As the parent of a high school sophomore, you may be thinking about your child’s future and, more specifically, college. Apart from meeting the academic prerequisites, your child also needs a healthy cash reserve to ensure that they will be able to pay for everything they need, including accommodation and textbooks. If you yourself would like to go to college, keep reading. Today, we’ll be taking a look at 5 ways you can start saving up for college.
Draw up a Budget
The first thing you should do when launching a money-saving strategy is to create a budget. This is nothing more than a plan to ensure that you meet your goals and that you will have enough money saved up within a year or two. When creating a budget, you will be able to recognize and address problem areas that can be limiting to your savings. When your household or lifestyle expense are taken into account and reduced, you can move forward with additional money-saving strategies to grow your savings account.
Cancel Your Cable Subscription
Your cable subscription fee is a large and unnecessary expense. Canceling your cable subscription does not mean that you have to go without home entertainment, however. On-demand streaming services like Netflix or Hulu can provide you with high-quality content that you can choose from. One of the best ways to access these services with an Amazon Fire TV. Visit Troypoint to learn more about these streaming devices and their installations.
Make Your Food Yourself
One of the most effective ways to save money is by preparing your food at home rather than eating out or buying takeaways. By searching for the most affordable recipes and planning your grocery shopping lists, you are able to adopt more healthy habits while saving money. This doesn’t only apply to dinner but also lunch the next day. Buying food during your lunch hour can amount to a lot of unnecessary costs.
Automate Your Savings
If you struggle with disciplined saving habits, it may be a good idea to automate your savings. By scheduling payments from your transaction account to your savings account as soon as you received your income, you may be able to remove the temptation of spending your savings. Also, make your savings account as inaccessible as possible. A 30-day notice withdrawal period, for example, will prevent you from spending impulsively. You can also throw your savings account card into a bucket of water and then put it in the freezer so you can’t get to your card easily.
Cancel Your Gym Membership
Gym memberships are typically expensive, especially if you never go to the gym. Buying home exercise equipment and canceling your gym membership may seem like a large expense, but it can save you a lot of money in the long-run. If you are serious about exercise or a professional sportsperson, make sure that you are not paying too much by shopping around for the most affordable membership.
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