Author: Sarah Marshall, Social Media Specialist
Saving for college is a long-term goal that requires planning and dedication. By starting early and setting realistic goals, you can help ensure that your child has the financial resources they need to pursue their dreams and achieve their goals.
Here are some tips to help you prepare to save for your child's college education:
Start Early, Save Consistently, and Revisit
The earlier you start saving, the more time your money has to grow. Consider opening a college savings account as soon as your child is born. As your child gets older, make sure you're revisiting your savings plan regularly to make adjustments and stay on track.
Consider all costs
Paying for college includes more than tuition, housing, and books. Students and families are using more than income and savings to cover all of these costs. Besides tuition and housing, the average family spends an additional $1,700 - $3,300 per semester on other college costs, including basic care, textbooks and supplies, transportation, and social activities.
Scholarships and Grants
Scholarships, grants, and student loans can also help pay for college. Encourage your child to apply for these opportunities throughout high school. There are thousands of scholarships available based on various factors, such as academic merit, athletics, or special interests.
Set Goals and Don’t Delay!
Remember, every little bit helps, and the earlier you start, the easier it will be. Determine how much you need to save and create a plan to achieve your goals. Consider factors such as the cost of tuition, room and board, and other expenses as you plan. Happy saving!
Remember, the key is to start early and set realistic goals.
By taking the time to plan and save for your child's college education, you're investing in their future and helping them achieve their dreams.