Saving for Undergraduate (or a College Degree)

When you are young, your parents are expected to take care of everything.  Feed you, put a house over your head, buy you the things you need to succeed.  But for most of us, all of this is taken away when we move to college. Starting a new life after the Vietnam war (on top of having four kids), my parents weren't able to save for my college education.  I didn't have the assistance that most others have when they reach adulthood.

That's where these tips come into play:

1.  Utilize your parents or loved ones for the skills that they have. These include basic skills such as car repair, cooking, stockbroking, shopping, or even their very own savings tips. Sometimes I wish I could turn back the hands of time and have my grandma and mom teach me all of the recipes that they know.  It sure would have helped a lot in undergrad.

2.  Sale or donate when you are okay with letting things go. As a young child, you might be able to reason with your parents in throwing in some of your items into a yard sale and keep the profits.

3.  Don't be afraid to get creative and do things yourself.  I was blessed enough to have parents who would let me experiment in the kitchen or take me to the store when I wanted to make my own charm bracelets. By voicing my interests, I was able to build up courage to figure out early what I like to do in life, and save some time later in life trying to figure out my hobbies.

4.  Try new things.  I can't express this enough.  When you are younger, you have all the time in the world and are assisted by your loved ones when things fail. Now is the time to try as many things as you can.

5.  eBay or barter books for a profit.  It's all about downsizing when you can.

6.  Pay in cash when you can.  If you tend to get money as gifts, ask your parents to help you start a checking account.  You'll need one once you leave the nest.

7.  Learn how to save, or be thrifty when you can. Developing this as a habit when you are young will help you later in life.  You'll thank yourself in the future.

8.  Think through your purchases.  It'll help prevent you from making poorer decisions in the future.

9.  Don't be afraid to utilize resources like the Internet.  If you're not sure how to approach something and no one is around to help, get assistance!

10. If you've found a store where you are comfortable with the price range, don't be afraid to go there again! For example, I've recently discovered a local store that sells basis essentials like $2 shirts, $5 jackets. They aren't name brand, but I'm happy and comfortable with myself enough that I don't care if they are.  Developing character is important!

There you have it.  I agree, this list is not exactly all about savings. Some of it is more about developing values at an early age.  But in reading this, I hope you get an idea of what's important and what's not important in life. This is a really good skill to develop before you go off and leave for college.