It's no surprise that college is expensive. That's why it is so important to begin saving for your children's college education as soon as you can! CB&S Bank has provided the following 6 tips for saving for college:
- Save, Save, Save—It's a good idea to start saving as soon as possible for your children's college education. Even if you only save a few dollars each time you decide to save, you're one step closer to your goal. Check out CB&S Bank's Education Funding Calculator to help you with this!
- Create a separate savings account—Create a separate savings account specifically for your child's college education. Having a separate account will help you to save more because it'll help you see exactly how much you have saved for this specific occasion.
- Make saving easy—Make the saving process easier by utilizing a program to pay yourself first by setting up automatic transfers from your CB&S Bank Personal Account to your CB&S Bank Savings Account. Having the funds automatically transferred to your saving account will make it that much easier and painless to save for your child's future college education.
- Invest your windfalls—If you run into any unexpected money, such as an inheritance or a bonus at work, try to save it. Since this is money that you weren't expecting in the first place, this could be a good addition to the college saving fund.
- Learn to budget—One easy way to begin saving is to learn to budget. Budgeting can help you to only spend money on what is necessary which in turn will give you money to put back into savings.
- Look for ways to reduce your personal spending—You can save a lot of money by simply looking for ways to reduce your personal spending... For example, just because a newer smartphone comes out does not mean you have to replace yours if it works just fine.