How Do I Save Money For College?

Question:

I am 14 years old, and I am going to turn 15 in August. I plan to go to The Wharton School Of Finance, which is a very expensive college. Very recently, my family has been struck with very hard financial situations. My parents are divorced and I live with my mother. The IRS is now going after my father for not doing his taxes for the past three or so years.

My father might have to give up his 401 K to pay off the debt- about $30,000. That was my college money. My mom will soon be getting a second job just to keep a roof over our heads- as my father can no longer promise child support.

I plan to get a job as soon as I turn 15, and work as much as I can. During the summers, I plan to work two jobs to help me pay for college.So what can I do? How can I save money? What are some things that I can do now, that will help me in the future? Thanks.

Try to get a job and when you do, put some of it towards rent or a house payment, and put the rest in savings for college...

Well, working two jobs is a good start. Ask your mom to help you set up a high-yield savings account (ING or Capital One are two good ones), invest in money markets, or possibly look into a Roth IRA. Unfortunately, because of your age, you're not able to set these up for yourself.

Your parents' financial situation may also work to your advantage. If your parents don't make a lot of money, you can qualify for more need-based loans and grants.

No matter what, don't give up your dream. It might be tough at times, but keep your eye on the future. You sound like a very grounded, goal-oriented program, and I hope you have much success in your life.

1. Get those jobs. Right now you could be mowing grass, babysitting, doing odd jobs for folks around you.

2. Start a college fund in your own name. Put at least 1/2 of all the money you make (gross - not net) into the fund.

3. When the fund reaches a reasonable amount ($500 or so), put it into a good mutual fund (see Morningstar's ratings). Keep doing this with the money you make - forever. Pick different funds and/or stocks. Ask successful people you know about the stocks they have.

4. When you reach Junior year of high school, begin applying for scholarships, noting how hard you've worked on your own to pull yourself up by your bootstraps througs wise investments. Wharton would like that.

Take your money, save it up and buy stock, bonds, or CDs (Certificate of Deposit, not the other kind).

At your age, and because you need the money, and don't really have all that time for a bond to mature, a CD might be best.

Get $1,000 and then go to your local banks and see who will give you the best interest rate for a CD, but don't overlook short term bonds.

i think u should just think about how much college means to u and trying saving money 4 college.try working @ a place that gives u good pay and try working overtime!b
hope i was of any help!

How Do I Save Money For College?

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