Saving money for your kids to go to college is a top goal among parents, but one that can feel out of reach with the rising cost of higher education. College tuition is undoubtedly expensive, and unfortunately for some, attending college is just not easy financially. It’s best to develop a college savings plan early in your child’s life, but if your financial situation doesn’t allow for that, there is still hope for finding the best way to save money for college.
To help you put your child’s future first, here are some tips for parents on saving for college tuition and expenses.
Apply for as Many Scholarships as Possible
Applying for scholarships is time-consuming and tedious, but it can make a huge difference in your bottom line for college costs. And with scholarships, you can never start looking for opportunities too soon. Designate time on the weekends to sit down with your high schooler to search for relevant scholarship opportunities and learn about the requirements and deadlines.
Avoid Debt by Paying Bills on Time
It’s incredibly difficult to save enough money for college when you’re buried in mountains of debt. Whether they’re medical bills, utility bills, credit card bills, or your mortgage, make sure to always pay your bills on time.
Get a Part-Time Job
If you’re like most Americans, you already work hard.. One of the best ways to save money for college while learning how to manage your money is carving out some time to squeeze in a part-time job. We’re living in a remote-working, digital economy these days, so browse freelance job listings to use your skills and put in some work on your own schedule.
Create a Designated Savings Account
Putting money into a saving’s account is a more attractive option when you’re saving for something specific, especially if it’s something as important as your child’s college education. Instead of lumping your college saving funds in with your savings for other things, create a special savings account just for your child’s college education and encourage him or her to contribute to it regularly as well.
Reconsider Structured Settlement Payments You Receive
If you are receiving structured settlement payments from an old personal injury claim or medical malpractice case another option you have is to sell your future payments for lump sum cash. This is one way to approach a college savings plan because you can access the money whenever you need for your child’s tuition, housing, and textbooks. To learn more about this strategy, call the experts at Novation or contact us here for a free quote.
*Novation is not a financial advisor or consultant and strongly recommends that you speak to a lawyer or accountant before making any significant financial decisions.