Leah Kelvin
Active member
To ease the burden of tuition and other costs, saving for college is a good financial decision. College saving means a lot and so what can one do to save?
1. Establish Objective: The amount of money you would like to save for college and when you’d like to reach that goal must be determined. This will help keep you focused and motivated.
2. Make a Spending Plan: Your present earnings as well as costs should be analyzed, in order to have a plan that sets aside some part of your salary towards college savings.Look at places where you can cut down on expenditure and direct these resources towards the savings intended for your tertiary education.
3. Open a Dedicated Savings Account: For your college savings, open another saving account only dedicated towards this purpose.This will help monitor progress and prevent diversion for other uses.
4. Use Tax-advantaged Accounts: You could go in for tax-advantaged accounts such as 529 plans or Coverdell Education Savings Accounts (ESA).The accounts are advantageous as far as tax goes besides they are capable of making your savings grow faster.
5. Automate Saving Money: In order not to forget, arrange regular transfers from your current account into the account earmarked for saving up for one’s studies.Just fix an amount that is automatically transferred from one bank account into another every month without even thinking about it.
6. Seek out Scholarships & Grants: It is essential that parents encourage their children
1. Establish Objective: The amount of money you would like to save for college and when you’d like to reach that goal must be determined. This will help keep you focused and motivated.
2. Make a Spending Plan: Your present earnings as well as costs should be analyzed, in order to have a plan that sets aside some part of your salary towards college savings.Look at places where you can cut down on expenditure and direct these resources towards the savings intended for your tertiary education.
3. Open a Dedicated Savings Account: For your college savings, open another saving account only dedicated towards this purpose.This will help monitor progress and prevent diversion for other uses.
4. Use Tax-advantaged Accounts: You could go in for tax-advantaged accounts such as 529 plans or Coverdell Education Savings Accounts (ESA).The accounts are advantageous as far as tax goes besides they are capable of making your savings grow faster.
5. Automate Saving Money: In order not to forget, arrange regular transfers from your current account into the account earmarked for saving up for one’s studies.Just fix an amount that is automatically transferred from one bank account into another every month without even thinking about it.
6. Seek out Scholarships & Grants: It is essential that parents encourage their children
