College tuitions continue to go up in cost. It is very important for parents to begin saving for their children’s college education as soon as possible. Some parents begin to save even before their child is born. Below, I have listed some tips to help you save.
· Begin saving as soon as you can. It is never too early to start saving.
· Save what you can even if it is a small amount. If you feel that you cannot afford to save, save whatever amount, no matter how small, that you can sacrifice each month.
· Set-up a saving schedule. Instead of taking random spurts of saving, save on a regular basis. Consider the savings portion as one of your monthly bills.
· Make savings come directly from your account. If possible, set-up automatic saving withdrawals from your account. If the money is taken out automatically, you will not have a chance to spend it before saving it.
· Label your money. Set a side a special portion of your savings for college. Separating the college savings from other savings makes it harder to spend the money on other things.
· Set a saving goal for yourself so that you can see progress and have something to work toward.
· Save windfalls. If you suddenly come across extra money, such as an inheritance or lottery winning, save it. Do not spend it. You were not expecting the money anyway. Pretend it never came.
· Increase the amount you save by 5% each year.
· Examine your living costs and check for anything that can be cut from your budget to allow for extra savings.
· When children are old enough to understand the concept of saving, involve them in saving for their college. Encourage good saving habits and have your child begin saving with you.
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