Funding college is growing more expensive every year, and smart parents know that the key is to start saving early. There are a few accounts you can set up to relieve some of the burden. Here are a few tips for parents who are looking at the prospects of paying for college for one or more children.
- Set up a college fund – Make monthly contributions to the fund and be determined not to take anything out of it. This will mean having a good budget, but it will also mean that the money will be there later for tuition when you need it.
- Set up an emergency expense account – This is another fund that you will want to budget a monthly contribution towards. It is the one you can touch when emergencies arise, and you need $1,000 or more for auto repairs or a medical bill.
- Set up a retirement fund – Finally, you need to be sure the monthly budget leaves room to set aside something for you. Most kids would rather take on a small loan for tuition knowing that their parents will be able to retire comfortably, rather than having school paid for but needing to care for your expenses later.
Now Is the Time to Think About College Financial Planning
Besides offering tips on how to save up for college, College Planning Source in San Diego is here to help you with all the resources your student needs to find additional funding for school. From merit-based scholarships to private and public aid, we know what is out there and how to apply for it. Call 858.676.0700 to learn more about what we can do for you.