How to Budget for Your College Education

While it might seem like going to college after high school graduation is something everyone does, it is a privilege for many people, and taking ownership of your future education can be a good thing. While you may still be in high school now, it is never too early to start budgeting for college expenses. Building a savings fund can make your college years easier. There are several ways to start budgeting for school right now.

Research and Apply for Scholarships

Scholarships are free money you won’t have to pay back later, so it makes sense to apply for as many as you can. If you are good in a certain area, you might be able to get a scholarship based on that. There are scholarships for academics, athletics, and other extracurricular school activities. Even if you only get a few small ones, they can add up. Because of the volume of available scholarships, it can feel overwhelming to filter through all of them. Luckily, you can easily search for ones you are eligible for with Going Merry college scholarships and ease the financial burden of college tuition.

Take the Right Classes in School

One option is to take advanced placement classes while you are in high school. These classes allow you to gain college credit before you graduate high school. Each time you take an advanced placement class, you will have one less class to take during college, and this can reduce how much you need to spend on your college education. If you have access to a guidance counselor at your school, they can help you decide if this is the right option for you and how many advanced placement classes you should take each school year.

Focus on Saving Money

You don’t have to have a huge income to make the right financial decisions and maintain a point of saving money. You could set a portion of your allowance and any monetary holiday or birthday gifts aside. Putting it in a dedicated college savings account will reduce the temptation to spend it on other things. You can still spend part of it on yourself to reward yourself, but consider saving the majority. A savings account can help you keep your money safe and may allow you to earn a bit of interest.

Many banks even have special accounts you can set up to save for college. You may not have to maintain a minimum balance or pay monthly maintenance fees. If you are not yet 18, you will need a parent or legal guardian to be a joint account owner and sign for you. Taking on a job during the summer or holidays can help you fund your savings account. It also gives you work experience that you can put on a resume. Even if you are not yet old enough to get a job with a company, you may still be able to get some cash by helping neighbors or friends with chores around the house or yard. If you are entrepreneurial, you could also sell things you make.

 

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