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A systematic savings plan will help you save for your child’s college expenses

February 10,2012 by: Dallas Browne

College education in the US is at an all time high. Annual fees for even the most basic degree are nothing less than thirty to forty thousand dollars a year. As a result it is very difficult for students from the middle income families to afford a college education in the United States. The management and other professional degrees are known to cost even more than the arts and science degrees. This is because students are known to get recruited immediately upon completion of their degree programs. While there are many loans which you can apply for if you wish to get a college degree, there are also effective ways by which you can save money in order to be able to spend on a college education. If you want to know how to save money, so you can afford a college education, you need to keep a few tips in mind.

Cut out Unnecessary Expenses

The first and foremost tip which you need to bear in mind is to cut out all unnecessary expenditure. This is exceedingly important, failing which you might not be able to save the money that you need in order to go to the college. You should spend the minimal amount of money that goes into clothes, shoes, and accessories. If you are fond of shopping then there will be many sacrifices that you have to make. You need to remember that if you spend all the money that you have at present on clothes and shoes, you will not be able to get the college degree that you so deeply desire.

Put Earnings in Fixed Deposit

The second crucial tip which you ought to bear in mind, when thinking about saving money for college is to put all your earnings in a fixed deposit in your bank account. When you do this, you will be able to earn an interest, or rather an extra earning on this amount. Such an amount proves to be extremely useful, if you are looking to go to college someday. If you have this kind of money stacked away in your bank, then affording the college education becomes simpler. There are some banks which are known to offer a very high interest rate on fixed deposits. So, you should browse through the interest rates that are being offered by most banks, and put your money in the bank accordingly.

Look for High Paying Jobs

You should look for high paying temporary jobs when thinking about saving money for college. There are many wonderful temporary jobs which you can do in order to save sufficiently for the college education. Examples of such jobs include working part time at a restaurant, freelance writing, doing chores for school teachers and members of your family.

Seek Colleges charging Reasonable Fees

In order to afford a college education, you should seek to apply in the colleges that charge reasonable tuition fees. While the amount charged by most colleges is very high, there maybe some colleges which charge a little less than others.

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