1 – Do Not Waste Money Unnecessarily
Every dollar you spend on something you do not need is a dollar that you do not save for the future of your child. Cancel all monthly subscriptions which you do not really need, such as: your gym membership and run outdoors instead!
2 – Plan And Set Yourself Goals
Make a financial plan to save money for your child’s education and your retirement as well. Planning for these two things are the first and most important steps for the long term.
3 – Free Yourself From Your Debts As Quickly As Possible!
Paying debts is essential to be able to save money in the long-term. How can you put money aside if you are constantly paying for a new car, a bigger house or an old student loan?
Too many people make the mistake of keeping a balance on their credit card. If you make this mistake, it means you pay an interest rate and very high fee every month to use the available credit on your card. By paying high fees, it leaves you with less money for the things you really need.
Lending money or being co-signed to a loan is not always a good idea. Because if the other person ends up in a financial bind and does not repay their debts, it is you who will have to repay and you could lose money. It’s not the best thing that can happen to let money ruin a relationship or friendship.
4 – Eat At Home, Not In The Restaurant!
Rather than take breakfast, lunch and dinner in a restaurant it is best to eat at home every day. You’ll save a lot of money per year this way. Check your monthly bank statements for the last 12 months and you’ll see what I’m talking about.
5 – Buy A Piggy Bank And Put Your Money There Every Day
It may seem trivial, but if you put your coins in your piggy bank every day, you could save a few hundred dollars a year, which you can then deposit into your child’s education fund.
6 – Use Coupons And Free Promo Codes For Groceries
Because every dollar counts and money spent on groceries is a big part of all budgets, when you use coupons and promo codes, you can save tens of dollars per month, which will accumulate at the end of the year.
7 – Pay In Cash, Rather Than With Your Credit Card
It’s easy to pay with your credit card, because you do not really feel like you are paying for something. But if you pull out dollars from your wallet every time you pay for something and see the dollars disappear, you will discover that your money goes quite easily. You will be more reluctant to pay for unnecessary things.
8 – Always Think long Term
Rather than thinking about what you want immediately, think about the long term and your child’s education goal. You will stay motivated to continue to save money and you will manage to stay the course.
Obviously there are many more ways you can save up for your child’s education to make it easy in the long run. Just make sure you factor your expenses while thinking long term rather than short term.
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