Our kids grow so fast and although we can’t wait for those little moments like hearing them speak their first word, or watching them take their first step – they’ll be out of the, going off to college before we know it! The back to school season is upon us and whether you’re little ones are getting ready for their first day of preschool, or their first day in high school, chances are you’re thinking about how to make sure you’re saving enough for college.
With all of the responsibilities as a parent and the growing list of expenses, fitting the priority to save for college can be difficult. Trying to balance debt, retirement and college savings for kids can be tricky to figure out when to actually start saving and how to know if you’re on track to meeting your goals (monthly, quarterly, or yearly).
The cost of education is steadily rising and it can be intimidating to think about meeting such a huge financial goal that’s so far into the future. Understanding that the time will past and the time to pay for college tuition will be here within the blink of an eye – is the key to getting started with your savings goals right away. These smaller, more manageable goals will make sticking to your long-term savings plan much simpler.
I still have to pinch myself sometimes, just thinking about how fast my preschoolers have grown and how independent they’ve both become over such a small period of time. Their current goals in life are to be restaurant owners AND the chef. They have a keen interest in culinary arts and it’s amazing to watch them bring their interest to life.
Teaching your kids some simple savings lessons early in life can go a long way toward empowering them to contribute to their education later on. For example, letting them earn spending money by doing simple chores around the house can help teach them the value of hard work and saving money – and maybe even encourage them to help support their college education with a part-time job a few years from now.
Starting your kids as young as possible with expressing their own independence, is very important to them growing up wanting to provide for themselves financially. Teaching your kids the concept of earning versus spending can be done as you go about your daily life and making them aware that money is a tool to get you where you want to be in life, can have positive effects for their financial future.
Have you ever been concerned about being able to save enough for college? What steps have you taken to help achieve your savings goals?
Whether you need college financing, a customized plan that will help take the guesswork out of saving, or just everyday money-saving tips, COUNTRY Financial is here to help you achieve your big financial goals- one simple step at a time.