For many nations, higher education has now become an expensive option rather than a necessity, as the cost of tuition in many colleges and university has surpassed the financial resources of many students and families.

The majority of students rely on student loans to get by while at university, even though they are unsure if they can really pay it off in the future. According to experts, there’s been a 6% increase in college tuition, which is above the rate of inflation.

Whilst there are ways to cut down the costs of college tuition, many are forced to give up their dreams of gaining a degree because they simply cannot afford it.

Apart from the cost of college, students also have living costs which means they can rack up debts quickly.

Is there a way to increase your college saving funds? Read on below to find out three effective ways to boost your college savings while attaining your dream of gaining a degree.

Slowly payoff debts

If getting a student loan is unavoidable, you must learn how to pay it off when you’ve finished your degree. Many millennials aren’t able to plan for their future, including their retirement, as they are still bound by previous debts. The best way to manage any loans, including credit cards, is by paying them off slowly and making sure not to miss any payments to avoid further charges. Consider a repayment strategy that works for you. Some consider repaying their debts immediately after graduation, so they can focus on saving money for their retirement.

“Paying off the smallest loan first allows you to experience success very early in your journey and is a real motivator to keep on going,” said Shanon Brown from GrowingSlower.com

Start trading investments

Millennials are averse to the thought of investment, as they think they are risking more money this way. When asked why they aren’t investing, almost half of them said they don’t have enough money (40%) while 34% of them didn’t know how. Investing your savings the right way is one great way to grow your wealth over time.

Whilst there are plenty of investment opportunities out there, forex trading is said to be the most ideal way to generate money for millennials. According to an investment article, this age group has plenty of attributes to succeed, due to their strong affinity for technology and they have plenty of time to accumulate experience and growth.

Avoid placing money on items with high depreciation rates, such as televisions and cars, as they will easily deplete your money and you won’t be able to get any return from them. Consider building your portfolio full of diverse opportunities from forex to mutual funds.

Avoid impulse purchases

We are in a modern world where shopping can be undertaken on mobile devices, luring us to purchase items that we don’t really need. Impulse buying has become a common problem worldwide, where author Paco Underhill said in his book, ‘Why We Buy: The Science of Shopping,’ that “two-thirds of the shopping that goes on in malls is impulse buying.” To be able to survive on a budget and save at the same time, college students need to avoid buying things they do not need and focus on the basic necessities (rent, food, tuition). If you are doing your groceries, always create a list and stick to it. Consider paying by cash rather than using a debit or credit card, as people who pay using traditional money tend to spend less, based on several high profile studies.

My Say

The continuing rise in the cost of education should make us realize that we need to boost college savings if we are to achieve the aim of getting a college degree. It is no longer enough for students to depend on their parents to provide everything. It should be a joint effort of saving, wise investment, and the commitment to prioritize necessity over luxury.