Summary: There is no denying that college is very expensive, but it is the most worthwhile investment you should make. How to save money to pay for college? How to live cheaply when you study in college? Here's a list of tips for you to save money for college.
1. Save Money ASAP
We go to college after high school – it is not a secret. So why not start saving right now? The sooner you begin to save money, the more you will have. There is no simpler theory than that.
If you save $30 a week, which is what you may spend on a fancy meal or a movie, you can save up to $1560 a year or $6240 in 4 years!
2. Save More With a 529 Account
To open a 529 account will definitely put away a certain amount of money. The 529 saving account means that it works in 529 colleges and the interest is tax-free. In addition, there is no penalty when you withdraw to pay for school expenses, such as tuition fee and textbooks.
The only disadvantage of it is that you have to start off with a certain amount of money. Though you have to contribute a monthly minimum deposit, it is sometimes as low as 50 dollars only.
3. Pre-Pay to Save Tuition
In some state, the government offers residents an education trust account, just like the 529 account mentioned above. You have to pay a big initial deposit and monthly minimum deposits, while the interest is completely tax-free. The fact will wow you is – the moment you open the account, you just pay a fixed amount of tuition fee every year no matter how much it has increased, even you are going to college in 5 or 10 years! Really a WOW!
4. Buy Second-Hand Books
After you have paid for tuition, you won't have much for everything else, let's say textbooks. Buying textbooks on campus or on Amazon will save you 90 – 20 percent.
For example, a Business Management will cost you $200, but a used copy is about $150. At Amazon, it may be as low as $100.
Buying used textbooks will definitely save you a lot, and you may still sell your book at the end of the term and even get a good price!
5. Live in the Dorm
If you live too far away from your college or university, it is cheaper to live in a dorm rather than an apartment.
The dorm provides everything you need, such as water, electrics, meal and other utilities and money for transportation or car maintenance will be saved.
Taking into consideration of these, the rate for dorm ($150) is really reasonable, isn't it?
Now you have all the secrets, it is time to get started to save money for college. What tips can you share about saving for college? Please let us know…
