Saving for college has never been harder. Dave Ramsey says, “How much student loan debt do you think the average college student racks up by the time they cross the graduation stage? $5,000–10,000? Think again. According to the Wall Street Journal, the average college graduate student loan debt is at a whopping $37,172. And that’s just the average! The most recent data from the Federal Reserve Bank of New York shows the overall student loan debt in America hovering just over $1.3 trillion.Trillion! At this rate, college graduates will be lucky to have their student loans paid off before their kids start college! As a parent, you’re probably thinking there has to be another way. Well, there is! You can start saving for college by opening a college fund. It’s not easy, but with focused dedication, hard work, and careful planning, it’s possible to save enough so your child can go through college debt-free!” Crazy, right?
In order to help your children avoid student loan debt, you want to start thinking about helping them save for college – and you want to do it with ease because who wants to be stressed about a college fund for 18 years straight? Not me! Here are a few ways to make saving for college easier:
The best tip I can give you is to start early. When you start saving from the time you get pregnant (or from the time that you have your baby), it gives you 17-18 full years to get a good fund together for your child. This not only gives you time, but it also reduces your stress and it helps you get a bigger fund together. This way, you do not have to stress about money right before your children go to college and they do not have to worry about student loan debt (hopefully). By saving over time, you are preparing for the future and it will make it easier to help you live you normal lifestyle when the college years come.
Encourage your children to work
While we all want to help our children as much as possible, there is some value in having them earn money themselves and learn the value of it. I know as much as anyone that these days, kids are very busy! Between school, homework, sports, social lives, and everything else that goes into being a kid, there isn’t time for much else. However, there are some jobs out there that can be flexible enough to fit into the busiest of schedules and allow your child to learn the value of hard work, make some money, and contribute to his/her own future. Babysitting, for example, is a job that can be done at nighttime when extracurricular activities are over, or on free weekend days. Doing yard work for neighbors is another great option that can be completed in just a few free hours. If you’re feeling generous, offer to match what your child makes if they vow to put it in a savings account for college. Cha Ching!
Choose Gifts Wisely
While the brand new, supercharged, super cool iPhone 10X might be at the top of your kids’ wish lists, what could be better than receiving higher education and being setup for a lifetime of success? Have a discussion with your kids about the importance of saving for college, and have them add smaller items to their birthday wish lists. You can still have the fun of opening gifts without spending all of your money on them! Later on down the road they might appreciate a donation to their college fund when they don’t have to take out hefty loans.
Come Up With Creative Ways To Save
There are so many creative ways to save for your kids college, especially if you start early, like I mentioned above. Garage sales, babysitting, and finding other small jobs are just a few ways, but one way that a lot of people do not think of is utilizing your valuables and I do not mean selling them to just any pawnshop. When I say utilize your valuables, you need to be smart about it and that’s where Chapes-JPL comes into play. Chapes-JPL is a pawn broker and asset lender located in Atlanta, Georgia – in the heart of Buckhead. But, do not get them confused with just your typical pawn shop. Chapes-JPL pays 2-3 times more than your average pawn shop and has some of the lowest interest rates in the industry. Plus, when you get a collateral loan from Chapes-JPL (in exchange for your valuables), you do not have to pay any security, storage, or insurance fees. They also understand the value(s) of your jewelry, which is very different from your normal pawn shop. Chapes-JPL is a trusted name in asset-based lending and has been for over thirty years. They work out of a discreet and comfortable setting, in order to keep your privacy intact. They are committed to providing you with the best and safest service possible, to get you back on track with your financial goals, or to help you save for something big, such as college for your kid(s)!
So, if you have valuables sitting around your home that you do not use very often, getting a collateral loan or selling them directly to Chapes-JPL might be a great option for you to help you save money for your kid(s) college fund!