Having a baby is a miracle but thinking about the future is what puts a lot of people off. Children are expensive, let’s not beat around the bush. It doesn’t matter whether you have one or more, children are going to cost you money from the moment that they are born. One of the biggest expenses that people consider before they even have children is whether they can save for their college education and how much you should be saving for college.
College is a big deal, we all know that. Most jobs now come with a college degree as a minimum requirement, so having the right education doesn’t just give them a life experience, it could open doors to new places and careers that you never thought possible. There’s just one tiny detail: college is pricey.
When it comes to paying for the education of your child, starting from as early as possible is going to be key in helping you ensure that you’ll only need quick cash loans to make up a tiny shortfall later on. The cost of college is rising, that’s not a secret, but trying to decide how you can save for your child’s education could dictate how many shortfalls you’ll have to make up later. So, here are some of the ways that you can decide how much to save for their college years.
Know The End Goal
You can’t approach your savings plan blindly. You need to know what the end goal will be for you and how much you really need to save. Use one of the many college calculators out there to choose how much you are going to end up with for your child’s education and you should perhaps consider aiming for Ivy League. If your child then chooses a school that isn’t one, you’ve got surplus to work within other areas of their college life.
Make Your Monthly Choice
Hearing the total cost of college could be too overwhelming but knowing that the actual goal is reached by saving smaller amounts could really help. There are a lot of 529 College Savings Plans out there that you can choose from to save for their education, and you can put in what you can afford and go from there.
Know Your Limits
Every parent builds castles in the sky for their children, imagining them at the top schools doing degrees that matter. However, you have to know your own limitations and ensure that while you are saving your cash every month, you’re still affording the basics for your family. You can set up your savings goals based on the affordability of your family, so pay close attention to what you know you can manage and go from there.
College is going to be a big deal in your family, but with a lot of careful planning and thinking ahead, it can be a big deal that works for everyone all around. Easy payments every month make it manageable, so don’t look at the top of the mountain, look at the climb to get there.
College is not for everyone and should not be pushed or shoved down an 18 yr olds throat. Yes, I have a BS in Business with honors, but the Master Electrician who just did 4.5 hrs of work for $1800 makes much more than I do. Its hard to find skilled workers, and even harder to find ones who show up. Everyone wants a college degree. Plumbers & HVAC make the same kind of money. They don’t have college debt and didn’t burden their parents for 4-5 yrs. A BS in engineering or architecture from the University of Maryland and many other Universities takes 5yrs. I am not complaining about the electrician just stating there are many jobs that pay well. Helping your child to find one is more important than a degree. If they really want a degree become an electrician, work part time and they can pay for their own college degree. My son had a free ride to college via his parents and grandparents. He chose to serve his country in the USMC and fought in Afghanistan. He uses his GI benefits to pay for college.