5 Reasons NOT Saving for College Is a Good Idea

Saving for college expenses can be an overwhelming task, but are there a few good reasons why it might be okay to forego this task? For those of us who are looking for ways to free up money in anticipation of a college education, there are ways to avoid saving for college that will still result in a successful college experience. Here are 5 reasons why NOT saving for college may be a good idea.

1. Higher Education Without Breaking the Bank

Higher education can be expensive and when done incorrectly, it can bankrupt a future before it’s even begun. But this doesn’t have to be your reality! With a bit of planning and a spot of frugality, higher education can be pursued without draining the bank.

Research Funding Options
Doing your research into funding options is a great starting point – scholarships, bursaries, grants and other loan programs, like OSAP in Ontario, can all help with the costs.

Start by exploring your school’s website to identify funding options that you may be eligible for.
Look into potential grants and scholarships online.
Estimate how much money you may be able to borrow from a loan provider.

A Tight Budget is Key
Making smarter choices in terms of lifestyle can help reign in the costs and put more money towards higher education. Small day-to-day habits like packing a lunch for school, checking out the local thrift store for clothes and clothes and monitoring your spending can all make a difference.

Monitor your expenses and set up a budget.
Look for deals on rent, groceries, and other items.
Take advantage of student discounts.

2. Explore Other Options for College Funding

Getting into college is one of life’s great milestones, and with that comes the need for college funding. There are plenty of ways to get the funds you need to get through college, and taking a look at all available options is one of the best ways to ensure you choose the plan that best fits your needs.

Start with the options that don’t require repayment:

Scholarships and grants are worth investigating, since you don’t have to pay them back. Online scholarship searches can help narrow down the options.
Work-study programs are available to those meeting certain criteria. If you qualify, you can get some income while you study.
Crowdfunding is becoming more and more popular, and there are plenty of websites to choose from. Just make sure that you take the fees and other charges into account.

Then, look into borrowing money. This includes government-backed and private student loans, as well as alternative lending options such as peer-to-peer lending. Bear in mind that the terms and conditions may differ significantly and you should know exactly what you are signing up for.

3. Relieving Financial Stress in the Long Run

Finding a suitable and achievable solution to eliminate financial stress in the long run is possible. Establishing plans for long-term savings and investments, along with creating a budget that you can stick to, is the best start.

Pay off debt: Start by tackling any debt you have and come up with strategies to pay it off quickly, this fosters peace of mind and betters your financial position.
Set up emergency savings: Build up an emergency fund in case of any expense or loss of income, this allows you to work with less stress and provides the comfort of knowing you can manage any unexpected expense.
Invest: Diversify and invest in a mix of different asset classes, this will help increase your income-generating potential and provide additional stability when times are tough.

Considering financial stressors for the long term and making wise choices can help bring you peace of mind. Age plays a factor in how well you manage these ideas, some are more reassuring the earlier you make them a part of your strategy. Building financial security should involve setting financial goals that you can realistically reach, by following up on your plans and budget you can be sure that your financial future will be drama-free.

4. Live for the Moment and Save Later

Living life with intention requires one to identify what matters most and ditch the distraction. Focusing on the now, instead of perpetually anticipating the future, is a powerful way to do just that. After all, your life is made up of days and moments that encompass all you are and the path you endeavor to create.

When it comes to spending, carving out meaningful experiences that bring joy or value is important. Taking part in activities that offer respite from life’s dullness and deliver unique memories is just as important as saving. Not to worry, though – wisely mixing enjoyment with frugality is just about the perfect financial balance. Here are some practical tips to help save for the future while living in the moment today:

Take advantage of savings and discounts.
Create a budget and track spending.
Put the bulk of your extra cash into savings.
Look for free activities to pursue.
Pay off debt.
Give yourself a no-spend challenge.

Saving for the future is not just about having financial security if you want to live for the moment and plan for the future. It’s about being mindful of the balance between financial stability and the enjoyment that life has to offer. Live in the present, take stock of your spending, and reap the rewards of a life lived intentionally for years to come.

No one knows better than you when it comes to your own financial goals. Before you make the decision on whether to save for college or not, make sure to consider your financial situation as an individual. It’s ultimately a personal financial decision that should be decided with the facts in mind. The choice is ultimately yours, so make sure to think wisely before you make it.