This page uses JavaScript. Your browser either does not support JavaScript or you have it turned off. To see this page properly please use a JavaScript enabled browser.
Members First CU of Florida Go to main content
Become A Member Apply for a Loan Branches ATMs
Home > Savings Strategies for College
Savings Strategies for College7/8/2024

college students out for a walk

With the cost of higher education, struggling to pay for college is something that many go through. But with a bit of planning, there are ways to make paying for college more doable. To help you save and manage expenses for college, we're sharing a few money-smart financial tips.

Start Early

When it comes to saving for financial goals, especially large ones, like saving for college, starting as early as possible gives you an advantage. Having more time to save allows you to better prepare for the costs that come with higher learning and discourages you from borrowing more than you have.

Open a Separate Savings

It's easy to spend money when it's kept in one place. To discourage you from dipping into your college savings, start a designated savings account for your college savings to keep those funds separate from your other finances.

Automate Your Savings

Make saving easier by having a portion of your paycheck deposited automatically into your college savings account for you or your child. This ensures that you "pay yourself first" so you don't have to remember to transfer money to your college savings. With the funds automatically withdrawn from your paycheck, it's easy to pretend it was never there to begin with, so you don't inadvertently spend it.

Take Advantage of Compounding Interest

Compounding interest is a powerful concept when it comes to saving money. It means earning interest on your interest. While starting your savings early is beneficial to growing your savings, another important key to saving money is leaving it alone. Don't minimize the effect of compounding interest for your college savings account, by resisting the urge to make withdrawals.

 

Ready to Start Saving Toward Your Financial Goals?

Our financial service representatives at Members First Credit Union of Florida are here to lend a helping hand. Whether you want to start saving towards college expenses, a new home, your retirement, or preparing for emergencies, a savings account can help you reach your goals. Learn more about our savings options or speak with a financial representative to learn more or get started. 

Save With Us

LEARN MORE

Speak With a MFCUFL
Financial Representative.

Contact us

 



How Useful Did You Find This Information?

Let Us Know

Powered by Delighted.

 



 

RESOURCES

 

 



« Return to "Blog" Go to main navigation
I Want To
I Want To
Loan Center
Loan Center
Credit Cards
Credit Cards
Careers
Careers
Special Offers
Special Offers
Members First CU of Florida
InstagramTwitterfacebookemailWordpressYouTube
NMLS #405711
Equal Housing Lender National Credit Union Administration
This Credit Union is federally-insured by the National Credit Union Administration. We do business in accordance with the Fair Housing Law and Equal Opportunity Credit Act.
Members First Credit Union of Florida is not affiliated with Members First Credit Union (Kentucky)

Members First Credit Union of FL is committed to providing a website that is accessible to the widest possible audience in accordance with ADA standards and guidelines. If you are using a screen reader or other auxiliary aid and are having problems using this website, please contact us at 877-434-6328. We are actively working to increase accessibility and usability of our website to everyone. All products and services available on this website are available at all Members First Credit Union of FL branches.

 

Any external links or websites to alternative sites are not operated by Members First Credit Union of FL. We are not responsible for the content of the alternate site or their accessibility standards.

BACK TO TOP