5 Ways to Save Money for College

 

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Saving money for school is getting more and more difficult as the prices of school tuition get higher and higher. While some students are given a free ride with an academic or athletic scholarship, others rely on their parents or grandparents to pay for school.

For the rest, it is becoming a common occurrence for students to live at home with their parents for the first year while living frugally and trying to save up for the following semesters. While these students may save a lot of money, it is still possible to get private alternative loans to help cover the expense. Here are five ways to frugally save money for school and contribute to paying for room and board, books and tuition.

1. Save change in a bucket at the finish of each day. Never take it out to spend. Roll the coins periodically with free wrappers from the bank. Do not use a coin conversion machine. It removes a small percentage. Every coin counts.

2. Enroll in a 529 tax deferment plan. The student may be able to shop at certain stores and use their coupons to save money. A percentage of the money will go into a college savings account.

3. Pick up a part-time job. Any earnings will be directly deposited into an individual bank account used only for school. If the student already has one, this could be a second income set aside only for higher learning.

4. Spend less money on fun activities. Rather than going out bowling or to a movie, go to a free concert at the local park or go for a bike ride. Rather than going out with friends, invite them over instead.

5. Use coupons. Clip or download coupons on food, auto repair, and restaurants. Do not spend more money to save more, simply spend less. Using coupons to save money on clothes such as stores like even Jet.com can be of great deal and also using coupons for stores like Target.com; You can save a lot of money.

Those looking to increase their financial well-being and savings should check out these money saving tips.

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2 thoughts on “5 Ways to Save Money for College”

  1. Most of the money we spend in our college time. It is always better to have an habit of savings. These are great tips. Students can also use student passes or their college identity cards to get rebate on different places. They can also save their money in bank account where they can get interest on their savings.

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