School is ending, and summer is just beginning. As amazing as taking a break from school sounds, this is the time to start thinking about how to save for the next semester of college. Whether you are an incoming freshman or senior, setting up a savings plan and making a budget will greatly benefit you during your college journey. Below, we provide you with some advice on how to save for college.
Five Ways to Save Money for College:
- Get a job. This is probably the most common way to save, and let’s be real, we all know you have to put in the work to make the money. Remeber that getting a job has a lot more advantages than just the money. It provides you with the opportunity to add experience to your resume, grow your network, and learn new skills.
- Make a Savings Goal. By making a savings goal for the summer, may bring about more determination to meet that goal. As you make money throughout the summer, track the money going into the bank, as well as the money coming out. Everyone’s saving goal is different, so pick a number that you are comfortable with but still motivates you.
- Pick up odd jobs on the side. If you live with your parents, ask them if they want you to do some chores around the house in exchange for some money. Some good examples of chores are mowing the lawn, watering the plants, cleaning the house, etc. Other odd jobs can be walking a neighbor’s dog or babysitting kids around the area. Some sources you can use to find these jobs include Care.com and Rover.com. Some people may even think of these jobs as more fun than work!
- Apply for scholarships. Oftentimes, there are multiple scholarships open throughout the school year and summer. Look on your university’s website, local businesses around the area, or search the web for other scholarships. Although filling out the forms may not sound like that much fun, who can really complain about free money?
- Set money aside each week. Pick a certain amount of money that you want to save each week. For example, let’s say you want to save $100 per week. Grab an envelope or jar, and challenge yourself to put $100 in there each week. Think about how proud you would be at the end of the summer if you did this each week, and had a sufficient amount for the sole purpose of college. Check out the app, Clarity, that actually allows you to pick a certain amount of money for a certain cause.
There are multiple ways you can save for college, but these five will be a great start. Explore one or all of these options, and next year’s tuition could be a breeze.