How to Start Saving for College

It’s no secret that going to college is an expensive experience. When you figure in the cost of tuition, books, transportation and other small details, the costs continue to add up.

Saving for college should begin as young as possible, but if you’re starting late, there are a few ways to begin saving.

Open a Bank Account

Opening a bank account will provide you with a safe place to store money. It can be hard to hang onto cash or save anything when you have a debit card, so be sure to open an account that you don’t touch.

Look into a 529 Plan

Almost every state in the U.S. offers some sort of 529 plan, which is another education savings plan operated by the state to help save for college costs. These plans can vary, but are generally either a savings plan and the other is a prepaid plan, allowing you to begin paying for tuition as you go.

Get a Job

Working for minimum wage a couple hours a week may not seem beneficial for your future, but it will be. Every dime adds up when it comes to saving money and, the more you save, the more likely you are to be approved for a loan to pay for the remainder of your tuition.

If you’re unsure of other ways to prepare for college, look into saving for college money guides to help promote some ideas that will help you pinch pennies for school.