I’m Just a Kid! How Can I Save For College?

Adults have been told that they should have begun saving for college costs as soon as you were born! Well, I suggest it’s never too early for a kid to start saving money for his college expenses either. Here are some things you can do:

• Start earning your own money with a part-time or summer job. (Look at my old posts for ideas about how kids can earn money.)
• I’ve talked about how you can divide your money into categories to Save, Spend, Invest and Donate. Set aside a portion of the money you save for college expenses.
• Ask your parents for help opening a college savings account. You might even ask them to consider making a matching contribution each time you deposit your own money from work or gifts.
• When asked for gift ideas, suggest money for your college savings account.

Parents: Evaluate the potential benefits of contributing to tax-advantaged college savings vehicles, such as a 529 plan or a Coverdell Education Savings Account. Read “529 Lesson Plan: High Scores for 529 College Savings Program” to learn more.

Need Cash? Get to Work!
It's not always easy for kids to find a job. But here are some things kids can do to earn a little extra cash over the summer.

• Babysitting of course. Check your local hospitals to see if they offer a babysitting class, or learn more about babysitting and earn a babysitting certificate here.


• Get your lemonade! Not only is a lemonade stand fun, but you can shake things up and offer home-made cookies too. Don't forget to pay Mom and Dad back if they help with supplies.
  Walk dogs/care for pets. Lots of people are too busy over summer to take care of their pets. Start your own pet care, dog walking business. Those long-haired dogs might need brushing, too.


• Yard work and gardening is another good idea. Offer to cut grass, weed gardens and do general yard work for people. Seniors especially can use the help in the summer.


• Hold a car wash! Get a group of friends together and with parents’ permission start your own car wash.


• Have a yard sale. Clean out your closets, toy chests and basements of all the toys/books you no longer use. You'd be surprised how much stuff you no longer use.


• Teens can visit here to learn how to find a job, where to get working papers, where teens can work, what to wear for an interview, and how to obtain references.

There are laws about kids working so you have to be creative when you are young to earn money. Get your parents involved too, they may have some good ideas. They may even be more encouraged to help you out if they see you trying to make your own cash instead of just holding out your hand.