If you are in high school and plan on going to college you may wonder how you can save up money for this goal. There are a number of things you can do to help your savings grow in high school before you get ready to go to college.
Finding employment can be a big way to earn money that can be saved for college. Many high school students work part time during the school year, and full time during the summer vacation. It is important to remember that any job you take should never interfere with your schoolwork or cause your grades to fall. Many states allow high school students to work 20 hours each week or even more, and this can be a significant amount that you can add to your college savings.
Another method that you can use to save money is to open up a savings account at a local bank. You will earn interest on any money you put into this account. Granted the interest rate you receive is generally small, but as time goes by this amount will add up. Once you have enough money in the savings account you can purchase a Certificate of Deposit from the bank, and this may increase the amount of interest that your money is earning for you. You can set aside a specific percentage of your income, such as 50% or 75 %, to be added to your account each week. Your account will grow faster if you also add any gift money you receive, such as birthday and Christmas gifts.
One way to save that may surprise you is to cut back on expenses each week, and add any savings to your college fund. You may not realize it but impulse purchases like junk food, energy drinks, and other items that are not really needed can really add up. Keep a list of all your expenditures for one week, and then closely evaluate your spending habits. You may be amazed at how much money you blow each week without even realizing it. Once you are aware of your spending habits look at ways you can lower these amounts, and put any money saved towards college instead.
The best way to save money for college during high school is to get excellent grades. If you have a great scholastic record in high school you could be eligible for many scholarships and grants which do not require repayment. This is free money to continue your education on, and can make up a large portion of your college fund total. You should also look for grants and scholarships that are not academic but involve extracurricular activities or other areas. There are numerous grants and scholarships that you may apply for. No matter what steps you take to save money for college while you are in high school, remember that your grades are just as important and to keep them as high as possible. It does not do any good to have a large college fund if your grades are failing.