5 Easy Ways to Save Money for College
Learn how to save money for ever-increasing college tuition. Some ideas include getting excellent grades in high school and getting a part-time job.
College tuition is higher than ever before, and it is a daunting task to begin saving money for college. No matter your age, it is never too late to think about college and to start saving some money for a secondary education. Simply follow these 5 easy ways to save some extra money for a university education.
1) Get Good Grades
Surprised to see this as number one on the list? I truly believe that getting excellent grades in high school is the easiest way to save money for college. Good grades in high school lead to scholarships. It is as simple as that. If you have an excellent GPA and competitive standardized test scores, you should have no issue receiving at least a partial scholarship. Many universities have Academic scholarships based off grades, so focus on school and it will literally pay off.
Getting straight A's in high school allowed me to be competitive for an academic scholarship, and I was blessed to receive one. Many scholarships will not pay for room and board, so even if you have a full-ride, be sure to take room and board into consideration.
2) Get a Part-time Job
While academics is the first priority in high school, it is not unreasonable to find a part time job. Part time jobs are a great source of a little side income and will help you develop a strong work ethic. Not only that, but it is likely that you will be able to develop better social skills and mature more as a person overall. Remember to not let a part time job interfere with school. Working an extra 10 hours a week at minimum wage is not more important than ensuring you get amazing grades. Would you rather have an extra $250 a month in high school or an extra $10,000 a year in college?
3) Watch Your Spending Habits
If you are a high school student, especially a student with a part time job, chances are you have at least a little cash. Chances are you also spend some of that cash. If you are spending it, what are you spending it on? Are you spending on things that are not needed? Is junk food, energy drinks, or that 5th pair of shoes worth it? Keep in mind the end goal of saving for college and watch what you buy.
4) Open a Savings Account that Earns Interest
When you start accumulating money, be sure to open a savings account and keep your money there. By doing so, you will earn a small percentage of interest. The amount is generally quite meager, but it is still better than nothing. If you are a little risky, look into a way to invest the money (keeping in mind that you will need the money for college). Certificate of deposits are very low risk investments while stocks are higher risk. If your money isn't working for you then it's probably working against you.
5) Keep a Long-Term Outlook
In high school, it is so easy to live from day-to-day without thinking about long term goals. Remember that college is coming up and that it is so important to be saving as much as possible. If you are like many individuals and will be paying for college yourself, remember that college is worth the hard work in the end.
A college education is a fantastic privilege and should not be taken for granted. Many people would do anything for such an education and if you are capable of saving to pay for college, then do it. You will not regret it one bit. I promise.