One of the best investments that one can make, depending on who you ask, is education. For this reason, it makes sense to save money for college so that you can ultimately receive a degree. Robert Jain, as well as other authorities on finance, can tell you that there are right and wrong ways to save money. For those that would like to learn more, here are a few do's and don'ts that will help you get started.
DO save money as soon as you can. If your goal is to build an account for your education, understand that it's never too early to start. You can do this by applying for part-time work once you're eligible. If you have numerous odd jobs that you perform, it would be in your best interest to put a certain amount of your earnings by the wayside. By taking steps like this - and names such as Bob Jain will agree - you'll be able to build said account quicker.
DON'T forget about savings bonds. One of the reasons, and perhaps the biggest, why parents and grandparents recommend savings bonds as gifts is their value. For those that don't know, the longer these bonds are kept away, the greater their interest becomes. Ergo, the individual whose name is associated with the bond gains more money when it comes time to pay out. These are ideal for those that are planning on saving for school.
DO read up on financial aid. In general terms, financial aid is designed to help students pay for school. To know if you're eligible, there are numerous factors that should be taken into account. These include, but aren't limited to, grade point average and citizenship. Of course, every school will have unique guidelines when it comes to financial aid. Consult your campus so that you know what's expected of new students.
DON'T think you can't ask for help. Even if you're not comfortable borrowing money from your parents, it doesn't hurt to ask them for guidance. What would they recommend when it comes to saving money over the course of time? What did they do differently that you can benefit from? Sometimes saving money is a matter of learning from others. This is why it's worth asking for help. It will make saving money for college even easier.
DO save money as soon as you can. If your goal is to build an account for your education, understand that it's never too early to start. You can do this by applying for part-time work once you're eligible. If you have numerous odd jobs that you perform, it would be in your best interest to put a certain amount of your earnings by the wayside. By taking steps like this - and names such as Bob Jain will agree - you'll be able to build said account quicker.
DON'T forget about savings bonds. One of the reasons, and perhaps the biggest, why parents and grandparents recommend savings bonds as gifts is their value. For those that don't know, the longer these bonds are kept away, the greater their interest becomes. Ergo, the individual whose name is associated with the bond gains more money when it comes time to pay out. These are ideal for those that are planning on saving for school.
DO read up on financial aid. In general terms, financial aid is designed to help students pay for school. To know if you're eligible, there are numerous factors that should be taken into account. These include, but aren't limited to, grade point average and citizenship. Of course, every school will have unique guidelines when it comes to financial aid. Consult your campus so that you know what's expected of new students.
DON'T think you can't ask for help. Even if you're not comfortable borrowing money from your parents, it doesn't hurt to ask them for guidance. What would they recommend when it comes to saving money over the course of time? What did they do differently that you can benefit from? Sometimes saving money is a matter of learning from others. This is why it's worth asking for help. It will make saving money for college even easier.
