ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Four Simple Ways to Save for College

Updated on July 1, 2011

Once you have decided that the financial priority for your family is saving for your child’s college education, the next step is to develop a plan to make it happen. Here are four simple ways to start saving for college education and setting up a college fund:

1. Examine your budget

If you have never planned your budget, this is the right time to start, as child education plays an important role in every parent’s life. Planning the budget will show how much you are spending now and where you spend your money, so just by knowing these two things you can calculate how it might begin to make even small changes to accumulate some savings. Make an interactive budget worksheet to estimate and begin working on your budget.

Setting up a college fund - Different currencies same advice
Setting up a college fund - Different currencies same advice | Source

2. Keep it simple - make it automatic

It is much more likely to accumulate a significant amount of savings for your child’s college education by maintaining a discipline or in simple words being consistent with your savings. Instead of waiting for the moment in which you have “a little more money, then save”, build the habit of saving even $50 per month or each paycheck and put this money into a savings account for college funds. The huge benefit of accumulating savings like this is that you will automatically earn interest on your savings which will increase (grow at a faster rate), ensuring that you will have even more money for your child’s college costs. Ask your employer or your bank about how to make your money automatically deducted from your paycheck and get deposited in your savings account for college. One way of doing this is signing up an application for automatic fund transfer with your employer’s bank.

How to Set Up a College Fund?

3. Deposit extra bonuses

When you or your spouse receive a bonus as a reward for your work, an extra fee, or a refund on income tax, consider depositing that sum for your child’s college education. Also, you can get the grandparents involved into this. Encourage your child’s grandparents and other family members to make a tax-deductible donation to a recognized educational society.

4. Submit exams to obtain credit

If your son is a college student and gets a high enough score on an AP exam (Advanced Placement Program), he/she can get a free credit for college. Your child should consult the school counselor to learn more about AP courses and exams.

The above were a few ways to start saving for college education and setting up funds for college. There are many other ways of savings that you can utilize for your kid’s education. Always remember education plays a vital role in your kid’s life so don’t leave any chances that you are not able to provide your child what he/she needed.


    0 of 8192 characters used
    Post Comment

    • travel_man1971 profile image

      Ireno Alcala 

      7 years ago from Bicol, Philippines

      Yes, I've heard of AVP (Advance Placement Program) in college. Some school provider a tuition refund once you're included at the Deans List of Academic achievers every semester. Thanks for this hub, Soni! :D


    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)