The student's guide to saving for college

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Saving money can be tough at the best of times – but it’s particularly challenging for young people who have hopes of attending college one day. Much like most things in life, paying for school can take a big toll on your wallet. 

Tuition fees aren’t cheap in any country, and finding the money to pay for your education has become tougher than ever. With prices rising all the time, students might not know how to begin going about saving. 

Today, we’re going to discuss some of the best steps to take to make college that little bit less intimidating of a price tag. From part-time jobs to financial courses, here is some of the best advice for would-be future scholars. 

Work while you are in school 
Would it shock you to learn that as many as 43% of full-time US students are employed in some capacity while they study? While college has stereotypically become associated with partying and self-exploration, more people are choosing to balance their play with work. 

This doesn’t have to consume too much of your time. Take a couple of evening shifts a week if that’s all you feel comfortable doing. College jobs are most often a good way to subsidise your expenses, rather than CV-builders for your future career. If you can find something which is professionally relevant, even better. 

Put aside what you can afford each month 
If you already receive an income – be it an allowance, a wage, any kind of government support, or whatever else – try to put a small percentage of this aside every month into some kind of savings account. 

While this is unlikely to outright pay for your courses, it will at least make footing the cost of college a little bit easier down the line. Every little helps. 


Take a financial literacy course 
We’re taught a lot of valuable stuff at school. But how many of us can say that we came away really understanding how to manage our money? One of the biggest stumbling blocks for young people in saving for college expenses is a basic lack of core knowledge. 

Thankfully, there are plenty of financial literacy courses available for anyone looking to develop their knowledge and understanding of how to properly look after and manage their bank accounts. This valuable skill is something which should never be overlooked. 


Create a budget 
If you find it hard to balance your social life, dinner plans, and course expenses, think about creating a dedicated budget. Better Money Habits highlight the best way to do this. They suggest advice like: 

• Tracking your overall spending 
• Setting yourself realistic saving goals 
• Regularly adjusting spending to stay on budget 
• Reviewing your budget at least once a month, if not weekly 

The key here is to make your saving goals are healthy enough to support your dreams of affording a place at college. 

Do you feel better equipped financially for your time in higher education? Follow this advice to set yourself up for an easier time while learning.