College is just around the corner. Every year, most people tell themselves that they have plenty of time to save for their kid’s college fund next year…and next year…. The National Center for Education Statistics compiled costs for tuition, room and board from the US Dept. of Education and found that between 2000 to 2011 prices rose 42% at public institutions and 31% at private institutions. The average cost for attending college, according to the Dept. of Education, was $18,500 per year. I remember when mine was under $5k per year! Hopefully we can help you get on the right track. In this episode , we discussed the five steps we recommend to get you there.
Five Steps to Start Your Kid’s College Fund
- The first step is Who. Your kids may be young and you will just assume they are going to an in-state university or community college and figure out the who later. However if your kid is into their teens, you need to start asking them questions on who they want to be.
- The second step is Where. Talking about who should help you narrow down this next step. At this point you will start considering finances and how the where may have to adjust their path but not their destination.
- The third step is How Much. Time to talk about the costs associate with all of this. We discussed the five biggest cost contributors you need to get ready for.
- The fourth and final step is to Save. I am not looking forward to the overall cost of school, but we are committed to our boys’ education and therefore we need to plan and prepare for 2019 when our first will be going to college. There are many ways you can save.
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