They Grow Up So Fast!
This little guy graduated from Middle School this year. How did that happen so fast? Before we know it, he will be college-bound. Unfortunately, we did not start saving for college right from the start, but we did get started during elementary school. It’s really never too early to start saving for college.
Benefits of Saving Early
College is an investment so it’s important to start saving as soon as possible especially with tuition rates rising 51% over the past 10 years. While it’s never too late to start saving, here is a chart showing the benefits of starting early with your college investment plan.
Image source – mefa.org – based on 7% return rate
According to many financial experts, if you are putting away enough for retirement, you should start saving for your child’s college education. My husband and I started a 529 plan about 10 years ago. We started with a lump sum and add funds each month. We hope to minimize the need for student loans when our kids reach college age.
Visit a U.Fund Dreams Tour Event
The folks from the Massachusetts Education Financial Authority (MEFA) have once again partnered with Fidelity for their U.Fund Dreams Tour. My daughter and I attended last year and it was a fun learning experience for both of us. This year, we’ll be back with the entire family.
The Dreams Tour allows children to participate in fun activities that teach them about investment concepts. They will be able to imagine themselves in different occupations. Even the very young can participate. Parents learn important facts about saving for college too. It’s a great environment to help parents dream along with their children about future educational and financial goals.
Attending the U.Fund Dreams Tour last year.
Find a Dreams Tour Event Near You!
To find out about a Dream Tour event near you, check out their calendar to see the schedule of all upcoming events. There is something for families with children of all ages. We will be at the Wachusett Mountain KidsFest this year. Hope to see you there!
What are your thoughts about saving for college? Have any tips to share?
I agree with your point saving for the kids education is very difficult and because education is very expensive. So we need to start saving on right time.
This is so true and many people do not start saving until it is almost too late and some don’t save at all. I think it is wonderful to begin as soon as possible.
Sheri – http://www.abusybeeslife.com/
I honestly will probably do what my parents did. Tell my kids they better study hard, get a scholarship and then it they don’t I will help them out!
my plan is to start a college fund for my child when he is born. It will be nice for my kids to know have to struggle through college like I did.
Setting up a college fund is very important. I opened saving accounts for my kids and use credit card rewards to earn cash for college.
Saving for college requires a large time and money commitment. These are great tips on making this a priority for the next generation.
I think this is a wonderful idea! Kids aren’t taught the value of a dollar enough these days. Investment is such a great thing to teach them early on!
Yep! Saving for the future is best done as soon as possible, whatever purpose it might be. Thanks for sharing the benefits of saving early.
I have been saving for my Sons college since he was born. I do not want him to have too go into debt to go to school. It has been hard some months but even $5 helps.
We started saving when our kids were born and contribute to their plans every month. Even with that effort it is frustrating that doesn’t seem like we have enough put away to put a big dent in their college bills in a few more years. Every time I see college tuition go up each year I just go doah! Of course saving something is better than nothing and the tips you suggested are important for people to heed.
College is expensive and I didn’t have any assistance when I went. We started to save for my son’s college when he was born. No, our money won’t pay for all of it but it will surely help a ton!
You are spot on! It’s amazing that this stuff isn’t taught to more children. Whether they go to college or not, saving is an important life lesson.
It is so true that our children grow up so fast and it really is important to start saving for college when they are very young. The U. Fun Dreams Tour is indeed an amazing event to attend for all parents and children. I will have to share this with my sister and my nieces for their children. Thanks for sharing this awesome information.
It’s SO important to start saving for college as early/soon as possible! Time just seems to fly by. It feels like I graduated college yesterday but it was three years ago and student loan payments are no joke. I really wish not just my mom, but myself, started putting away for college earlier.
This is so true and yet so hard for most people to do because we like to say “they’re still so little…”. But time flies in all senses and then suddenly it’s too late and the task of paying for their education becomes difficiult. Great post!
College education is so expensive! I know when I have kids I’m going to start saving immediately!
I have my fingers crossed that by the time today’s newborns in the US get to college age, it will be free for them. (I can dream, can’t I?) Because the cost of higher education has risen so dramatically over the past few decades that if something doesn’t change, a college education will be untouchable for a lot of lower income families. Saving is very important, and I certainly agree it’s never too early to start. I’m just reminded of all the families that live paycheck-to-paycheck and can barely afford housing and food, much less saving for college.
While I believe that it’s never too early, I think anytime is a good time to start saving. Every anything that you can contribute helps.
I had to pay my own way through college, but my parents did help when they could. I received bonds that my dad had purchased, but the interest rate wasn’t that much. It’s scary how expensive an education is!
Yes! It is so true. We started saving once my son was born. We figure he could use it for college, a car, or even for a down payment for a house!