How to Wisely Save Money for College

We are living in a time of financial concerns are swarming all around us. Corporations are laying off thousands of employees. While banks are not lending money as easily as they use to. Now is the time to get your financial house in order.  Do you have a written down financial budget plan for your family? Do you know where all of your money is going?  We are almost six months into 2017 and now is a great time to plan your budget and follow your plan. If you are focused you can actually save thousands of dollars.

A smart financial plan begins with your own research and study of your financial circumstances.  If you have not heard from your retirement company give them a call. You want to maximize the amount of information that you use to make good financial decisions. Don’t feel pressured to move money around or to take your money out of the bank and hide it. Remember your money is insured up to $250,000 for each bank where your money is deposited. It is still a good idea to have a conversation with the bank manager about your money. Get everything in writing so that you know what your bank will and will not do regarding their fees.

This is one time when procrastinating does not work in your favor.  Every day you could be losing money that you could be saving for college.  It’s time to have a plan of action that you will follow. Attend a financial planning workshops at your job. Consider the time that you are attending the workshop and investment in your future. Prepare a few questions prior to the financial planning meeting. Ask if there is a financial planning website that you can review.

Most adults have never attended any type of money management class.  They do what their parents did with their money. Their bills were continuously behind and the house was loaded up with the things that they wanted but did not need. When a person who freely spends marries a thrifty person there can be conflicts over money. This type of conflict can strain any relationship.  In fact financial management issues are one of the primary reasons that married couples break up.  Agreeing to manage your money with some flexibility must be a priority. Each single person and married couple should have a financial plan.

One of the effective things that you can do at this time is cut back on unnecessary expenses.  Eliminating fast food from your diet may be one way to save money and to shed some weight. You can add this money to your college fund.  If you decide to make this change you will improve your health and financial situation at the same time.  If you go to Dunkin Donuts in the morning, McDonald’s during the afternoon and to a restaurant at night you can easily spend $50.00 a day and by doing this several times each week you will spend hundreds of dollars. Taking control of your budget means looking at every aspect of your life and considering the changes you must make.

Your goal should be to pay off bills and cut up all credit cards. Did you know that if you are late paying one bill your interest rate on other credit cards can go up?  Paying your bills on time is an important habit. When possible pay a little more money on each bill.  Get a copy of your credit report and eliminate any statements that are not true. Remember that banks and credit unions will look at your credit report score when you want to make a loan or ask for a line of credit. Manage your money by putting yourself in a position to pay off your financial obligations.

We each have a free will to choose how to manage our individual budget. Learn to be content with what you have rather than letting your friend influence your buying decisions.  Purchasing a $1,500 flat screen television may not be in your budget. Remember you can enjoy freedom when you manage your money and you can still pay for college.  During 2017 let your financial plan guide you to save thousands of dollars that you have never saved before.  Dr. Stephen Jones is author of the “Ultimate Scholarship Guide.” Reduce your student’s college expenses by getting a copy at http://www.DrStephenJones.net.