Putting the children through college is one of the most expensive things most parents will do in their lifetimes. It makes sense for them to plan for this well in advance. The exact nature of these plans will depend on the family involved and the kind of school that the parents have in mind for their children. Usually this process of putting the children through college is a collaborative effort involving the whole family. Here are 10 things you can do to save for college. Some of these savings are of cash and some are savings of goodwill both contribute towards a college education.
1. Have your parents open a state-run and recognized savings account like the 529. Funds deposited into these are tax-free, funds spent on educational items are tax-free as well. The downside of these accounts is the stiff penalty if the funds are withdrawn for non-educational purposes.
2. Your parents can also increase their mortgage payments to increase their share of the equity in their home. This should give your parents a lump sum if they re-mortgage the property at the point you are going into college.
3. Become active in a local group or faith-based organization such as a church. They often have programs that help active parishioners to get educated at college level. Some are part of larger organizations that even have their own top-level colleges
4. Lots of students have going away parties. They get together with their friends and plan a big event. Almost all the people invited will arrive with some form of present as this is the norm. The host can help his or her cause by adding an appeal in the invitation to forgo gifts and give instead to the college fund of the host.
5. Gather together some friends and go down to the nearest parking lot. Get permission to use it and start to advertise as a car wash service. The more cars washed the more money saved.
6. At every opportunity (when you are old enough) you should look for and take the best paying part-time job you can get. Sometimes work is fun, if you are doing something you like and even more so if you do it with friends.
7. Become the odd jobs man in your local community. It will surprise you that there is a lot of fun in it and meeting a lot of people can broaden your perspectives. Look in the local and online classifieds for what is available. Look for areas people need help and offer to do it.
8. Girls may have an advantage here even though modernity preaches equality. If you care about children and love being around them, babysitting is a good way to earn money that will go into your college fund.
9. Do you love animals? Well the same thing applies to them as it did to children. People are increasingly busy and need help with their pets. You can help by taking care of the pets and make a healthy amount of money in return.
10. Do you have any special or specific talent? Can you fix a computer, design a website, are you good at photography? You can offer your services to people . This can bring a great deal of cash and swell your college fund.
With these 10 things you can do to save for college, you will have a healthy college fund when it is time to go.