Senior savings plan

Caroline

If you're a high school senior, the cost of college probably isn't your top concern right now. Usually during that first semester of senior year, you're more worried about getting into the school you want  — not how you'll pay for it.

For a lot of students, saving money for college doesn't feel like an urgent matter until the summer before you leave — when all the "busy-ness" of senior year and excitement of graduation are past. By that time, you know where you're headed for school and how much financial aid  you're getting and it all finally feels real.

Unfortunately, June is a little late in the game to start a real savings plan for fall. You'll be better off if you start concentrating on saving right now.

So how can you get motivated? Try to make it real for yourself. Forget about the vague, fuzzy "saving for college" idea — start thinking more specifically about what things you'll need to pay for next year. No matter where you go to college, you're going to have some of the same expenses , so list them out and use them as goals to save for. Here are some ideas:

• Laundry money — laundry will probably cost around $5 a week. Plan on 40 weeks worth of laundry, and make a goal to save $200 to stay in clean clothes for the entire year.
• Eating out money — even if you stick to your pre-paid meal plan, that generally doesn't include supper on Sunday nights. Figure you'll spend $10 eating out on Sunday nights each week — and aim to save $400 to cover Sunday meals for the year.
• Books — these will probably run anywhere from $200-$600 per semester. Set a goal of saving $500 for your first semester's books.

These are just a few of the basics you'll need a stash of cash to cover during your first year of school. Try saving for just one of these items to make it a really achievable goal. It feels good to know exactly what you're saving for — and what it takes to get there.

Are you saving money for college? Tell us how it's going!