Saving for college is very similar to saving for retirement. In both scenarios, we aim to have a certain amount of money put away by a specified period of time before beginning withdrawals. Here’s three things to keep in mind when saving for college:
1. Have a plan. Do you want to cover all or part of your child’s tuition? What part of the country do you live in? Obviously you cannot predict where your child will go to college, but he or she is more likely to go to school in your state, so having an idea of the costs in your area is helpful. These kinds of questions will help you plan accordingly.
2. Start early. Time is your friend. Dollar cost averaging and target-dated portfolios are two great tools.
3. Prioritize appropriately. Yes, saving for college is important, but not more important than your retirement goals or emergency savings.
Let us know how we can help you build a college savings strategy that will work for your family.
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