Every student dreams of a college life. It is the phase of student’s life where they aspire to find a meaning of their life. For parents, college life demands financial challenges as students have to cope with issues of paying college fees, loans and accommodation costs.
This is why we encourage the parents to think of financial management of their children and start planning ahead and saving up for their advanced studies. Speaking of financial management, this article offers some good solutions for monetary problems for college expenses of your kid. Take heed of the following tips and you’ll have enough for the future of your child.
- 529 Plan
Families looking to start saving up should look to the 529 college saving plan. This is where parents can use to meet the costs of all renowned colleges around the nation.
Any college you select will have no effect on the 529 plan. There will be special tax benefits to you. Once you invest in after-tax money, you can withdraw the funds tax-free to pay for your tuition and books.
- Open up a savings account
The most basic thing of all to do is to open up a savings account. The sooner parents start cracking at this the better it will be for their kids. In the end, how much you save doesn’t really matter as long as you have procured enough for your child.
- Student Jobs
Normally putting job ahead of studies or extracurricular activities is a bad idea, but if there’s no idea choice, then there is no reason not to opt for this. Some states give you as many as three or four years of time to work up your savings. Since it is not wise to do this during high school, we would suggest that you pick this up in summer.
Working full-time which is for two months will let you earn over $2,320 before taxes. If you do this for three summers, you can earn up to $7,000. That is quite the sum for a teenager. But you can only get that if you pour your heart and soul into this. Also, you can get quite the heck of an experience bonus for your resume.
- Utilize credit card points
Credit cards are pretty risky to carry around. But they make for it when used right. For example, you can earn points of rebate and airline mileage to help with college funding. Every time you use your card, you earn points for the dollars you use up with the card. In exchange for these points, you can earn cash. It will be even better if you had a business card for this.
- Look for scholarships
If you thought you’d have to wait till college to apply for a scholarship, you were wrong. There are a good number of programs that offer scholarships to students who are lower than high school. You can look for the best programs for high school juniors and seniors.
- Try a bursary
If you are finding it real hard to earn the funds for college, then try a bursary. These are monetary awards given to families who are having serious money issues. In exchange for this, the customer would have to work at the institution for the same period as the bursary.
- Sell your products online
It’s time to get creative and raise some green. There are websites such as Zazzle that allow you to make your own products and then sell them off online. The site gives you a percentage of the money you earn from selling those products.
We hope that this is more than enough to help families be more financially vigilant in doing the best for their wards’ education.
Author bio: Katey Martin works as a financial consultant for Assignment help Deal. Being a financial advisor, he takes help of blogging to share her insights into the financial issues of students and offers solutions to overcome them. You can interact with her via Facebook, Twitter and Google Plus.
