College costs have skyrocketed: a 467% jump since 1986, compared to an inflation increase of 107%! Here are some ways to trim the bill.
Advanced Placement Exams.
High schoolers can earn college credit through Advanced Placement tests, and 90% of four-year colleges in the U.S. will count them as college credit. This can save you a semester or more of classes – and shave big bucks from your tuition, room and board.
Stay Close to Home.
Staying at an in-state public college can keep costs lower than a private or out-of-state college (tuition is usually lower for in-state residents). For even lower costs, consider attending a nearby community college. Students who have yet to decide on a major can get prerequisite classes out of the way for a fraction of the cost, and transfer later if they choose to go to a four-year university that ranks high in their field.
Rent Textbooks.
These days, even used textbooks are expensive. Consider another option: renting books through a service such as chegg.com or bookrenter.com, which boast student savings of up to 80%. Some services will ship anywhere in the country with free return shipping.
Stretch Your Savings.
If you have a child at home, consider opening an Education Savings Account today for him or her. It’s an excellent way to keep up with rising college costs and stretch your tuition dollars. Your Primerica Representative can help you get started today.
Are you worried about money? The amount of debt you have can take a toll on more than just your bank account and savings plan. It can impact you emotionally, as well.
With the economy struggling to make a comeback, the average American is spending 3.3 hours each day worrying about money:
Are you worried about your financial future? Get a new outlook! Ask your local Primerica representative for a free Financial Needs Analysis today.
Think you don’t make enough money to save some of it? Think again!
If you earn $25,000 a year for 40 years, you will have earned $1 million dollars! Earn $35,000 for 40 years, and you’ve earned $1.4 million dollars. And if you earned $45,000 for 40 years, you’d have made $1.8 million dollars!
Pay yourself first and you can get ahead in the savings game. Here’s what can happen when you save just $100 a month for 40 years:
At three percent interest, you would have about $93,000.
At five percent interest, you’d have about $153,240.
If you got a nine percent interest rate, you’d have about $472,000.
That’s the power of paying yourself first! After all, it’s not what you earn – it’s what you keep!
The hypothetical percentage rates and values are for illustrative purposes only and do not represent any actual investment. Rates of return are consistent nominal rates, unlike actual investments, which will fluctuate in value. Subject to applicable taxes. If fees and taxes were included, results would be lower.
Would you like to have $1 million saved for retirement? Start saving now! For every year you put it off, you pay the high cost of waiting.
If you start saving $95 each month at age 20, you could have one million dollars at age 65. But, if you wait until age 30 to start, you’ll have to put away $263 each month.
Wait 10 more years and start at age 40, you’ll have to save $754 each month. Get started at age 50, and you’ll have to save $2,413 each month. That’s 25 times more per month than if you’d started at age 20 – ouch!
Because of the power of compound interest, the sooner you start to save, the less you’ll have to put away to meet your goal. Don’t pay the high cost of waiting – start saving for retirement today!
This is a hypothetical and does not represent an actual investment. Assumes annual end-of-year contributions, with a 10% nominal rate of return, compounded monthly. This example uses a constant rate of return, unlike actual investments which will fluctuate in value. It does not include fees and taxes, which would lower results.
If you need help kicking the credit habit, try paying with cash. New studies show those who pay with cash:
Spend less. Those who pay with credit – and even debit – buy more things, pay a higher price for them (sometimes twice as much) and are less aware of how much they’ve spent than those who pay with cash.*
Learn positive habits. For example, learn how to save for items you want versus charging them and impulse buying.
Gain leverage. Storeowners will often shave huge percentages off big-ticket items for customers who pay with cash.
Become wealthier. Since there’s no postponing the payment, you learn to truly budget and live within your means. And those who plan and budget are almost 40% wealthier than those who don’t.**
