8 Ways to Save for Your Child’s Education
One of the most important goals for parents is to find a way to help pay for their child’s education. Though most parents cannot afford to pay the entire bill, on average parents will pay about one-third of the college costs. Given there may be more than one child, this task is further complicated.
With raising tuition costs, how is a parent to come up with adequate funds for their child? I suggest that starting early is the best option so the funds have a chance to grow and time to compound. Really the most important task is to start. Yes, just to start. Too often, current situations or bills give us a reason not to start – and we procrastinate, but the best option is to commit to starting. Finding “free money” is also paramount. Free money is money that is not already committed or allocated.
Here are some suggestions on how to build savings for education:
- Set up a specific account that is separate from other money; this makes sure that that money doesn’t get mixed in with other “desired items” money.
- Put your savings in a financial institution that you rarely use or that is inconvenient to withdraw from; this will eliminate the potential of an impulse withdraw.
- Automatically deduct an amount – no matter how small – from your paycheck to ensure the account will continue to grow.
- Earmark special money, such as tax refunds, rebate checks, or bonus money, to supplement the account. Often this money is not accounted for in the household budget and can be easily saved.
- Consider a special job (freelance, part-time, etc.) where the money earned can go directly to the education savings account.
- Keep a coin jar for spare change and deposit it in the account when full.
- Consider an annual garage sale to clean out your home and earn a little extra money by selling unused or unwanted items.
- Consider kicking a bad habit and devote that money to your child’s education savings.
You would be surprised how fast money will accumulate when enacting some or all of these items in a savings plan. Most of these items are designed to not force you to change your current budget or make a big sacrifice. After money starts to accumulate, there will be a positive energy that will encourage further savings.
Check out these related insights!
CHECK OUT OTHER SAVINGS JOURNEYS FROM SAVERS JUST LIKE YOU
Taking Steps Toward Financial Fitness
By Nicky Vasquez
Nicky Vasquez learned about Virginia Saves when she attended her first class with Bank On Virginia Beach. The instructor shared how important it was to have a written savings goal, and the entire class joined Virginia Saves as the first step toward financial fitness.
Budget like Nohemi
By Nohemi
Nohemi found out about America Saves a few years ago as an undergraduate at the University of Illinois at...
The Gift of Homeownership
By Quaneka Willis
Quaneka Willis, a single mother of three children, was receiving rental assistance through the Housing Au...
Saver Story: Set a goal, make a plan!
By Shannon
We've chosen Shannon as our Saver of the Month! Her approach to saving for her family’s dream home is a g...
Saving With My Boys
By Kelly
Kelly has made saving a family effort. She started her boys saving early. “Probably 3,” Kelly told us, “w...
Saving for a Bright Future
By Kristin Hendricks
Kristin Hendricks, a single mother from Texas, understands the importance of saving money and following a tight budget. She decided to make saving money a priority when she gave birth to her son.
Coping with a Lost Job
By Aimee Shaffer
Aimee Shaffer worked as a Public Service News Director for radio for years until one day her employer dow...
A Think Like A Saver Attitude
By Melissa
Melissa has always been thrifty with a #ThinkLikeASaver attitude. This served her family well when her hu...
Saving With My Boys
By Kelly
Kelly has made saving a family effort. She started her boys saving early. “Probably 3,” Kelly told us, “w...
Put 20 Percent Away
By Melissa
“I am a single mother, and I make ends meet for me and my daughter, but I wanted to put money away for my...
A Think Like A Saver Attitude
By Melissa
Melissa has always been thrifty with a #ThinkLikeASaver attitude. This served her family well when her husband lost his job in 2014. Using their savings, Melissa’s family stayed afloat while her husband found a new job.
Jump-Starting a Financial Makeover
By Nichelle Johnson
Nichelle Johnson, a single mom with two teenage children, knows what it’s like to stretch a dollar. When she moved back to Virginia Beach in 2008, she provided for her family with just a part-time library position.
Saving is a Family Affair
By Jeff
Saving is truly a family affair for Jeff’s household. During America Saves Week 2019, he pledged to save ...
Don’t Laugh at Saving Spare Change
By Brittany
Virginia Saves saver, Brittany, decided to start saving again when she became a single mother. She thinks...
Put 20 Percent Away
By Melissa
“I am a single mother, and I make ends meet for me and my daughter, but I wanted to put money away for my...
Saving With My Boys
By Kelly
Kelly has made saving a family effort. She started her boys saving early. “Probably 3,” Kelly told us, “w...
Saving With My Boys
By Kelly
Kelly has made saving a family effort. She started her boys saving early. “Probably 3,” Kelly told us, “when I started encouraging them to save because that’s when they started receiving small bills from family on the holidays.”
Budget like Nohemi
By Nohemi
Nohemi found out about America Saves a few years ago as an undergraduate at the University of Illinois at...
Starting and Continuing a Personal Finance Journey
By Kiara Hardin
When Kiara Hardin, now a junior at Western Illinois University, became an intern with the Chicago Summer ...
Saving is a Family Affair
By Jeff
Saving is truly a family affair for Jeff’s household. During America Saves Week 2019, he pledged to save ...
Put 20 Percent Away
By Melissa
“I am a single mother, and I make ends meet for me and my daughter, but I wanted to put money away for my...
Developing a Savings "Game Plan"
By Eunice Diaz
Eunice Diaz, a teacher in Colorado Springs, had been noticing a pattern. Despite the fact that she and her husband were “making good money,” they were spending their entire earnings and “were still struggling at the end of the month.”
Inspired to Build Savings By Starting Small
By Sharon
With little-to-no money in the bank and living on a limited income with her adult daughter, Sharon wasn’t...
Taking Back Control Over Finances
By Nadine Bialo
After becoming a Virginia Saver and getting help from BankOn classes and coaching, Nadine Bialo took back...
From Overwhelmed to In Control
By Debi
In 2017 Debi felt overwhelmed. Her credit cards were maxed, and she wasn't exactly sure how to handle it....
Getting Out of Debt
By Tonya Shelton
In 2004, Tonya Shelton was facing financial ruin. Barely making more than minimum wage and having lost he...
Savings #ImSavingForSweepstakes
#ImSavingFor Winner Story
By Pedram R.
America Saves awarded one lucky saver, Pedram R. from California, $750 for sharing his #ImSavingFor story. Pedram said, “Saving is important to me because it proves I am not willing to buy unnecessary things to please others or to be perceived as successful.”
Saving is a Family Affair
By Jeff
Saving is truly a family affair for Jeff’s household. During America Saves Week 2019, he pledged to save for retirement. But making a commitment and creating a plan to save isn’t a new concept for him.
Getting Out of Debt
By Tonya Shelton
In 2004, Tonya Shelton was facing financial ruin. Barely making more than minimum wage and having lost her home to an unexpected family crisis, Shelton and her family were forced to live in a rundown hotel.
If we feature you in our newsletter, you get $50.
You May Also Be Interested In...
Take the America saves pledge
Make a pledge to yourself and create a simple savings plan that works. Complete the Pledge and America Saves will send you short email and text reminders, resources and tips to keep you on track towards your savings goal. Become part of an entire community of savers. Get started now!
creative ways to fund your savings
Some Title
Text goes here.
No Links
Those with a savings plan are twice as likely to save successfully. Taking the America Saves Pledge is a pledge to yourself to start a savings journey and America Saves is here to encourage you along the way. Take the first step toward creating a better financial future. Make a plan, set a goal, and pledge to yourself to start saving, today.
Congrats on completing the pledge!
Congrats on completing the pledge!
We are so glad you have started your savings journey and Military Saves will be right beside you the whole way! You will soon receive an email from the Military Saves team to help encourage you. Find helpful links below to continue researching topics on saving.
Take the America Saves Pledge
Make a pledge to yourself and create a simple savings plan that works.
