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You know that feeling when you know you’ve put on a bit of weight and you don’t want to look at the scale. Yet, you know until you do, you’ll never commit to start working on getting the weight off. Saving for college is much less painless than that.
Give up one thing.
You don’t need to start over sacrificing to funding your child’s 529 plan account. Small sacrificing can add up to big savings. Giving up one coffee per week adds up to $12 per month. That’s $144 per year. If you give a $12 appetizer once per week, you can add nearly $600 annually to your child’s college savings plan. Once you decide on what you’re giving up each month, you can set this up as a dollar amount to auto-deposit into your account each month.
Let college savings gifts add up.
College savings gifts for holidays and birthdays are an easy way for you to add to college savings without using your own funds. When family members ask what your child would like for the holidays mention college savings gift cards. They can always add a small toy to make it a fun gift. For older children add a small gift card or an arcade game like GameWorks. Have an idea ready for a fun item to go with a college savings gift card. Include their Gift of College profile link on baby shower and children’s birthday party invites in the same way you would like any other gift registry. 10 $25 gift cards equals $250 in college savings.
Click here to read more on gifting.
Stock away a percentage of your budgetary leftovers.
Maybe, you currently have $300 left over at the end of the month that you can put in savings or use as checking account padding. Take 10 percent of those funds and sock it away in a college savings account, and you’ll have $30 per month.