It’s May, which means graduation season is upon us. If you have a senior in high school, congratulations on this milestone! This is a moment to celebrate your child’s accomplishments, but it's also a time to start thinking about the future. You know the value of hard work and education. You want to give your child the best possible chance at success. College is a major investment, and it's important to start saving early and a college education is a key part of that.
But college can be expensive, and the costs can be overwhelming. The average cost of tuition and fees at a four-year public college is now over $10,000 per year, and that doesn't include room and board, books, and other expenses.
So how can you save for college? Here are a few tips:
- Start saving early. Even if you can only save a little bit each month, it will add up over time. The earlier you start saving, the more time your money has to grow.
- Take advantage of tax-advantaged savings plans. There are a number of tax-advantaged savings plans available to help you save for college, such as the 529 plan and the Coverdell Education Savings Account (ESA).
- Consider employer-sponsored college savings plans. Many employers offer college savings plans as a benefit to their employees. These plans can offer a number of advantages, such as tax-deductible contributions and employer matching contributions.
- Look for scholarships and grants. There are a number of scholarships and grants available to help students pay for college. You can find information about scholarships and grants online or at your local library.
- Talk to a financial advisor. A financial advisor can help you develop a college savings plan that meets your individual needs and goals. They can provide you with personalized advice and support along the way.
Saving for college can seem daunting, but it's important to remember that you're not alone. We are here to help. We offer a variety of financial planning services that can help you reach your college savings goals. Contact us today to learn more about how we can support you and your family in achieving your college savings goals.