In today\’s economy, it is essential to have a post secondary education because most new jobs created require such a prerequisite. For many young people, they do not have the money themselves to pay for their education so they will have to find ways to save money. The more you save, the less debt you will have to pay back after you have completed school.

Below are a number of tips on saving money for college or university:

Start Saving Early: Age 16 is a great time to start saving money for your post secondary education. At 16, you have a few years to save money and put it into an education savings account. Saving money can be done though part-time jobs and summer jobs. Also, look into a Registered Education Savings Plan (RESP) and other government programs you or your parents may be able to acquire. Getting student summer jobs and part time jobs can not only bring in extra money, but it will also look good on a resume. Check out the local employment centre for a list of student summer and part time jobs. As well, check out summer student job programs offered by the government.

Parents Education Savings Plan: Parents who help their children save money can help minimize debt following graduation. There are a number of cost cutting measures parents can implement to save for their children\’s education. Establishing a budget is an efficient way to cut costs and will help them reduce costs on every day family expenses such as fuel, food, utility bills, etc. The savings from a cost cutting budget can be put in the education savings account. As well, families can learn to cut back on non-essential expenses such as making school and work lunches, making their own coffee instead going to an expensive coffee shop every day, and implementing budget-minded shopping practices.

Credit Counselling: Most of us could benefit from professional advice on paying off loans and other bills as well as creating a budget to help save for a child\’s education. A trained credit counsellor can help people create a plan to get rid of the outstanding debt such as taking part in a debt consolidation or debt management program. The money saved can be put towards educational expenses.

It is less expensive to save for university than to borrow. If you borrow a significant amount, you will have all of the interest on top of the loan to pay back when you finish school. If you start saving early enough you can accumulate a significant amount of money which will lower the amount you will have to get for a loan. The sooner you implement a plan to start saving for your post secondary education, the more time your money will have to grow. Most importantly, once you graduate, you will have peace of mind knowing that you are not burdened with an overwhelming amount of debt so you can begin life as a graduate without stressing about how it will all be repaid.

Author Bio: Credit counselling is crucial for those continuing to struggle with debt management and financial obligations. Find out how credit and debt counselling can improve your financial situation from the experts at Consolidated Credit.

Category: Finances
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