Start Saving for College
08/13/2025
Start Saving for College
If college is on your to-do list, saving for it can be overwhelming. Let’s look at how to best save for college in a manageable and smart way!
While the overall cost of college can vary wildly based on in-state vs. out-of-state, public vs. private, and 4-year vs. 2-year degrees, most Americans going to college can expect to spend between $20,000 to $60,000 per year on earning a degree (USNews.com). For many, scholarships, grants, and aid will significantly reduce this cost. However, there are still many expenses associated with college outside of tuition. College will be many young adults’ first experience with major expenses and will introduce them to paying bills, budgeting, and more.
If this is your first time learning how to budget and save for a major expense, let’s break down how to get started.
- First and foremost is a rough estimate of what your total costs per year might be. Most of this will be theoretical, as it is a good idea to start saving several years in advance. There are many online calculators and sources that can help you find rough figures. If you know what type of institution and what degree you wish to earn, it can significantly narrow down your budget. Be sure to include costs of housing, transportation, school supplies, et cetera for a more accurate estimate. You may also want to begin searching for scholarships, grants, and aid you may be eligible for to help bridge the gap.
- Create a budget. Look at your expenses now and create a realistic budget of what you can expect to save every month. Nothing is too little! Creating a budget can be overwhelming for those doing it for the first time, but don’t be afraid to ask for help. Your parents or teachers at school can be excellent resources to teach you. Good budgets consider unexpected costs, realized costs, and future financial goals (in this case, college!).
- Your next move is to create a plan for how you will achieve your budget goals. This may mean a job, joining organizations that can help with scholarships, or meeting with college admission counselors for advice.
- Get started! Things will shift and you may or may not meet your goals. But that is okay! Give yourself the grace to realize that budgeting and saving is hard for even the most seasoned adults. The best thing you can do is simply get started.
If college is in your plans, you can never start saving too early. While you may not succeed right out of the gate, consider this practice for achieving future financial goals. The Savings Bank is always here to help, and our SmartStudent*, Smart Debit, and Savings accounts can help you get where you want to go! Check out our account offerings at TheSavingsBankOhio.bank.
*Available to any student aged 16 and up with proof of enrollment. Students under 18 must visit one of our branches to open an account with a parent or guardian present. Online Account Opening available to customers age 18+.
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