Children need to understand from a very young age, that college doesn’t come cheap. In order to start saving enough for a college fund to comfortably enter college later, one needs to take certain measures.to ensure that they finish college without student loan debt. Parents, too, need to have a guiding hand in their kid’s lives, so that both parties can be able to skip the worry and the anxiety that will certainly come once your teenager is ready to enter college. We have gathered some tips that we are confident that any kid wanting to go to college can use, regardless if this child is well-off or middle-class. Parents and children should take a look at these tips together, as to best to figure out the best tip to start out with.
1. Start early. If you start saving for college when your child is already in his last year of school, chances are you won’t get very far. Considering the cost of college these days, it is better to start a college fund early. Starting early doesn’t only affect financial matters drastically, but it is also good training for your child to learn the art of saving for something important. Kids should consciously be taught to put away some of the money they earn from odd jobs into something that can benefit them when they become a college student on a budget and in the future after college.
2. Practice creativity in looking for financial resources, all the money doesn’t have to come from the child or his parents. Kids can use their creativity to get other financial sources. A great way would be to request for Christmas and birthday presents in the form of contributions to a college fund. I’m pretty sure most relatives would love knowing that they are contributing to a higher and of course, noble cause.
Another option that kids can go to would be to do something that your parents or a neighbour would usually pay someone else to do. Chores include cleaning the pool, mowing the lawn, painting the house. If you can do this, they can pay you instead, and have that amount go towards your college savings.
Another way would be to try your luck in contests, especially if you have a talent, such as writing, singing or dancing. Many kids these days, who have a passion, get paid small amounts through adsense on their blogs or partnerships in youtube. Kids can explore this option too.
3. Work closely with your parents in planning out your college finances. More often than not, your parents will contribute to a significant part of your college expenses. You have to show that you are a responsible child who has serious ambitions to go to college. You may also ask them to explain their plan on how to pay for your college tuition, so you can bring up suggestions and of course, your own contributions.
Author Bio: Sam Briones is a freelance writer who covers an array of topics from finding cheap auto insurance to safety tips.
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There are kids who I guess were born to save. Most American kids just don’t give a darn about saving. They work, live with parents and spend.
For kids who are not certain about what they want to study in college, or just wanting to take it slow – I’d suggest that they get a job at the college or university that they want to go to.
Employees of a college/university often get free tuition benefits. Mine was 4 free classes per year! It’s a great way to make some money, make connections on campus and get your first year classes done for free while checking out different programs. Plus, university jobs (at least from my experience) are very well paying. White Spot employees on campus make $16/hr. Bookstore cashiers make $18/hr
It does mean the degree would take an extra year or two, but they would be earning income and getting benefits during that time.
I took advantage of my employer’s free tuition to do a second degree program in computer science. My classes were free, plus the degree “upgraded” me to a much higher paying field.
Also wanted to add: It’s not just “on campus” jobs either. My job for example, was off-campus in a university-affiliated health research center in a central location in the city.
The easiest way to do this by far is to convince your parents to start up an RESP for you. After you have maxed out the RESP then you can look at other saving avenues, but if you start saving using that plan early, and earn interest on the government’s own money, then you can pay for school simply with that money.