When Should I …start saving for college?
The sooner, the better. That’s the best approach to any saving plan.
Children’s education ranks right after parents’ retirement as an investment priority for families. Factors to consider include:
- How much you expect college to cost
- How much of the cost you plan to cover
- How long until the money is needed
- How much you can afford to contribute on a regular basis
Be certain that you are allocating enough toward your own retirement, and have an adequate amount set aside in an emergency fund.
Contributing: Isabelle Wiemero
Smarter saving for college, a Money Talk Video with Isabelle Wiemero (includes links to further resources)
College Finance – How to save, by Isabelle Wiemero
College Finance- How much to help, by Isabelle Wiemero
The power of compounding, a Money Talk Video with Dave Sandstrom
Parents: Put Your Retirement First, by Brian Kilb
Student loan debt impact, by Paige Radke
Saving for College, from the Financial Industry Regulatory Authority
As our financial lives evolve, we often wonder at what point or how frequently to take certain actions toward our long-term goals. In an ongoing feature, investment advisors from Landaas & Company provide answers.
(initially posted March 31, 2017)