Tips for Saving for A College Education
It’s graduation season, so the topic many people are talking about right now is college. If you have kids of any age under 18, the topic of college may bring a side of panic when you think of it. That’s because college educations can be super expensive. You may wonder how you are ever going to afford sending one kid to college, much less multiple kids if you have them. Well, take a deep breath, because today we are going to show you a few easy tips for you to get started saving for college.
Obviously, getting a savings fund together is a great place to start. If your kids are young, putting just a little in each month can yield a good chunk of money over the next 10-17 years. It may not be enough to completely cover all the tuition for each child, but it will definitely help to not start at zero. If your child is nearing college age–don’t worry! Just start to put a little money away each month into an account. Even if it isn’t much, it can still pay for a semester, books or supplies your kid may need. Every little bit helps, and the earlier you start, the more you will have to work with.
Perhaps the easiest way to save money for college is to have it automatically taken out of your paycheck every pay period. If you have a 529 plan, let a small portion of your check be allocated to going into your savings plan. If you just have a regular savings account, just allocate part of your check there. Wherever you decide to stash your savings, if it is put there automatically, chances are your account balance will be higher than if you physically put it in there yourself.
As with any savings plan, it’s best to set goals along the way to help you stay on track. Take a look at the overall number you need to save. Divide that number by the number of months, weeks or days you have until you need to reach that goal. By breaking up your large goal into smaller chunks, your goal will become more attainable, and you will be motivated to keep going.
Saving for college is just like saving for anything else–it takes motivation, determination and organization to reach your goals. Funding a college education is a lofty goal, so if you don’t have all the money saved up at the beginning, it’s ok. Don’t be afraid to accept financial aid, enroll in work study programs or even take out student loans. Just save what you can and work out the rest. In the end, the education will be worth it.
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