College is getting more expensive by the year. Not only are tuition costs increasing at most colleges, but the costs of books are increasing as well. In fact, the average cost of a new college book is around $100. Any students who are living on campus will be paying for their room and food costs too. It is no wonder why most students leave college owing between $50,000 to $100,000. Wouldn’t it be nice to have some money saved so you can be ready for all these expenses? That way, you won’t owe as much money and interest on your student loans after you graduate.
Below is a list of tips that can help you save money for college.
1) Work a Job After School
When you are in high school, consider getting a part-time job so you can earn and save money. Since you are living with your parents or guardians, you are likely not having to pay rent or any bills at all. This gives you the perfect opportunity to save up all the money that you earn from your job and then spend it on college later.
2) College Savings Account
There are special college savings accounts, like the 529 plan, which allows you to deposit your earnings into the account. Once you do this, those earnings will not be subjected to federal or state income taxes. The only stipulation is that this money must be used to pay for higher education expenses, such as tuition, books, administrative fees, and room and board. You cannot use this as a federal tax deduction, although there are some states which let you use it for state deductions.
3) Don’t Buy a Car
Teenagers love the feeling of turning 16 years old and going out to purchase their first car. The only problem is they are not making much money, so most of their earnings will be going toward their monthly car payment and insurance premium on the car. This is a waste of money because you don’t really need a car when you are a teenager. You can still take the bus to go to school and you can just borrow your parent’s or friend’s car to get to work. If you live close to your employer, you can ride a bike there. So, by not purchasing a car, you will be able to save all your earnings rather than spend it on car and insurance payments.
There you have it – (3) ways to save money for college. One last word of advice. Don’t wait until your senior year to start saving. If you are serious about going to college then you should start planning as early into your high school years as possible.
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