- Establish a goal. If you specify a savings goal, you’ll be able to measure your progress. We can advise you to the dollar, how much money you need to save monthly, quarterly or annually to meet your goals.
- Save regularly. Set up automatic withdrawals from your paycheck or checking account into the college fund, and then forget you ever had it. It will become part of your monthly budget and the money will begin to add up. This is the key to making college planning financially feasible.
- Ask relatives to help. Invite grandparents, aunts, and uncles who give birthday or holiday gifts to limit giving to one toy or book, and donate the rest of what they would have spent to the child’s college savings fund.
- Redirect old regular payments toward your savings goal. Whenever you have a regular payment that stops, try shifting the money you were paying into your college savings. For example, when your children enter kindergarten, redirect the money you were spending on daycare to college savings.
Tips to Boost Your Kids’ College FundsFor more information on college planning.
For more information on college planning.
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