09 Apr 10 Ways To Frugally Save Money For College Tuition
Saving money for college is getting more and more difficult as the prices of college tuition get higher and higher. While some students are given a free ride with an academic or athletic scholarship, others rely on their parents or grandparents to pay for college. For the rest, it is becoming a common occurrence for students to live at home with their parents for the first year while living frugally and trying to save up for the following semesters. While these students may save a lot of money, it is still possible to get private alternative loans to help cover the expense. Here are 10 ways to frugally save money for school and help to pay for room and board, books and tuition.
1. Save change in a bucket at the end of each day. Never take it out to spend. Roll the coins periodically with free wrappers from the bank. Do not use a coin conversion machine. It removes a small percentage. Every coin counts.
2. Enroll in a 529 tax deferment plan. The student may be able to shop at certain stores and use their coupons to save money. A percentage of the money will go into a college savings account.
3. Pick up a part-time job. Any earnings will be directly deposited into a special bank account used only for school. If the student already has one, this could be a second income set aside only for higher learning.
4. Spend less money on fun activities. Rather than going out bowling or to a movie, go to a free concert at the local park or go for a bike ride. Rather than going out with friends, invite them over instead.
5. Use coupons. Clip or download coupons on food, auto repair and restaurants. Do not spend more money to save more, simply spend less.
6. Remove a set amount of money from each paycheck. Have it direct-deposited into a special account. Some financial institutions offer college savings accounts.
7. Request money for college for birthdays and holiday gifts.
8. Hold a zero balance on all credit cards at the end of every month. Interest is not usually charged when the balance is paid in full.
9. Brew coffee at home. Buy a pound of coffee and package of coffee filters for the same price as two or three gourmet coffee sop lattes.
10. Refrain from eating meals out. Pack a bag lunch when possible and do not buy extras when eating in a restaurant.