If you haven’t already started saving for college, start now. The sooner you start, the more you will have available, and the more flexibility you will have in choosing where you go. Even if you decide not to go to college, your savings can help pay for vocational training or any of a number of important things—a car, a down payment on a house, or even the money you need to start your own business!
Your parents may have already started saving for college.Get advice from them about opening your own account for college and keeping your savings in a safe place.
How Can I Save for College?
Do you baby-sit? Do you have a paper route, mow lawns, shovel snow, or run errands for neighbors? All of these are fairly easy ways to earn money. When you’re in high school, more opportunities may open up in fast-food and other restaurants, grocery stores, department stores, gas stations, and so forth.
Decide in advance that you will put a certain portion of what you earn into a college fund. You may also want to put another portion into savings for other reasons. Saving money is a great habit to develop—it will serve you well your whole life!
What you earn from working is not your only source for savings. Anytime you receive money from your allowance or from relatives or friends for a birthday or holiday present, you should put aside as much as possible for savings.
Where Should I Put My Savings?
Although the first place to put any money you save may be a savings account, you should look into taxdeferred savings (education IRAs), savings bonds, and certificates of deposit (CDs). But keep saving your money. You will be amazed at how quickly your savings can grow!
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