Saving for College

Posted By: Matt in Budget on 06/25/2014 at 06:54:43

Continuing one's education is an extremely positive and beneficial effort. However, it can be a financially stressful situation. A new student will have to support himself or herself while that person is attending classes. He or she will also have to manage his or her time in a way that allows for school attendance and wage earning efforts. With the right plan in effect, an aspiring student can save for college to make the transition easier.

Opening a Savings Account

The first step in saving for college is opening a savings account. A savings account is an account that the student will use just for putting away college money. To open a bank account, the student will need two forms of identification. He or she will also have to go through a ChexSystems verification to make sure that no poor banking history is apparent. The student should conduct research on several savings accounts before opening one. The best savings accounts offer high interest earning opportunities to account holders and minimum monthly maintenance fees. A student can earn approximately 2 percent interest on any funds that he or she places in a college savings account.

The Best Jobs for Students

After the person opens a bank account, he or she will need to fund it with savings money. The best way to earn income for college is by finding reliable and plentiful student jobs. Babysitting is a job for which a student can qualify without having prior experience or certifications. The position is versatile because parents need sitters all hours of the day and night. Therefore, a student can schedule his or her services during convenient times.

Cashier jobs and sales positions are entry-level positions many companies offer to teenagers and young adults. The income that comes from such positions can help a person to save money for college. Product stocking jobs are also available for immediate hire. Additionally, a wealth of companies are offering online jobs that students and prospective students can work from home.

Saving for college requires consistent efforts to place money in the bank and ignore it until the time comes for college. A person can achieve great things by staying focused and dedicated to saving money. A small contribution of $25 a week can turn into $1,300 in a year. A prospective student can use that figure to develop his or her tailor-made college savings plan.

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