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Saving money to pay for higher tuition is really important for any student to be able to learn smoothly.
Students must know that everyone in life has needs and desires, so it is prudent to understand their necessity before buying. Needs is the basics that you cannot do without while you try to make life more enjoyable and you should forgo them saving for education. For example, according to my audience analysis, 90% enjoy eating tacos. However, tacos may be categorized as a wish that could be foregone to conserve ample college finds. The methods of saving money for college include adopting a college saving plan, using savings accounts to set aside some money, Shopping wisely to reduce overspending.
According to Clancy, Orszag and Sherraden (21), methods of saving for college include
Having a college saving plan
Using savings accounts to set aside some money
Shopping wisely to reduce overspending
Main Point: One should have a college saving plan that allows one to keep aside some money for payment of college fees in future.
Hurley in his book The Best Way to Save for College argues that adopting the 529 saving plans for setting aside some money after tax.
Tapping the 529 prepaid tuition plans by paying in advance before enrolling to college according to the argument by Olivas (475).
Using 529 college saving plan
Use of savings accounts to set aside some funds
Use of regular accounts to deposit savings for college fees
Depositing money regularly in the account will help to save more
Avoiding temptation of making withdrawals for other uses
Shopping wisely to reduce overspending and allow one to keep some funds aside for college fees
One should always prepare a budget to avoid buying on impulse
Buying only the necessities and avoiding luxuries can save some funds
Doing window-shopping to compare prices before actual shopping may help to save some money
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Clancy, Margaret, Peter Orszag, and Michael Sherraden. "College Savings Plans: A Platform for Inclusive Saving Policy?" St. Louis, MO: Washington University in St. Louis, Center for Social Development (2004).
Hurley, Joseph F. The Best Way to Save for College: A Complete Guide to 529 Plans. Saving for College Publication, 2004.
Olivas, Michael A. "State College Savings and Prepaid Tuition Plans: A Reappraisal and Review." JL & Educ. 32 (2003): 475.
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