Celebrate College Savings Month!
Who doesn't love a celebration? Especially one helping your child's dreams for the future come true? September is College Savings Month, and we'll be marking the occasion by sharing great information and guidance throughout the month to encourage you to start saving for college now.
We'll begin today with 10 tips to kick start your college savings. Follow the suggestions below to get the ball rolling. And join us in celebrating!
- Develop a budget that includes a college savings plan.
- Use a notebook, spreadsheet, or smart phone app to track personal and household spending for a week to identify areas where you can cut spending and start saving.
- Save money on lunch. Make a double-batch of dinner & wrap up leftovers to take to work.
- Save for a short-term goal, like a family movie night. Show yourself that savings works, then aim higher.
- Put one-time bumps in income, like work bonuses, monetary gifts, and tax refunds towards college savings.
- Create a separate savings accounts for different goals, like vacation, car maintenance, new appliances, retirement, and, especially, college.
- Start saving NOW. Use time and the beauty of compound interest to your advantage.
- Set up automatic transfers to your dedicated college savings account to guarantee that you'll save on a monthly basis.
- Get the word out and let your family know that they may contribute or open a college savings plan on behalf of your child. Have your child save too!
- Don't just set it and forget it. A few times a year, review your budget and your goals to see what's working and what isn't. Try to increase the amount you're saving for college each year.
Do you have your own tips for saving? Include them in the comment section below. We love to hear new ideas from families committed to saving for their children's education!