My oldest son will be turning 13 years old soon. We were talking the other day and he was telling me how elated he is to become a teenager and telling me the kind of party he wants to have. While he was happily telling me his plans, all I could think is: “Wow he is just a few years away from graduation.”
That thought kinda sent me into a panic. While I am confident my son will earn scholarships for school, I know I need to start an aggressive savings plan to make sure that he has everything that he needs beyond tuition.
In order to start saving and meet my financial goals in such a short period of time, I had to adjust my spending and make some sacrifices. Country Financial has a spending worksheet and a budget worksheet that were very useful in helping me come up with my savings plan.
After completing the worksheets I figured out how to to save an additional $300 a month by eliminating expenses. I decided to make 4 worthwhile sacrifices to save for my son’s college tuition.
Minimize Pamper Days
I have stopped getting my biweekly mani/pedis. I will scale down to going only once per month and then doing them myself in between visits. I also opted to care for my own hair in between monthly salon visits. This was the hardest sacrifice for me because I can’t stand doing my own hair but I will make it work since its only once a month. I didn’t give up my pampering completely because I want to set goals I will stick to.
Eliminating Cable Television
While I like to be entertained as much as the next I do not watch television enough to justify this huge expense. I was spending about $150 a month to watch TV! So I decided to give up the cable. I only watch 2 channels and my children watch 2 channels. So I decided I would subscribe to the individual channels online for the kids and I would watch my 2 channels on the internet the best way I can or go to my sisters house when I need to watch TV. This is a sacrifice I am willing to make to meet my savings goal.
Ditching The Fancy Phone Bill
Honestly I have been wanting to do this for a while. I was so annoyed by all the unnecessary charges that I was seeing on my bill. Now I have a reason to finally make the leap. I am ditching the fancy cell phone plan and opting for a prepaid service. I own my phone outright and I will take it to a compatible provider for service. Over $100 Saved!
Holding Off On New Vehicle Purchase
I had been eyeing a new, larger vehicle for my family of five. But I have decided to hold off on that purchase. For now, we will make it work in our small crossover SUV even though we are a bit crammed. The money I am saving in car payments can be used to invest in a college savings plan, like the ones offered by Country Financial.
These plans help make it a lot easier to plan for educational expenses. It’s as simple as choosing between their 529, Roth IRA or other funding options they offer.
In addition to the sacrifices I will be making, bringing in some extra money each month also helps me to meet my savings goal faster. Freelance writing, babysitting and selling unwanted items are a few of the ways I bring in that supplement. Having this additional money makes me feel less stressed financially and gives me a lot more confidence in implementing my savings plan.
No matter how many other things I have to sacrifice though, I will make sure my son is ready to head off to college. To see how you can start saving with Country Financial’s funding options, visit www.countryfinancial.com