing a Cleaning Service

Sometimes cleaning may just not be your thing, or you just don't have time to do it. If this is you, then know that you ...

Discover More

Benefits of Mineral Makeup

Mineral makeup is a new frontier that is taking the cosmetic world by storm. Does mineral makeup really have benefits, ...

Discover More

Reducing Property Taxes

It's a pain to be taxed on your property, but in today's world, you're taxed on just about everything. Lucky for you ...

Discover More
More Money Tips

Teaching Children to Save

Learning how to save money is one of those lessons that you can reapply all the time throughout your life. If you can ...

Discover More

Teaching Teenagers to Save

If your teen loves to spend money, as most seem to, it may be time to begin teaching them the importance of saving. ...

Discover More

Compound Interest Working for You

When you understand what compound interest is and how you can put it to work for you, you'll be in a better position to ...

Discover More
Comments

If you would like to add an image to your comment (not an avatar, but an image to help in making the point of your comment), include the characters [{fig}] in your comment text. You’ll be prompted to upload your image when you submit the comment. Maximum image size is 6Mpixels. Images larger than 600px wide or 1000px tall will be reduced. Up to three images may be included in a comment. All images are subject to review. Commenting privileges may be curtailed if inappropriate images are posted.

What is four less than 4?

There are currently no comments for this tip. (Be the first to leave your comment—just use the simple form above!)