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Thursday, February 18, 2021

How to Scrimp and Save to Support Your Children With Their Studies

Are you sending kids off to college soon, or thinking about their future? This can come with a lot of worries about how to afford their college. Here are some ideas about how to save money in order to be able to pay for their education.


Studying at college is not a cheap endeavor. While creating a college fund for your children to access when they are old enough is the ideal, many people cannot do so for a number of reasons. If that sounds like you and you are beginning to worry about how you can financially support your children with their studies, be sure to continue reading for some advice.
 
Research

Find out as much as you can about the city in which they’d like to study. Location can make a difference to the amount of money your child will be expected to shell out for things as the cost of living varies vastly from place to place, sometimes even within individual states. Furthermore, if your child is aiming to get to one of the more prestigious establishments and they have not yet reached the grades, they may need extra support in the way of tuition. Check out the support available for how to get into Harvard, for example. There may be funding available. For many lower income families, there are scholarships or hardship funds that can be applied for if you meet certain criteria.

Swaps

When it comes to reducing your monthly outgoings, making some simple swaps can have a significant impact on the amount you spend. For example, if you are Heinz ketchup swaps, try a regular store own brand for a change. It is likely that while you may find it a little odd to begin with, you will get used to it. The same goes for many basic food items, and don’t forget toiletries, such as shower gels, too.

It isn’t just groceries that we should consider swapping either. Looking at your utility bills, for example, and changing to a different supplier can mean you are hundreds of dollars better off at the end of a year. Likewise, look at the possibility of remortgaging so that you are getting a lower interest rate.

Sell

Sometimes we hold onto items for sentimental reasons, such as that wooden train track that you’re keeping in the hope of having grandkids someday. Other times, we just aren’t sure who would want our old things, and then there are the times when we simply can’t be bothered. Old things can make you a small amount of money – it all adds up. Either organize a yard sale to get rid of some of your unwanted items or try placing them on Facebook marketplace.

Rethink

While it can be difficult if you are generally an impulsive spender, rewiring your thinking to get you to consider whether a purchase is a want or a need can have massive consequences for your financial situation. If you have a perfectly reasonable car that runs fairly economically, think about whether you want to trade it in for a newer model just because.

So, while we all appreciate that going to college is an excellent thing to do, we understand that it is an expensive thing, too. Your child will most likely be entitled to apply for a student loan, so this should be a consideration. Good luck with your scrimping and saving – it just shows how much you care!

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