It can be challenging to save up for a college fund when the world is going through turbulent times and a college education is becoming more expensive than ever. While you might think that topping up your savings account is the perfect way to accrue the college fees, you might be surprised that the interest rates are woefully low. You need to make your money work more aggressively for you especially if you have a couple of little darlings at home eager to make their way in the world of study. Take a look at these simple strategies you can use to save up for your child’s college fund.
If you are able to take some of your savings and create a more lucrative investment portfolio, you might be nervous about losing it all. You can limit the chances of this by opting for a mixture of low to medium risk opportunities. If you have a large amount of cash, you might be keen to purchase a second property that you can rent out to suitable tenants. Purchase the worst house on the best street, do a spot of renovations, and let out the pad, and you could have an asset that pays for itself. Simply, make sure that you can charge enough rent every month to cover your home loan repayments. Ensure that you hold onto the asset for a decade or more and then sell up, pocketing the profit for your not so little one’s college fund.
If you adore the odd tipple now and then and you know your way around a chardonnay or a rioja, consider investing in some bottles of the finest vintage. Think of wine like antiques or art. The older it gets and more scarce it becomes, the more sought after it can be. Many years are renowned for being great vintages. Do your research and purchase at least a dozen bottles of a strong label. Store it in your cellar or pay for professional wine storage and just keep hold of it. You don’t need to do anything other than scouring the markets and making sure that your wine is increasing in value. When you are ready, sell and pocket the profit.
If you want to boost your investment portfolio with increased income, think about what you can do to boost your earning potential. If you’ve been working in the same role for the past few years, you might be ready for a promotion. Think about upskilling and heading to an educational establishment like Suffolk Online. This university offers fully accredited online MBAs to help increase your appeal if you are to hunt for a promotion. By skilling up, you can fulfil more of the desirable criteria on a person specification.
Apply effectively by researching the companies that you are looking to work for. Make sure that you address what you can give to them rather than what they can do for you. You need to be such a great candidate that they cannot afford to not offer you the job.
Invest wisely and don’t simply rely on your savings account to accrue the money you need for the future. Follow this guide and you will be able to save more effectively for your child’s college fund.