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Saving For College As A Youth

Don’t take on “impossibly huge” saving goals. Instead, plan on saving one-third of the college cost beforehand, advises Robert Franck, chief college expert at the Princeton Review, the well-known college advisory service.

Author Mark Kantrowitz, creator of the widely acclaimed FinAid.org Web site, interprets the one third rule this way: “You should expect to save one-third of the anticipated college costs, pay one-third from current income and financial aid during the college years.

And then you should borrow one-third using a combination of parent and student loans.” Financial advisers also suggest that kids contribute, saving large monetary gifts or a portion of their earnings from part-time jobs.

When your child is in the ninth or 10th grade, sit down for a talk about college and the financial picture. Students need to understand what it takes to get them through college.

Seek financial aid, scholarships, grants or other assistance, but don’t over estimate what you’ll get. The good news is that more than half of all students receive some kind of financial aid according to the College Board.

All aid and scholarship options should be researched and pursued if appropriate, the experts say, but parents should not assume that this aid will be easily available.

To sum it up: one third saved before college, one third from current income and financial aid, and one third from parent and student loans.

Saving For College Now You Are There

The best way to budget money is to try and figure out how much money you have for the school year (estimate), and divide it by the number of weeks you will be in school for the year, or you could even divide it by semester or quarters.

This is the more precise way to budget money. Then make a list of everything you spend money on for the first month. From there you will have more of a blueprint of how you want to develop and set aside monthly funds.

The biggest tip to earn money to be able to work with and budget is to work, work, work, during summer vacation and breaks from school! Save most of the money you make, and then when the school year starts you will know where the monthly money goes with your previous made budget.

You may not even need to have a job during the school year if you make enough money in the summer to budget out and support all of your monetary needs.

Overall, figure out where you will be getting money from each month, or in some cases every semester or quarter, and disburse it accordingly. For example, some students get money from financial aid, parents, jobs and loans. The first year is the most challenging.

Think of everything you will need to pay for, from insurance and school bills, to cell phone bills and groceries. Once you can see everything on paper, you will be able to figure out if the money you have to work with every month will be enough for you to survive on.

Each month becomes easier for you to know exactly how much money is needed to set aside due to the draft or budget you have kept prior.