Start Saving Today


Whether you’re planning on college next year or just starting your sophomore year in high school, you can take steps to save money today that will help you with college costs in the future.

Open a Savings Account

If you don’t have your own savings account, now is a great time to get one. Ask your parents for advice or visit with an account specialist at a local bank or credit union. You will need to deposit some money to open a savings account, but that amount can often be as low as $5.

Even if you don’t add to your initial deposit, as long as you haven’t taken it out, that amount will increase by the time you’re ready for college simply because of interest accrual. This is one time interest will work in your favor.

You can save more, though, if you deposit gift money you receive into your account. If you really want to give your account a boost, deposit all your gift money to earn interest on every penny. If that seems like too much, think about depositing half of any gift money you receive. That way you can still spend some, but you’ll also earn interest on a bit.

Save Your Change

If you use cash for all your spending money, saving your change can really add up over time.

Take a jar, glass bottle or even a cleaned-out laundry soap container and put any loose change you have every day into the container. Once your change gets heavy, or if you are tempted to spend it, deposit it into your savings account. You’ll probably be surprised at the amount of money you’ve accumulated in just “spare change.”

Have a Sale

Look around your room. Do you have some childhood toys collecting dust or video games you never play anymore? What about clothes you haven’t worn in more than a year hanging at the back of your closet?

If you have no need for the items and your parents are OK with it, think about having a garage sale or putting items on a website like eBay. Do some research before you sell anything to see what prices others are getting for items sold online. Then decide where to sell.

If you want to have a garage sale but don’t think you have enough to sell on your own, see if your friends would like to sell some of their stuff too. To keep track of where the money goes, use different colored price stickers to indicate whose item is being purchased. After the sale, proceeds can be easily divided up between the different color stickers.

Get a Job

The easiest way to save money is to earn money. If your grades and extracurricular activities allow, get a summer job or a part-time job during the school year. Look for places that are willing to work with your schedule and then be responsible for showing up on time. Working while going to school is a great way to learn how to balance different responsibilities.

Having a job also means earning a paycheck. This is another way to take advantage of a savings account. If you set aside some of the money you earn for your savings account on a regular basis, it will start earning interest as soon as you deposit it.

Think about setting a savings goal too. If you get paid every two weeks and are able to put away $40 each payday for two years, you can save more than $2,000 to put toward college expenses. If you don’t work during the school year, what about trying to save at least $250 a month during the summer? In two summers, your savings can increase $1,500.

However you accomplish it, any money you save now is money you won’t have to borrow (and pay back with interest) in the future.

By: Iowa Student Loan