Have you started saving for college? Whether for yourself or your kids? Are you squirreling away savings when you can? While many families have a hard time finding savings to set aside for college, many are more perplexed about how to go about it.
At the U.Fund Dreams Tour sponsored by Fidelity and MEFA (The Massachusetts Education Financing Authority) here in Massachusetts (you can read more about it here), the focus is on dreaming about your future or the future for your children. What do your kids say they want to be when they grow up and how many years of schooling will it take to get there?
There are two things to focus on when saving: (1) ways to save and (2) where to save.
Here are three simple things you can do to save for college.
1. Use coupons for groceries, beauty supplies, clothes, etc. Take the difference between the price of the item and the savings from the coupon (usually found on the bottom receipt!) and bank those savings.
2. Shop sales. Note the original price of a sweater or appliance and the sale price. Similarly with coupons, deposit those savings.
3. Find a credit card that gives you cash back to a college 529 plan. Every time you use the credit card for gas or doctor visits, a % of money goes directly into a college savings plan.
Now that you have savings to bank, where is the best place to put it? One place to consider is your state’s 529 plan. Watch this video to see why!
So start thinking about what little habits you can change to start saving for college and look into the U.Fund! You can find out more information here about how to start. It’s easier than you think!
And some wisdom from Yoda – as I am sure he was really referring to saving for college, right?
All opinions are my own. Yoda ©LucasFilms. Gif via GIPHY.com