It’s true that student loans are easily available in the US, which seemingly gives many people a chance to get a degree. However, with the student debt reaching $1.5 trillion in 2018, even the Forbes calls the situation a disaster. If you want your kids to go to college, relying on those loans is a bad idea. This means you should start building a college fund as early as possible. A few simple saving strategies will help you fill it up.
4 Simple Money Saving Tips to Help Your Family Build a College Fund
1. Get better at planning your meals
One of your largest monthly expenses is sure to be groceries. However, you can’t cut down the quality of the food you consume as this will affect your family’s health. Therefore, you simply need to plan your meals in a more efficient way.
Study special offers in the nearby stores and buy whatever you can in bulk. Create a weekly menu based on this product to ensure maximum savings. You should also master meal prep tricks if you are busy and can’t spare much time on cooking. With dishes that can be prepared in minutes, your need for takeout will decrease, which means more savings in the long term.
2. Switch to alternative banking options
Get a better deal on credit cards using an online credit union instead of a bank. Many of these creditors offer additional e-services that make using your credit cards easier, like a quick gold card plus login for Visa and online banking. But most importantly, these credit card providers usually have much better rates and good cash rewards. Those are the things that will help you save extra money.
You should also look into ways to consolidate your debt (if you have any) and restructure it to reduce monthly payments. Note that in order to give your kid a good chance at education, you should put at least $50 a week into their college fund account. And start doing this since the day they are born. That won’t be easy, so cutting your monthly expenses even a little will help to achieve the ultimate goal. Choosing the right type of college savings account will also matter, so research them thoroughly.
3. Make your family celebrations simple
Birthdays, anniversaries, and other celebrations your family has should be simple but memorable. Instead of hiring some expensive venue with catering, teach your kids to party at home surrounded by friends and loved ones.
This might not be very fancy, but the savings are worth it as your children’s education takes priority. You can make these events much more fun by turning the preparation period into a play for kids. Make the decorations and cook together as this will not only save you money but also be an excellent bonding experience.
4. Buy pre-owned
Craigslist is the best friend of any sensible and frugal parent. So are garage sales and pre-owned stores. You can also find plenty of such products online. You can find a variety of excellent products in those places and save a lot of money compared to buying brand new things.
Always look for a bargain if you are trying to save money without lowering your quality of life. The Internet offers dozens of opportunities, so look up sales and discounts of any kind. Be sure to subscribe to the stores and online marketplaces you use often so you don’t miss a good deal.
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