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.
