How To Start Saving For Your Kid’s Education
Even though you kids might be in pre-school now, before you know it they will be teenagers and want to go to college. As their parents you naturally want your child to get a fantastic education that will get them a job they love. But with tuition fees continuing to rise, this is an expensive ambition to have. If you have a tight budget, it can be difficult to see just how you are going to afford it. This can leave both you and your child feeling disappointed. However, there are simple things you can start today that can help you raise the funds you need in future. Take a look at the following suggestions to find out how.
Lower your household expenses
A great way of saving money for a college fund is by lowering your monthly household expenses. While you might think this is impossible, you’d be surprised just how easy and effective this can be. You could find info online about switching energy providers to lower the cost of running your home. You can stop ordering weekly takeaways and shop in cheaper grocery stores. Cancelling unwanted subscriptions and memberships could be another option. These small changes can make a big difference and help get your kid’s college fund off to a fantastic start. Look online to discover other methods you could try.
Start a side business
Another way to start saving for your kid’s college fund is by starting a side business. This could give you additional money each month that is solely for your child’s education. You can run your side business in your spare time, and the profits you make can be put straight into a 529 college plan. You could start a dog walking business or offer your services as a house sitter. Blogging, Ebay selling, and jewelry making could also be profitable options. Think about your skills and interest and see if you could turn them into a side business idea. Alternatively, do a Google search to find out what side businesses other parents are running, but overall this is a great opportunity to show your child the benefits of self learning.
Ask your kids to help
If you’re kids are old enough to get a job, why not ask them to help you raise the funds. It is for their education after all. You can help them find a suitable job then encourage them to contribute a percentage of their wages into the fund. This will not only teach them about the importance of saving money but will motivate them to work harder. Start looking in your local newspapers, in shop windows and online for age-appropriate jobs they could do. You could also help them fill in the application form and take them to the interview. Their contribution into the fund might only be small but it’s important to remember that every little helps.
With these ideas to help you, starting your kid’s college fund will be a breeze. Even if you are only able to put in a small amount each month, this will quickly add up. So start saving today and help give your child the college education they deserve.