Adults have been told that they should have begun saving for college costs as soon as you were born! Well, I suggest it’s never too early for a kid to start saving money for his college expenses either. Here are some things you can do:
- Start earning your own money with a part-time or summer job. (Look at my old posts for ideas about how kids can earn money.)
- I’ve talked about how you can divide your money into categories to Save, Spend, Invest and Donate. Set aside a portion of the money you save for college expenses.
- Ask your parents for help opening a college savings account. You might even ask them to consider making a matching contribution each time you deposit your own money from work or gifts.
- When asked for gift ideas, suggest money for your college savings account.
As most of you know, or should know, the cost of going to college has become very expensive and the costs are increasing every year. If you are going to be responsible for paying all or a portion of your college expenses, the first step is to find out what the actual cost is going to be.
Start by visiting:
• The College Board
• The U.S. Department of Education
• A High School Guidance Counselor
If you are fortunate enough to know that your college expenses will be paid for by your parents or grand-parents, discovering the actual costs will help give you a deeper appreciation for your family's financial sacrifices in order to send you to college.
Parents: There are college investment options to fit almost any investor. No matter how modest or how ample your income, careful planning is the best way to “find” the money for college. The key is to start early and remain consistent. Read “What College Investment Options Do I Have?” to learn more.
