Tag Archives: Saving

Graduation Is Coming – Have You Been Saving?

piggy-bank

It’s never too early to save for college. Some parents start college funds even before their kids are born. If you have yet to jump on the savings train, it’s not too late to get serious about saving while in high school. The average cost of in-state tuition is around $10,000. Every dollar that you can save now will make a difference in the long run. 

Beef Up Those Grades

If there’s any time to hit the books, it’s now. Grades never mattered as much as they do in high school. Colleges will look at these to determine scholarships and admission to their programs. Even though getting good grades takes some effort and dedication, it will help you financially in the long run. Not to mention it will help to make you a better student in college, which may lead to you getting more scholarships in college. 

Get Involved

Don’t shy away from putting yourself out there! Sign up for extracurricular activities whether they are academic or athletic. Colleges will like that you have interests outside of the classroom. They may notice that you’re a team player, creative or like to challenge yourself. 

Look for a Side Gig

Don’t turn away from a part-time job! Any money you are able to save now can make a difference, especially if you’re able to work all four years. Even if you make $400 a month, that is potentially close to $20,000 you can have by the time you graduate. 

Take AP and College Courses Now

Advanced placement classes are incredibly challenging. However, if you’re able to take them and do well on the final exams, you can earn college credit for free! Take advantage of every opportunity you can to get college credit while in high school. Any classes you take while in high school are free. Think about how great it would be if you could cut down your college years by a year or more! 

Start Scouting for Scholarships 

Another side job you should consider is researching and applying for scholarships. There are scholarships for nearly everything – even being left-handed! Consider spending an hour writing a scholarship essay, and you could end up receiving $1,000. You just made $1,000 an hour. 

Start a 529 Plan

Is high school too late to start a 529 savings plan? Absolutely not. There are tax benefits to having one that will still be a helpful fund towards college admission. 

To learn more about ways to save or starting a savings plan, contact us at Timberwood Bank. 

Savings Hacks for College Students

saving-college

While college remains one of the best ways you can invest in yourself and your future, it doesn’t change the fact that the costs of attending college only continues to grow. Focusing on your education should be your top priority while you’re in school. However, developing strong saving habits can not only cut costs while you’re attending college, but those habits can also help you be more responsible with your money once you’ve graduated.

Set a Budget

While this may seem simple and obvious, creating a budget is the first step in any successful savings strategy. Outline what your monthly expenses are, including things like going out with friends on weekends, and figure out how much money you have. If you’re working while in school, your goal should be to have your income be more than your expenses. If you’re living off money you made during the summer, figure out how much you can afford to spend so that it lasts you throughout the entire year.

Saving on Supplies

While your school’s bookstore may have the latest and greatest when it comes to logoed swag, shopping there won’t help you when it comes to saving money for your school supplies. When it comes to notebooks, pens, pencils and backpacks, you’re much better off going to a local big box store.

Additionally, buying new course textbooks from the campus is usually more expensive than exploring other options. Whether it’s purchasing a used copy of the book, using an older version of the text book or exploring book rental programs online, finding alternative textbook solutions can save you hundreds.

Getting a Part-Time Job

Even if you’re considered a full-time student, you probably have some free time outside of attending classes, doing your homework and studying for exams. If you find yourself with extra time, getting a part-time job is a great way to earn extra money and start saving. If you can find a job on campus, you can save money and find a job that will work with your class schedule. But, don’t be afraid to look for a job off-campus. Just be clear with any potential bosses about what your class schedule is and set realistic time expectations for yourself.

Develop a Strategy that Works for You

There are countless ways to responsibly save while you’re in college. All you need to do is develop a strategy that works for you, and stick to it. We hope these tips will give you a good starting point that can help you develop strong savings habits that will serve you well throughout your life. Place your new savings into an account with us – we’d be happy to help your money grow!

Teaching Your Children to Save

Children Saving

Sharing the value of money with your children can be an insightful learning opportunity. By encouraging them to grow in their fiscal responsibility they can begin to comprehend how to properly use and save money. Try these simple lessons to begin teaching your littles ones the importance of finances.

  1. See the value of savings: Before they understand the concept of retirement, help them see the advantage of long term savings. Just as companies offer to match their employee’s savings plan contributions, offer to match your child’s investment in a purchase. If they save for half the amount, you’ll contribute the other half.
  2. Create a goal chart: Saving for a car, a college degree, or a home takes years of planning. Let your child see the value of long term savings by helping them visually track progress in their own investment. Choose a purchase such as a new tech device or a day trip to an amusement park. Based on their allowance and other sources of income, draw a column of boxes to represent the number of weeks of savings it will require, then draw an X or place a sticker in each box once they save the weekly amount.
  3. Open a savings account: An interest-bearing savings account can help your child track their money as it expands through simple deposits and compound interest. Open an account for your child early on to educate them on the concept of finances, and have them deposit a percentage of their allowance each month to see their own wealth grow.
  4. Demonstrate checking: When your child is comfortable with complex addition and subtraction, have them assist you as you track your deposits and purchases while balancing your checkbook. Show them a bank statement and explain the different components, identifying which numbers help you balance your checking account. Take this opportunity to explain the relationship between savings and checking accounts and give examples of why and when you would use each.
  5. Set an example: Your children look to you to set a precedent, so if you save, they save, and if you spend, they spend. Set up a savings jar at home for extra change and designate these additional funds to fun family events such as ice cream trips, movie nights, and more. Show them the power of savings one coin at a time!

Timberwood Bank wants to see you and your little ones succeed. Stop in today to learn about our children’s savings account options!