Some important tips for Freshmen to save money for college

Summer Vacations is an appropriate time to save money for university or college and reduce college-related expenses.

1. Develop Good Financial Habits

A summer vacation is a great time to gear up financially for university to develop a college budget and find money through scholarships, work, e-commerce sites and online services.

Experts say it’s not just a 529 tax-advantaged education savings account that assists savvy school students save for university; opening a checking account assists students put money away and establish healthy financial habits.


Tips for Freshmen to save money for college

2. Work a Part-Time Job

A part-time job working as a lifeguard and at a fast-food chain or local restaurant is one way for students to pay for university and gain work experience.

Some of these part-time jobs – especially those at fast-food giants – provide tuition benefits to some hourly workers.

3. Find a Paid Summer Internship

Not only can a paid summer internship fund college-related expenses, but it can assist with job prospects down the road.

More than half of the internships offered at private companies and the federal government are paid, according to a National Association of Colleges and Employers student survey. NACE finds that students with paid internships also enhance their prospects for full-time job offer after graduation.

4. Take Advantage of Summer Youth Programs

Various U.S. cities have private or public programs that support teen part time jobs during the summer, such as New York City’s Summer Youth Employment Program.

The program is one of the oldest in the country, employing more than 54,000 students between the ages of 15 and 25 during the summer months. Program participants make at least minimum wage.

5. Win Cash via Summer Reading Programs

Keep active during the summer vacations and enroll in a summer reading program – some of these provide programs offer participants a chance to win up to usually around $1,500 in cash for their tax-advantaged college savings account.

Some states have announced these reading summer programs with possible college cash, such as Minnesota, Oregon and Oklahoma, to name a few.

6. Take Summer College Courses

Register in summer classes can be a smart way to decrease college costs – mainly if you opt for courses at a less expensive community college. This plan can shave off time needed to graduate, reducing costs by spending less time in school.

But before taking a summer course, it is important to talk with your college’s transfer credit evaluator about whether these funds will transfer.

7. Do the Assignment for others

The possibilities are endless for doing assignment to earn money during the summer months.

There are also ample of online sites which provide you a platform to do the assignments for the others and make money by your own. ExpertsMind, TutorsGlobe, and MyworldSolution provide the platform to earn some money for doing the assignments.

8. Make Money Online

Earning money online is best way to supplement your income to pay for college expenses. There are various sites to make money for your talents, ranging from filling out online surveys and using your media expertise, experts say.

Sites such as Swagbacks and MySurvey will pay for your contribution in consumer research. Students can be paid for media talent, from tweeting for money with IZEA to contributing stock photos through Foap.

9. Create Cash From Your Clutter

Clean out your bedroom and closets and sell anything you are not using anymore. Clothes in the back of the closet can be sold as vintage on eBay, Etsy and at a local store, for example, financial proficient say.

10. Ask for Gifts-

Tell family friends to consider contributing to a university savings account as a birthday or high school graduation gift.

An increasing number of students choose college savings over material presents. Around 40-45 percent of high school students, for example, say they are willing to forgo material items to save for universities, according to a 2015 College Savings Foundation report.

11. Find More Ways to Make Your Summer Money Grow

Consider putting your summer money into a 529 account. Your investment will grow tax-free, and the account can be used to pay education expenses, tackling university costs.

Follow Expertsmind on Twitter and Facebook to join the conversation and stay informed about the latest advice and tips on paying for university or college.


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