Planning for College Expenses

One of the biggest expenses that today’s parents face is paying for or at least helping to pay for college for their children. If you have a child, then you should know that it’s never too early to start planning and saving for a college education. Furthermore, even if your child is older and you’ve neglected planning like you should, doing some planning, even if it’s a bit last minute is still worthwhile.   

Before Your Child Starts School….

If your child has yet to enter kindergarten, you might think that it’s too soon to start planning for college, but honestly, as mentioned above, there is no such thing as “too soon,” especially when you consider the ever-rising cost of a college education in America.

While your child is still very young, you don’t have to put too much pressure on yourself to save large amounts, but it’s still smart to start socking away small amounts here and there, where you can. You’d be surprised at just how much these smaller, early contributions can add up over time.

When Your Child is in Elementary School….

Once your child enters elementary school, you will hopefully have established a good habit of putting small amounts into a college savings fund when you can. Keep this habit going! And, speaking of habits, elementary age children are at the perfect point for instilling good financial habits into them.

Teach your little ones about money management and good debt and bad debt so that, hopefully, when they do enter the college world, they won’t make bad financial choices that will haunt them for the entirety of their adult lives.

When Your Child is in Middle School….

Once your child hits middle school or junior high age, it’s time to really buckle down and start getting even more serious about planning for his or her education. Take the time to research the average cost of local colleges and/or schools that your child is likely to attend, such as your alma mater. The more realistic you are about what college costs, the more likely it is that you will save realistic amounts.

This is also a good time to get your child involved in sports, charity work, and other extracurricular activities that will look good on a resume and potentially lead to easier access to scholarships once it comes time to apply for college.

When Your Child is in High School

Finally, when your child hits high school, you have no choice but to start preparing for college expenses in a very realistic and immediate way. Figure out when your child needs to fill out the FAFSA, a federal application for financial aid, and make sure you meet all deadlines as required.

Furthermore, extensively research scholarships and grants with your child and apply for any and every source of “free college money” for which he or she is eligible.

If you can follow these tips and make saving a habit, you should have a much easier time paying for your child’s education when the time comes.