By Jude 
A substantial college fund is required these days, or you can face debt and struggles. College costs in the US are sky high, and the UK has just increased tuition fees. However, with different accounts and sourcing extra cash, you can turn small monthly savings into an education pot.
Start as Early as Possible
You’ve probably been there yourself or as a parent, worrying about the future! Education is important and helps anyone get a better start in life or improve prospects later on. Beginning your savings journey as early as possible is a critical part of securing funding for college or university. You can also reap the benefits of RESP (registered education savings plan) such as saving for an education tax-free and accessing extra funds through government schemes.
Explore Different Accounts
There are many different savings plans and accounts, other than stuffing your mattress with bills! In fact, saved cash actually works against you because it loses money. Savings, on the other hand, can appreciate in value, or at the very least, not succumb to inflation-based value loss. The 529 college savings plans are designed to save without being taxed and can be used for tuition and lodging. Of course, you can save on behalf of your kids with junior ISA accounts.
Grow a Substantial College Fund with Investments
A report by Unbiased found that 65% of millennials have investment holdings, and younger generations are even more aware. However, if you don’t want to watch live Bitcoin price feeds like your life depends on it, there are some powerful ways to diversify your portfolio for growth:
- ETFs, such as tradable stocks, are diverse and flexible within sectors such as healthcare.
- Real estate rental markets are just as strong as investment trusts for property holdings.
- Dividend stocks offer regular returns that can be used to reinvest into further assets.
Source Extra Funds from Everywhere
This isn’t a popular method because it is challenging, but you can source extra cash from many sources with creativity, wise spending, and constant assessment of finances. As they say, every penny helps, and being a little frugal with small costs can add up to massive savings over the years. Begin by eliminating unnecessary expenses, such as TV subscriptions you don’t watch. From there, use cashback credit cards and explore any side hustles that can add extra funds.
Apply for Scholarships and Grants
While not a savings method, you can ensure your child, or even yourself, has better access to the funds you need with scholarships and grants. Don’t skip these, as you could be missing out on vital extra cash that can mean the difference between a great start to an education or undue stress. There is no shame in accessing these funds, and it is encouraged by colleges. Beginning in middle school, apply for any grants offered by the government and organizations.
Summary
Starting as early as possible provides you with a stable method of turning small savings into a substantial college fund over the years. Making investments requires money that can pay off massively later on. However, you should also make sure to look into scholarships and grants.