Saving money to pay for higher tuition is really important for any student to be able to learn smoothly. Students and parents must realize that everybody has desires and wishes in their lives, so it is prudent to understand their interests before buying (Hurley 4). According to survey responses, 83.3 per cent of respondents said they wanted to invest for education, although only 16.7 per cent said they did not. It shows that many are able to risk luxuries for the sake of higher education. Methods of saving college funds include implementing a college savings scheme, using savings deposits to put aside some money, shopping responsibly to avoid overspending. Having a college saving plan that allows one to keep aside some money for payment of college fees in future is very important. This can be achieved by adopting the 529 saving plans by parents and students to set aside some money after tax, which can be used later when one enrolls for college education (Hurley 5). One can also tap the 529 prepaid tuition plans by paying in advance before enrolling to college or make use of the 529 college saving plan (Olivas 475). This can help in covering some cost before commencement of college classes. The survey results showed that 60 percent of the respond supported 529 as the plan designed to set aside funds for college. IRA and certificate of deposit scored 20 percent each showing that 529 is more preferred.
Another way one can save for college is by utilization of savings accounts to set aside some funds and withdraw during the time for joining the preferred course (Clancy, Orszag and Sherraden 21). Individuals can also deposit money regularly to personal accounts although they should resist the temptation of making withdrawals for other uses since it may be difficult to replace. In addition, shopping wisely to reduce overspending and allow one to keep some funds aside for college fees can also help. For instance, according to my audience analysis, 90% like eating tacos. However, tacos can be classified as a want that may be foregone to save enough finds for college. College education is very important but costly thus students should manage resources carefully and save enough for their college days.
Other ways of saving for college include preparing a budget to avoid buying on impulse and spending a lot of money, which may be saved for future fees. An individual wanting to save for college education should buy only the necessities and keep some money aside to aid in fee payment (Hurley 12). Again, one may do window-shopping to compare prices before actual shopping to help in saving some money for college. According to the survey 66.7% said that the best way to start, the budgeting process is by tracking money spent in a certain period such as a month. 16.7 % said curbing spending on incidental items such as eating out can help in saving for college. Similarly, 16.7 % said that paying credit balances in full every month can help save some funds.
In conclusion, saving for college fees is possible with proper management by an individual. Utilizing the available plans is a good step to start saving for college fees instead of waiting until one is admitted. One may also regulate spending and save the amount until one is admitted and use it to pay fees.
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. vol. 32, 2003, p. 475.
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