Family Budget For A Brighter Education For Your Children

1. Replace incandescent bulbs with compact fluorescent (CFL) bulbs. CFL bulbs consume 80% less energy than incandescent bulbs, but give the same illumination. Make sure to buy only lamps and bulbs that have the Energy Star rating to ensure quality compliance.

2. Make a list when going to the grocery and stick to it! Anything that is not on the list is not a "need", but merely a "want" so avoid busting your pockets for unnecessary items. Buy non-perishable consumables in bulk to benefit from bulk discounts.

3. Use coupons when available. Take the time and have the patience to clip and organize grocery coupons. When added together, savings from using all coupons in one grocery trip can be as much as $20-$30. Purchase dining and shopping coupons online and print them at home. Doing so can save you at least 50% on the face value of the coupons.

4. Buy online, whenever possible. Online stores pass their savings from rental costs and warehousing to the online consumer, thus they can afford as much as 70% off their rack price. When buying items online, Google it first together with the word, "discount code". This can give you further reductions on the item you want to purchase. Try also online bidding: they offer at least 75% off the original purchase price, for practically new (slightly used!) items.

5. Take lunch to work. Buy potato chips and soda from the grocery and make a homemade sandwich and pack them in a brown bag.

6. Eat homemade dinners as often as possible. Plan menus that are practical and easy-to-cook to encourage eating at home. Save money by dining out only on special occasions.

7. Use everyday pantry items for skin and body care. Cucumbers, honey, milk, lemon, salt and baking soda are some items in your home that can also be used to take care of your skin.

8. Avoid shopping to de-stress. Try walking around the park or watching a movie instead.

9. Bring your own sodas and snacks when watching a movie. The cost of sodas and snacks are at least 25% higher in movie houses. Plus, homemade popcorn tastes much better: you can put on all the salt and butter you want!

10. Pay off your credit card balances each month and avoid finance charges. Better yet, use cash as much as possible, unless using plastic will give you a better deal (0% interest on appliance purchases, or cash rebates).

Aside from the cash that you have saved yourself, here are the top 3 sources that can help you get your kids through college:

1. Scholarship grants
2. Part-time jobs
3. Financial aids

These are good alternative sources for your children to start off on their college education.

But as a parent, you would not want to fall in those long lines for financial aid or let your child work himself to death just to have money for tuition and other expenses.

Here are some ways on how you can have a jump start at shaving off those hard-earned bucks for your child's college education:

1. The earlier, the better.

Start investing your money as soon as your child is born.

First, put the savings or investments under your name.

Later on, decide whether you want to transfer the account to your child's name by the time he or she turns 15. This way, you will have minimal taxes, if at all.

However, you need to be careful when transferring account names.

Some states require a total turnover of funds once your child turns 18 or 21. This is also ineffective if, in the future, you apply for financial aid.

Also remember that tuition fees 10 or 15 years from now may double or even triple the current rates.

2. Establish a trust fund for your child.

This is a very wise plan for a child's parents or relatives to invest in.

A trust fund is similar to a time-deposit where the money will be given to your child after a certain number of years.

After the designated time, the fund may be received in one lump sum or through an installment basis.

When building up a trust fund, check out details like the interest rates, taxes and withdrawal restrictions.

All in all, you need to approximate the costs of tuition fees, dorm room, meals, books, and other expenses that may come up.

Make sure that you invest money wisely as your child grows.

By the time that there are only two or three years to go before you send your son or daughter off to college, "lock" an ample amount of the funds by investing them in low-risk bonds to ensure that you will get to have enough for them to start their college education.

It is easy to get caught in the rush of things when you are in college.

In the midst of studying, part-time jobs, socializing and extracurricular activities that you have, you are most likely to forget one of the most important things, which is straightening out your finances.

Here are some tips on how you can save money as a student:

1. Plan ahead.

If possible, do this even before you move into your dorm room.

Check if you are eligible for scholarships and other grants before signing up for any form of student loan.

Construct a cash flow. First, where do you expect to get money from? Make a list of your "income", be it from your parents, your student loan or your part-time job.

Then forecast your expected monthly or weekly expenses for food, books, etc. Once you have set aside a budget, be strict with yourself and stick to it.

You will never know what unexpected expenses would come your way so it is better to have a downfall for financial emergencies.

2. Save on food.

One of the major expenses that you have as a student which you might have ignored when you were still living with your parents is your food allowance. Avoid eating at fast food outlets, as this is most likely to ruin your budget. Pack your lunch and plan your meals as much as you can.

3. Take full advantage of student discounts.

Those ID's in your wallet are not just for show. Student ID's and memberships in organizations are honored in several establishments which offer discounts.

Also, patronize a certain establishment regularly and you are bound to get bonus cards for being a loyal customer.

4. Use your cash as much as you can.

Since you already have a draft of the items where you will spend your money, it is easier to monitor your cash flow. Avoid using your debit card when you have cash with you. Use your credit cards or write checks only in emergencies. Having debit cards, credit cards and checks handy might lead you to overspend.

5. Keep yourself busy.

Join clubs according to your field of interest.

Keeping busy will let your mind wander and help you stay away from things that you are likely to spend money on when you get bored. Examples of these are snacks, movie tickets or game rentals.

You will be surprised at the amount of money that you will actually save by spending less on luxury items, following your budget plan and saving for financial emergencies that you are most likely to get as a college student.

~ It can be a source for your extra money for your savings.

~ You make good use of your free time.

~ For a student, the experience can teach a lot about life and the real world.

~ You can meet interesting people.

~ There is the possibility of discovering new skills or passions.

~ Getting a good part-time job can actually be a start to a more serious endeavor.