There’s something important that young professionals often forget: it’s not just about the money that you are able to make – it’s also about the money that you are able to save. Especially being able to know how to save money for college, and the right amount. If you are making six figures a year, that kind of income can be spent fairly quickly if you live in cities with high living costs. It’s easy to see how individuals making large amounts of money are still unable to save for their financial future.
We all know that bills tend to pile up. Even though you are a student, you might have tax bills, food bills and there might be a chance that you also have credit card debt and student loan debt. You should try to start saving money as soon as possible, even if you aren’t making that much. Here are some tips to make sure you can figure out how to save money for college, and begin hitting your personal milestones.
Of course, it is easy to tell people to “spend less”, but we all know that it isn’t the most practical advice. College students often want to take advantage of their newfound freedom, which can lead to eating out at restaurants or exploring local bars near their university.
However, if you can manage to spend less money – you will feel better about the fact that you have a nest egg saved up for the future. The only way to figure out, “how much do I need for college”, is to make sure that you aren’t spending more than you are saving.
There are plenty of apps out there that can help you figure out how to save money for college, but few are as easy to use as U-Nest College Savings Plan. One of the great things about this app is that you can open up an account in several minutes.
All of the growth in your account is tax-free, which is another added incentive. It should be noted that at least $25 has to be invested every month. While you are figuring out how much to save for college, you might as well use a tool that can provide you with some tax-free growth.
Avoid High-End Brands
There are many students in college that realize that they might not be able to hang out with a crowd that spends large amounts of money every day, week, or year. Many college students are focused on wearing name-brand clothing and exploring the nightlife rather than studying and/or working. You shouldn’t be tempted to spend your extra money on certain brands just because it’s fashionable.
This advice is more applicable than you might realize. College students might choose purchasing generic toiletries or groceries in order to make sure that they have enough money to spend on the weekends, for example. It might sound like a slight change, but it can lead to thousands saved every year. Others might choose to make their own coffee rather than purchasing drinks from Starbucks several times per week. For those who are wondering about how to save money for college, this can be some actionable advice to consider.
Also make sure to be saving money wherever you can on your purchases, through cash back options. Companies like TopCashBack help you get online rebates on your purchases from over 4,000 different stores. If you don’t use it, it’s basically leaving money on the table.
Discounts Are Everywhere
There are many businesses and corporations that understand that the college demographic can be a smart one to target for many various reasons. It doesn’t matter where you attend school; there will be plenty of student discounts (both local and online). You should go out of your way to take advantage of student discounts, whether it has to do with food, books, or the local convenience store.
This is the kind of college save that doesn’t require much time and/or money. You should make sure to always keep your student ID close by, because you never know when you’ll notice the next student discount.
One of the great things about technology is that you can use tools and apps to help you live your life a certain way. For example, you might download an app to help you meditate, to increase productivity. Similarly, you might use sleep apps to figure whether you are getting enough sleep throughout the week.
Collegebacker is a free app, which is great for college students who might be on a budget. The app is a savings plan, and family/friends can even contribute through gifts.
Remain Aware Of College Perks
Many people choose their college for an array of reasons, whether it has to do with the city, their major, or its networking opportunities. Other high school students choose colleges because they visit their campus and become fans of the local community. Your campus can also help you save significant amounts of money. It’s the kind of college save that can help you save thousands of dollars in the long-term.
For example, if there’s a gym on your campus: it might be worth it to use that gym instead of spending money on a gym membership. Your cafeteria can also help you save money, since you won’t be eating out. Your university might also provide free entertainment from time to time, and it may range from a concert, to a comedy show, to a sporting event. If you are concerned about how much to save for college, attending free shows around campus is a great way to make sure your bank account remains positive.
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