Planning Smartly for Your Kid’s Education:
It’s getting more and more competitive out there, and a college education can really make the difference. The truly best way to stop living paycheck to paycheck is to get at a bachelor’s degree. However, that’s not always realistic after you’re independently working, especially if you have a family to take care of. Still, you do have the power to give your kids that future.
If you work it into your budget at $50 every month, you’ll have over $10,000 saved up for your kid’s college tuition by the time they’re 18 if you start the day they’re born. It’s also a good idea to toss in any money leftover from your monthly budgets. You don’t have to save up enough money to cover all the costs up front, but there’s no such thing as too much or too little. Any amount of savings will do them good.
If you don’t think you can realistically get your savings to that full tuition goal, that’s OK. Colleges and universities have excellent scholarship programs. What can you do as a parent to help your kid get those scholarships? Motivate and encourage them in high school. You have a stronger bond with your kid than anyone else, so you’re the best person to truly get his or her drive going. If they can pull some A’s and B’s, it can save thousands if not tens of thousands in scholarship money. When the time comes and your kid is ready to apply to college, don’t forget to help them through the scholarship application as well!
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