Feb 12
21
Saving for college is a challenge for most people as is saving money while attending school.With tuition fees, book expenses and student fees increasing every year, finding a way to budget for post secondary education can be a daunting task.
Add miscellaneous expenses such as food and transit to the equation and it is easy to see how saving money can be overwhelming.
But it can be done, all it takes is planning. And the sooner you start the process, the better.
Looking for Funds
There are a plethora of scholarships and government grants available and all it takes is research to see what you are qualified for and time to apply for each one available.
Talking with a guidance counselor can also provide information on Government credit programs that may be available.
Most colleges provide financial aid programs as do financial institutions, however check to see where you will get the most value for the least amount of interest.
Budgeting 101
While attending college there are many strategies that when put into play can help save money in the long run.
Attending college from home can save a substantial amount of cash. If that is not an option then find an apartment near the campus and share your expenses with another student if possible. Avoiding extra transportation costs can make a big difference in your budget.
Buy second hand text books and equipment whenever possible. Check bulletin boards for what people are selling and pass the word on which classes you are taking and what you are looking for.
Many stores cater to students so be sure to inquire if there are discounts available. There will also be discounts on local and long distance travel as a student so use your ID card often.
Pay with cash or debit whenever possible and check with your financial institution for students benefits. Often bank fees are waived while students are in school.
Make a long term and a short term budget. Determine the amount of money you need per semester then budget what you need weekly and then daily. Stick to it and if need be, ask a friend or relative to help you manage your funds and keep you on track.
Get a part time job if you can. If you have the time to squeeze in an extra shift when not in school you can earn extra pocket money for either school supplies or recreational activities.
The Bottom Line
Learning how to budget and save money has to begin early and teaching your children how to plan for their education is a gift that will take them far. With the changes in the economy and the funding available, there is no better time to learn where you can save a few dollars and plan accordingly.
Got a burning question about college and how to save money? Grandpa Gord and Grandma Gertie put a sensible spin on expert advice, with a little humor thrown into the mix. We cover topics ranging from pets to parenting, careers to hobbies, relationships to lifestyle, finances to food, and everything in between. Visit us at http://sensibleguides.com/ for some simple and straight from the hip advice from people who’ve been around the block a few times.
