College Savings

Save for College: The Definitive Guide to College Saving

A person researching how to save for college.

No matter how old your children or your grandchildren are, college is probably something you’ve thought about. Will they want to go to college? Will they attend your alma mater? Will they move far away or stay closer to home to continue their education? And how will you pay for college? After all, the cost of college continues to rise every year.

The good news is that you’re trying to find answers to these questions now,

What’s Your College Savings Strategy?

A jar of coins representing a college fund.

Whether you’re a spender or a saver, it can be difficult to put money aside for college, especially when your kids are young, and college seems so far away. However, this is the best time to start saving, because you have time to watch the money grow, and can update your college savings strategy as your budget allows. Even if your kids are older, it’s not too late to develop a plan to help your children reach their education goals.

How to Start a College Fund for Your Child

A parent passing money with a sprout to their child.

The cost of college is on the rise, and no generation knows that better than millennials. Many young parents today are still paying off their own student loans; while trying to save for their children’s education. The good news is, starting a college fund while your child is young gives you a good amount of time to create a solid nest egg for their future. The decision now is where to put your money?

7 Types of College Savings Accounts

The idea of saving for college can be overwhelming. This is because when many parents think about saving, they (mistakenly) believe they need to put aside enough money to pay for 100 percent of college. In reality, most families use a combination of savings, financial aid, scholarships, and student loans to pay for college.

Beyond deciding how much you can afford to save each month, you also need to figure out where to save your money.

Add College Savings to Your Back to School Shopping List

Young family shopping for back to school supplies.

As a parent, it’s all you can do to cut corners wherever possible. You do more with less while you take pride in your child’s enthusiasm for learning. But what if there were a better way? Every year, you have to buy markers, crayons, composition notebooks, and more. It feels as though the list of school supplies grows longer with each grade. As a parent of a child in elementary school,