Even before you are a parent, you start thinking about college for your kid(s). It was costly when we were growing up, but now college costs more than ever. With an average cost of tuition in 2017 being $34,000+, we as parents need to save as soon as possible. I don’t want to scare you but it’s projected by 2029-2030 a 4-year out of state college will run you back $71,373-$100,239!
Can you imagine? Need some ideas on how to save for college? You’re in luck because here’s an easy to follow list to put some money in the bank for your kids over the next 18 years.
5 Easy Ways to Save for Your Kid’s College Fund
1. Stop Buying Overpriced Coffee.
How to save for college isn’t the hard part. It’s giving up what we love and have become accustomed to. The average American spends upwards of $1,092/year. Over the course of 18 years, you could save $19,656. Get yourself French Press like this one and drink what coffee should actually taste like.
2. Buy an Eco-Friendly Hybrid Vehicle.
Hybrid cars don’t have to cost you an arm & leg anymore. Get an efficient, reliable, and safe hybrid like the Kia Niro that starts at only $22,890. With an average of 50mpg, you could bank $12,136 or more in gas savings after 18 years. For more information, check out how I drove this baby around Texas for a few days HERE.
3. Start Couponing.
If you shop once a week and use coupons, you could save $11,280 over the course of 18 years. It’s reported that in 2011 Americans saved over $4.6 billion by couponing. There’s a lot of apps out now that you can use to stack savings as well like at Target. And good news, some grocery stores even accept electronic coupons like BJs Wholesale Club, Target, and Publix.
4. Cut Cable.
Yep, it stinks, I know. But you could save at least $16,872 in 18 years. That’s a whole lot of dough. Don’t worry; you can get your entertainment elsewhere, I promise. Grab yourself a more affordable subscription to HULU and/or Netflix to watch your favorites shows sooner than you think, then don’t worry how to save for college because you’ll be chipping away at that total in no time.
5. Stop Smoking Cigarettes.
Seriously, for one, you don’t need or want emphysema and two, with an average cost of $5.75 you could be saving $37,777 in 18 years. Your kid can go to college, and you could be alive to see it happen.