Your budget can handle a large expense here and there, but what if you have two coming at you at once? If you have a college-age child and a home in need of major repairs at the same time, this can be a serious challenge.
Of course, both are important – so how do you allocate your budget?
According to educationdata.org, the average cost of a four-year degree currently ranges from $103,000-$215,000. While that’s a worthwhile investment, it will very likely put you in a position to reprioritize how you spend your paycheck.
If you find yourself coming up short on the home repair side, give Mitten Made Properties a call at (248) 883-3340. Some repairs just can’t wait, and they have a way of creating a domino effect from bad to worse – and more expensive. It may be worth it to move into a home that needs less work. We buy homes as-is for cash in Metro Detroit and can close quickly, taking the pressure off when it comes to home maintenance so you can focus on your child’s educational needs.
And here are a few thoughts to help with planning for college expenses:
Consider a Local State or Community College
When it comes to saving on tuition and living expenses, it will help save some money if you look at a local state or community school. In-state tuition is usually cheaper than out-of-state schools, and your child may be able to live at home to save on room and board expenses. It’s not always a teen’s first choice to stay local, but it will definitely save money.
Apply for All the Scholarships
Sure, it can become another part-time job to chase down scholarships, but there is a lot of free money out there if you look hard enough. Apply for everything you can find – and then look and apply some more. Many students have paid for tuition and expenses this way. A great resource for this is scholarships.com.
Consider an On-Campus Job Opportunity
On-campus jobs can not only help provide income for your college student, but they are also a great way to get immersed in college life, make friends, and learn about other happenings on campus. If you have a student who is good at time management and is disciplined enough to get their work hours in while keeping up with study hours and classes, having your child work their way through college is another great option.
Hope these ideas help!