Preparing for College - Tips to Save for Fall Semester

The fall semester starts soon, and your high school senior is beginning to apply for their desired colleges. Paying for college classes alone is already costly, and with other miscellaneous fees, plus gadgets and textbooks to purchase, it can be daunting for parents and incoming college students.

With advanced planning and a practical game plan, you can set yourself up for financial success. Try out some of our tips for saving for college:

Seek employment.

High school students can get part-time jobs doing a variety of things, such as babysitting, working in fast food or movie theaters, and more. By getting a job, you will quickly add to your college fund.

Set up a
college fund.

Start by opening a savings account just for college tuition. Having a separate account and gradually putting money into your college fund will make the temptation to withdraw less likely.

how to budget.

When you start earning, it is important to budget and sort where your money will go. One method is the 50/30/20 rule. Using this simple guide, 50 percent goes to your needs, 30 percent to your wants and 20 percent towards your college savings account or other future needs.

By using these tips, you will take a big step towards saving for your first semester of college! For more tips on saving and budgeting, as well as other financial topics check our free financial literacy website, Banzai.