Everyone talks a big game about saving for their kids’ college educations. You probably thought the same way when your children were younger. But now that they’re in eighth grade, they may be looking at more than just the local public high school. Perhaps they have their eye on a private school. Great! Now what? You’ve been saving for college but what about high school?
You can take the same approach to college savings; you’ll just need more liquid cash if high school is looming in the next year or two. Here are some easy ways to save some cash, and no, they have nothing to do with cutting out your morning latte or coloring your own hair from a box.
Make an easy $1,000 to put towards high school by investing $20,000 at a conservative 5%: $20K x .05 = $1000. This smart investment means you are letting your money work for you rather than having to work so hard for every penny. Every little bit helps, especially when you know that private high schools start at $10,000 a year and can cost upwards of $50,000 for boarding school.
Sock Away Your Tax Return
This April, instead of blowing your tax return on a new wardrobe or trip, put it right into a special savings account you’ve set up just for your high schooler. You can make even more money next year…rather than loaning your money to the government interest free, set that money aside throughout the year to earn interest on it, advises Money Crashers. You don’t really want to receive a huge tax return at the end of the year anyway. You could better use that throughout the year for school uniforms or as an investment for tuition payments.
Get a Job on the Side
Your regular salary may be just enough to cover the essentials, but those extra tuition bills may be out of your comfort zone. With so many side job opportunities on the Internet, you can put your talents to work for you and earn extra cash. Got 100 bucks and a great idea? Design your own website and start promoting a new business…writer…consultant…interior design… you name it, you can make money off it. Network with other like-minded professionals on Upwork, sell your handicrafts on Etsy, or evaluate websites at UserTesting.
Seek out Scholarships
While scholarships for high school are not nearly as common as those for college, they’re still out there – usually offered by the schools themselves. Some are merit-based while others are athletically-oriented. Apply for any and all scholarships that apply to your child. Even $1,000 will help!
To manage your investment plans for private high school and college for the future, you may have enlisted the help of a financial planner or stock broker. However, be careful whom you trust and always have a securities fraud attorney on your side.