How to Save for Your Child’s College (Before It’s Too Late)
I’ve got two daughters in college right now—and let me be blunt: I didn’t plan for this. I didn’t save early. I didn’t have a college fund. And now? I’m paying for it—literally and emotionally. It’s stressful. It’s expensive. It’s a heavy weight that could have been avoided.
If you’re a parent and college is still a few years away for your kids, you’ve got a chance to do it differently. Saving for college doesn’t have to be overwhelming, and the payoff—peace of mind, financial stability, and freedom for your kids—is worth every effort.
In this post, I’ll walk you through why saving early matters, and how you can actually start building a solid college fund today (even if you feel like you’re already behind).
What Does “Saving for College” Really Mean?
Saving for college simply means setting aside money regularly, over time, to help pay for your child’s future education costs—whether it’s a 4-year university, a trade school, or community college. With tuition, books, and living expenses continuing to rise, college can easily cost tens (or hundreds) of thousands of dollars per student.
This kind of expense can catch parents off guard. According to the College Board, the average cost of tuition and fees for the 2023–2024 school year was over $10,000 for in-state public colleges and more than $40,000 for private colleges. That’s per year.
Why It’s So Important to Start Saving Early
Here’s what I’ve learned the hard way: when you don’t prepare, you borrow. When you borrow, you pay more. Interest adds up fast. And when the bills roll in? It’s not just money you owe—it’s the time and energy you lose worrying about it.
Starting early gives you options. It lets compound interest work in your favor. It lets you contribute small amounts that grow over time instead of scrambling with big payments later. Most importantly, it gives your kids the gift of choice—without burying them in student loans.
How to Start Saving for College Today
1. Set a Realistic Goal
You don’t need to cover 100% of your child’s college costs. Many families aim to save for about a third of the expected cost. Scholarships, grants, and part-time jobs can help fill the rest. Start by using a college cost calculator to estimate future expenses, then set a monthly savings goal that fits your budget.
2. Open a 529 College Savings Plan
This is the gold standard for college savings. A 529 plan is a tax-advantaged account designed specifically for education expenses. Money grows tax-free and withdrawals are tax-free when used for qualifying education expenses like tuition, books, and room and board.
You can set one up through most investment firms or directly through your state’s plan. Many plans even offer automatic deposits to make saving effortless.
3. Automate Your Contributions
The easiest way to build a habit is to automate it. Set up a recurring monthly transfer from your checking account to your 529 or savings account. Even $25 or $50 a month adds up over time—and you won’t have to think about it.
4. Ask Family to Contribute
Instead of more toys or gadgets during birthdays and holidays, ask grandparents or relatives to contribute to your child’s college fund. Many 529 plans let others make one-time or recurring contributions online, which makes it easy for loved ones to pitch in.
5. Review and Adjust Each Year
Life changes. So should your savings strategy. Each year, revisit your goals, check your account balance, and adjust your contributions if you can. If you get a raise or bonus, increase your savings rate. You’ll thank yourself later.
Tips to Stay on Track (Even When Life Gets in the Way)
- Start small: Don’t wait until you can save hundreds each month. Begin with what you can, even if it’s $10 a week.
- Use windfalls wisely: Tax refunds, bonuses, or gifts can make a big dent in your savings goal if you resist the urge to spend.
- Keep the end in mind: Picture your child receiving that college acceptance letter without fear of debt. That vision can keep you motivated.
Final Thoughts
I didn’t save, and now I’m hustling to make tuition payments, navigating student loans, and watching my kids stress about costs. It’s not a great feeling. But it’s one you can avoid.
Start saving now—no matter how little. Give your future self (and your kids) the advantage of preparation. You’ll be building more than just a college fund. You’ll be building freedom, flexibility, and financial peace. So create your plan, work your plan, and along the way, KEEP STACKIN!
