Send Your Kids to College
If you have young kids you may not be thinking about their college education just yet. Even though it is hard to focus on college when you are still trying to teach them to tie their own shoes, now is the perfect time to start saving. If you are just making ends meet you probably don't think you are able to start a college fund right now. The truth is you just need a little help adjusting your budget.
If you want to send your kids to college with ease, you really must first pay off your current debt. You will be able to save more efficiently if you are not juggling savings and debt at the same time. You may feel like it will take too long to pay off your debt but you will be surprised how quickly it will disappear once you have a plan in place.
The first step is to stop over spending. You need to make a list of all of your bills and monthly expenses. Decide what you can eliminate in order to put a little extra money towards paying off your debt. You can give up little things like trips to Starbucks or fast food. You will be surprised how quickly these little expenses add up.
Now write a list of all of your debt. Include the balance, interest rate and monthly payment. Now go down the list. Choose the one with the highest interest and pay as much extra on it as you can until it is paid off. Then move on to the next one. Remember to continue making the minimum monthly payments on all of your cards while you pay them off one by one.
When your credit cards are paid off you can start putting that money into savings for your children's college education. You will most likely be amazed by how quickly you can become debt free and then build up a sizeable savings.
In order to save up to the amount your children will need for college it is a good idea to find out what the average cost of a four year college degree will cost when they are ready. Many schools will be able to give you a rough idea if you call the administration office and ask. Once you have a goal calculate how much you need to put into each savings account every month so that each of your children will have enough money when the time comes.
You don't have to be rich to save for your children's education. You just have to be smart with your money and be strict with your budget. If you are having trouble with all of the calculations you can find help on the internet. There are websites like www.personalfinanceissues.com that have financial calculators that can help you with every step. You can do it and your kids will thank you for it.
If you want to send your kids to college with ease, you really must first pay off your current debt. You will be able to save more efficiently if you are not juggling savings and debt at the same time. You may feel like it will take too long to pay off your debt but you will be surprised how quickly it will disappear once you have a plan in place.
The first step is to stop over spending. You need to make a list of all of your bills and monthly expenses. Decide what you can eliminate in order to put a little extra money towards paying off your debt. You can give up little things like trips to Starbucks or fast food. You will be surprised how quickly these little expenses add up.
Now write a list of all of your debt. Include the balance, interest rate and monthly payment. Now go down the list. Choose the one with the highest interest and pay as much extra on it as you can until it is paid off. Then move on to the next one. Remember to continue making the minimum monthly payments on all of your cards while you pay them off one by one.
When your credit cards are paid off you can start putting that money into savings for your children's college education. You will most likely be amazed by how quickly you can become debt free and then build up a sizeable savings.
In order to save up to the amount your children will need for college it is a good idea to find out what the average cost of a four year college degree will cost when they are ready. Many schools will be able to give you a rough idea if you call the administration office and ask. Once you have a goal calculate how much you need to put into each savings account every month so that each of your children will have enough money when the time comes.
You don't have to be rich to save for your children's education. You just have to be smart with your money and be strict with your budget. If you are having trouble with all of the calculations you can find help on the internet. There are websites like www.personalfinanceissues.com that have financial calculators that can help you with every step. You can do it and your kids will thank you for it.
About the Author:
Basdeo Paul is a skilled webmaster and owner of the website http://personalfinanceissues.com . He offers a list of 35 online financial calculators which helps to control and resolve the financial issues like credit card payoff, savings, mortgage, etc.
posted by Debt Consolidation Loan at
7:09 AM
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