It’s no secret that college savings are very important with higher education being expensive. It costs more than most people can afford without loans, but what if you didn’t have to take them out? These 10 creative ways to boost your college savings fund can help you save up a considerable amount before you graduate high school.
1. Take Advantage of Student Discounts
How often do you buy clothes, order takeout or fill your gas tank? If you’re like most people your age, you probably spend thousands each year. Teenagers’ self-reported spending increased by 6% from 2023 to 2024, reaching $2,361 annually. Student discounts are a great way to reduce your spending without losing out on the snacks, clothes and subscriptions you love.
2. Get a Cash Back Credit Card
Student and secured credit cards are excellent options if you’re under 18 or don’t have a credit history yet. Many options offer cash back with no annual fee, so you earn money. They may even improve your credit score, helping you get larger loans at better rates. You do have to watch out, though, since some have a high annual percentage rate — the yearly interest you’ll pay unless you pay off your balance on time.
3. Set up a High-Yield Savings Account
The older you are, the more your parents must phase themselves out to ensure they raise an independent, productive adult. The less involved they are, the more they empower you with autonomy over your life. It’s your job to embrace that responsibility. You can start by tracking your spending and preparing a budget. A personal bank account can help you do both.
A bank that offers high-yield savings accounts can help you accrue money. Ideally, you should set it up so a portion of your paycheck automatically goes toward savings. Although you can technically move cash into your checking account at any time, you want to be strict about not touching your savings.
4. Look Into Employer Tuition Assistance
You might be able to get employer tuition assistance. Plenty of workplaces have employer-sponsored programs that help you pay for books or tuition. What’s covered and how much you can receive varies depending on the company.
5. Earn Money Through Apps
The kind of money-making app you use affects when and how much you earn. For example, while MyPoints pays you in cash or Visa gift cards when you shop online, Survey Junkie pays you up to $50 for each survey you take. If you prefer investing, Acorns automatically rounds up your purchases to the nearest dollar, investing the extra cents.
6. Find Free Things to Do
Take advantage of free things in your area. Visit art museums, get a library card, start a garden or play sports at a public athletic complex. The less cash you spend now, the more you can put toward your savings.
7. Earn College Credits in High School
You’ve probably heard you can take advanced placement classes to earn college credit, but have you heard about the College Level Examination Program (CLEP)? If you pass the CLEP exam, you receive credit at nearly 3,000 participating universities in the United States. You get your degree faster, saving money on tuition.
8. Start a Side Hustle or Find Freelance Work
A side hustle is the perfect way to make money when and how you need it. You can deliver food, drive for a ridesharing app, tutor younger students, write resumes online or walk your neighbors’ dogs.
9. Invest in a 529 Plan
Have you started investing yet? Many people your age haven’t. A 2022 survey revealed just 20% of teenagers said they had started investing. However, 66% said they planned to invest before graduating college. Why not start now? It’s not as confusing or time-consuming as it seems. A 529 plan is an easy, hands-off way to grow your funds.
A 529 plan is a tax-advantaged account — your contributions and withdrawals aren’t subject to federal or state taxes — used to pay for college. According to the Internal Revenue Service, you can take out up to $10,000 annually to put toward tuition or education expenses. You can set one up for yourself. Thankfully, there are no income restrictions.
10. Start a YouTube or Twitch Channel
With a YouTube or Twitch channel, you can earn cash while knitting, playing video games or singing. You could even start a vlog about your life. While becoming an influencer and growing a personal brand is time-consuming, it can be lucrative.
Grow Your College Savings Fund With These Strategies
Saving for university doesn’t have to be stressful. With these 10 creative ways to boost your savings, you won’t have to worry about money. Remember to be mindful about spending and budgeting to maximize your savings.
