Get Serious About Saving for College

posted 2/4/2019 in Banking

saving for college, get ready for college, college credit classes, college finances

It’s never too early to start thinking about what your future education will entail. There are a few easy tricks that set you up for success, whether you start college in a couple months or a couple years. Saving is always the answer, no matter when you start. If you’re thinking of higher education, we have some easy advice for you and saving up.

Take AP classes or college credit in high school.

Every penny counts so when college credit is offered while you’re still in high school, take advantage of it (and do well in that class too). These credits or Advanced Placement (AP) classes will almost always transfer to your college of choice, which means you don’t have to pay for as many classes at your university. Whether you decide to graduate early or lighten your class-load, or maybe change your major, having more credits at the start will make it easier for you to stay on track for graduation.

Do well in class and join an extracurricular.

It may not sound like your typical savings strategy but doing well in school and being an involved student now will set you up for major success later. Scholarships will depend on your grades and your experiences, and good grades or athletic skill can even result in a full-ride scholarship to the school of your choice. This means you can use your savings for more important things like rent and car payments in the future. Everything is better when it’s free, so earning your education will be a sweet payoff for all your hard work in high school.

It’s time to start saving!

You may not know it now, but there are a lot of things you’re going to want when you get to college, and there are a lot of things you didn’t think about needing. Rent, groceries, and weekend activities are all going to be coming out of your pocket in the future. It will be surprising how much things like toilet paper, soap, and utilities cost when you’re paying for them for the first time. Having a little cushion in the bank will be a life-saver. Ask your parents what kind of savings you have now and compare that to the tuition of the college you want to go to, this can help you gauge what your future loans and scholarships will need to cover. If you don’t have a savings account yet, you can open one today. It’s never too late to start.

Saving for college doesn’t have to be a major struggle. By keeping these tips in mind and setting some savings goals for yourself, you’ll be better prepared for the financial responsibility that comes along with going to college.

What's the next step? Read more on Paying for College here.

Lincoln Savings Bank, Member FDIC

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