When to Start Saving for a Child’s College Education

When to Start Saving for a Child's College EducationChildren are expensive, we have a 1 year old daughter, and diapers, toys, clothes, and daycare add up very quickly. But one of the larger expenses associated with kids is their college education, which means that considering how that will work is imperative. Consider the following points about saving for a child’s college education.

For the 2015-2016 school year, the average in-state on-campus public school costs came in at $19,548 for a four-year public school. That number climbs to $34,031 when a student is attending school out of state. Private schools cost an average of $43,921, while a two-year public commuter school was “just” $11,438.

Realistically, the earlier that you can start saving for your child’s college the better. The longer you allow money sit in a 529 or other investment account, the more interest you can make from it. If you start saving money when your child is just a baby, $5,000 can turn into $19,980 over a period of 18 years. assuming an 8% interest rate. If you started with $5,000 and contributed $100 each month, that account would balloon up to $68,500 by the time your kid is ready for college. But the truth is that the monthly payments are more important than the initial amount, so even if you don’t have $5,000 to stash away now, all hope is not lost. If you had $0 saved now but contribute $100/month for the next 18 years, that would result in a whopping $48,500!

Start Saving as Soon as Possible

The simple answer to the question about when to start saving is to start saving as soon as possible. But in reality, that’s not always possible and there are other priorities in many people’s lives that push saving off until that promotion or raise comes. If you’ve got a child who is 10 years old, you’d need to sock away $350/month for 8 years to hit the $48,500 mark. This just underscores why saving early and often is so important!

Of course, not everyone needs to pay for their children’s college education. I think it’s very important for students to have some “skin in the game” when making college decisions, and it can often lead to your kids taking school more seriously. Hopefully they make smart decisions and go to cheaper schools, but taking out some student loans to cover the cost of education doesn’t need to be avoided at all costs.

But Always Put Yourself First

Most parents would prefer that their kid isn’t entering the job force with debt hanging over their head. As many as 70% of students do end up taking that route. For example I had about $25,000 in student loan debt when graduating. Have your child investigate scholarship opportunities, too!

Keep in mind that your own savings are important to protect as well. You should not be giving up your own retirement account to help pad the college fund. While student loans are always available, the same does not hold true for a retirement fund. Another option is that if you’re in a more secure financial situation when your child has graduated, you can help pay off the student loans.

Get a $150 Referral Bonus When You Become an Uber Driver

If you’re considering becoming an Uber driver, NOW is the time!

The referral bonus for new Uber drivers has traditionally be lower, at $50 in most cities, but Uber has increased the new driver referral bonus to $150 in many cities! The bonuses vary by city, so it may be more or less in certain cities. Become an Uber Driver

It’s very easy to get started, and there are only a few steps you need to take to get paid your bonus:

  • Sign up here
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  • Get vehicle inspected
  • Complete 20 trips (this number varies by city, but should take about 3 hours of Uber driving)

When I signed up, I got paid a $50 Uber referral driver bonus after just the first Saturday night of driving for Uber. It couldn’t be easier to earn the bonus, so sign up now!

The whole process is pretty quick, and if you have any questions about the approval process, leave them below. I’m happy to answer them for you!

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How to Make Money on Your Old Car

Many car owners reach a point where their vehicle no longer suits their needs. The time comes we must say goodbye to our old clunkers, and if you have a beat up vehicle just wasting space in your driveway, it’s time to transform that old hunk of metal into a pile cold hard cash. Learn how to make the most money from your old car.

How to Make Money on Your Old Car

Trade It In

If you’re looking for ease, you can trade in your car at the dealership when you’re looking for a new one. It’s important to take your car’s age into consideration. The older a car is, the less trade-in value it will have. Before taking it into the dealer, be sure you do your research on a site like Kelley Blue Book. Keep in mind that if you owe more on your car trade-in than the dealer is apt to offer you, your chance of negotiation is much more difficult. When it comes to getting the most for your trade-in, timing is everything. If you live in an area with cold, rainy winters, don’t trade in a convertible in December. It’s important to stay up on the latest trends in cars, as the more desirable your style of car is at that particular time, the better deal you’re bound to get. If you’re buying a new car, don’t treat the trade-in as part of your purchase transaction. Always negotiate your new car purchase and vehicle trade-in separately, with the trade-in coming first.

Sell It Privately

To make the most money out of your car, your best bet is to attempt to sell it privately. There are definite drawbacks to this method. You’ll have to deal with your fair share of scammers, buyers that can’t seem to make up their mind, and a much longer timeline. However, if you’ve got time on your hands and have the patience for it, you can sell your car privately on sites like Craigslist for way more money than you’d get from a dealership or car buyer. Be sure to keep yourself safe and always meet with buyers in public, well-lit places. Car buying scams are common, so ensure you’re protected before meeting up with a potential buyer.

Sell It Online

Not looking to deal with the waffling private buyers and don’t want to try your hand at Craigslist postings? If convenience and speed is your top concern, consider selling your car online to a car buying company. Sites like www.carbuyerusa.com will provide you with an instant offer; just answer a couple of easy questions online and they’ll give you a number. If you don’t like it, you don’t have to take it—no questions asked. These companies take the cake in terms of convenience. They can often send a buyer right to your house to check out the vehicle and then haul it away on their dime the very same day.

Sell it For Scrap

If your car is far past gone, and you don’t think you can find a buyer willing to take it on, you can still get the most out of it by selling it off by parts. Unless you’re a car wiz, you won’t want to take it apart by yourself; improper removal can ruin the parts and make them impossible to sell. The most valuable salvageable parts tend to be the wheels, axles, lights, engine parts, and glass. If you don’t want to do it yourself, you can always sell your car to a junk yard, but know that you’ll be getting less of the value thanks to the convenience.

Sell Your Car For Scrap

If you’re looking for ways to make money off of a car you no longer need or use, keep these strategies in mind and turn that old beater into a small fortune. After all, one man’s trash is another man’s treasure.

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