Learn how you can reduce college expenses for your kid while still teaching them self-sufficiency.
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Tips on Paying for College
This past week Julie gave her story and tactics on how her family managed to help her oldest graduate with no student loans. It was something they wanted to do for their daughter and I know many parents feel like them, but worry that it’s out of their reach.
Over at Dave Ramsey, there’s a fantastic post 5 Ways Parents Like You Cash-Flow College (Without Sacrificing Retirement), giving examples of how families were able to budget and help with their kids’ college bills while working on their other financial goals.
I wanted to highlight a couple of ideas that may help your family this semester and beyond.
Provide Free Room & Board
Angela and her husband were paying down debt, so they didn’t have the means to contribute directly for son’s college. What they could do, however, was provide free and board. Combining that with his scholarship and work money has made a huge difference with college expenses.
Start or Build an Income Stream
Julie talk about how blogging gave her an additional source of income that help with Lindsey’s tuition. Is there something you or your child can do on the side that can earn you some cash? Besides helping out with college tuition, this can be a great way for one or more of you become an entrepreneur.
Find the Right School for Your Family
Help your kid choose their school wisely. Dig around to find a high quality school that doesn’t cost a ton of money. It’s more effort up front, but the value is well worth it.
Budget by Semester
Try not to get overwhelmed by the total costs. Break it down into more manageable steps. Look at the upcoming semester and budget that money into savings. Include your college kid in the plans and have them come up with ideas to save and earn money.
Don’t feel discouraged if you can’t give like you want to. After all, paying for your child’s college is completely optional and a decision for the two of you to make together. The important thing you have to remember is that you do the best you can with what you have. So don’t compare yourself to another couple because no family has the exact same situation and circumstances.
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If you have any questions about this episode or ideas for future ones, please leave a comment.
Photo Credit: Faruk Ateş