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How to Save Money While Preparing Your Child for College

How to Save Money While Preparing Your Child for College
Posted By: Brooke Chaplan on December 02, 2022

It's no secret that education is a valuable asset. However, college tuition is currently at an all-time high. While the price is high, there are ways to save and prepare your child for their collegiate experience. Consider the following ways to get started.

1.Scholarship Applications


Scholarship money is out there. The key is to become diligent in applying for it. Consider developing a habit of sitting down with your child to apply for college scholarships each week. There are websites solely dedicated to scholarship information and various organizations that offer free money. Plus, when your child has excellent grades, it's even easier to secure full rides from plenty of excellent universities.

2.Wise, Thoughtful Purchases


When you're actively working to save money, take a closer look at what you spend money on now. Consider the various ways you can cut down on your spending habits. If you and your family regularly eat out, it's time to buy groceries, create meal plans and dine in. If you're preparing to purchase a car, don't buy a brand-new car. It loses value as soon as you drive it off of the lot. Instead, buy used cars. With most used cars, it's impossible to tell that they're not brand-new anyway.



3.Payment Plans


Depending on the type of major purchases you need to make, consider looking for payment plans that allow you to get some wiggle room in your budget. Large payments tend to hit the budget in a way that feels overwhelming. With a small monthly payment, it's easier to take care of necessities as you set aside more money for school.

4.Increased Income Flow


You can't save what you don't even have to begin with. This is why when you're having the conversation about saving money, you have to really look at topics like income streams and budgeting. Once you've tightened the budget and extracted as much as you can into your savings account, it's time to look at ways you can generate more income. Whether you pick up a second job, learn how to day-trade, or turn the basement into an apartment you can rent out, find various ways to increase your income so that money can go directly into your savings account.


As you work to save money, include your child in a portion of the process. When they understand the importance of money and see how hard you worked to make sure they're in school, it'll help them gain a different level of respect for the process. When they're able to contribute to the process (getting good grades, applying for scholarships, etc.), this can help them to respect the process and remain committed to excellence once they're in school.
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