College Savings Plan

Answer 1

College Savings Plan

Saving for your children's education requires a long-term plan. And, like saving for retirement, the earlier you start your plan the better. Use this calculator to help develop or fine-tune your education savings plan. Click the "View Report" button for a detailed look at the results.

Answer 2

The inflated cost of living has everyone worrying about his or her tomorrow. Students are not immune to having their futures rerouted, rather temporarily or permanently, due to economic crisis. A grounded classmen realizes that it is up to them not to let their dreams of a comfortable living fall into deferment because of financial ruin. Tucking away money for life’s little and big things is doable in every sense without driving yourself crazy in the meantime.

Open a Saving Account

The first way to save up for the future while in college is by opening an account. Banks offer a variety of saving accounts from basic to those with extra bonuses. The best advice here is to select one that has the highest earning rate. Saving in itself is great but earning, and at a higher yielding rate, on the money you square away is what you want to do. Although you want to keep something for the future, you can use your savings for more present expenses such as tuition. Money paid to you on your summer job or internship are a great source of a first deposit. Create goals for what you want to build up over a set period. Divide the amount needed by the time you have to acquire the funds and have the money transferred into the account on an automatic, routine basis. By laying aside cash in this manner your nest egg will be as large as required in no time flat.

Bank Your Money at Home

Piggy banks were all the rage in grade school and they still are popular in most homes and dorms today. If you spend cash often then you know how easy it is to accumulate a nice chunk of loose change at the end of a day of many purchases. Depending on your aspirations, take an old water jug, coffee can, or an actually little piggy to store your coins and bills, but choose a container that you can grow into. The key to making this work is not depleting the bank before meeting your goal. If you feel that you cannot maintain without breaking in every now and again, create a separate bank for petty cash to keep you in money for your “now” purchases. Every penny counts towards a decent total by graduation.

Dollar for Dollar Savings

Here is a trick: for every dollar that you spend, put aside a dollar. Spending to save makes you more conscious of everything going out of your wallet and you end up happier about economizing knowing that you are doing so with every transaction. If you spend $55.74 tomorrow, set aside the matching whole dollar amount. No longer will you feel guilty about a day of splurging. Instead, you will feel more confident about building your assets for the future. Learn this mantra: Expend more, preserve more.

Blowing all of your money and worrying about what you will have to live off or having to make big changes in your life once school is over is a total fail on all accords. Be a mature student and put back for a rainy day, or a month of rainy days. You will thank yourself later.