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Start Saving Early On for Your Children’s College Education

April 11,2010 by: Dallas Browne

Is costly college education for your children frustrating you? Don’t worry, you’re not alone in this sentiment. Millions and millions of parents are sending their children to college every year and believe me, they felt just the same way you feel right now: daunted, anxious, wondering whether they will be able to carry on for four years sustaining their children’s needs while in college.

A college education is the last thing that parents need to provide before finally giving their parting words with their children. Unfortunately, it costs much more than the tuition fee in that college brochure. You still need to pay for dormitory fees, out of school trips, and other school activities—college parties included! But don’t get stressed just yet. There are ways to curb this fearful feeling you have right now. Even people who seem financially secure get affected with this feeling, too.

The most feasible solution at hand is to start paying early on for your child’s college fund. Never mind the fact that he’s just in second grade to date. Nothing beats early investment. And the investment I am talking about is a college educational plan for your child. Talk with your spouse and set an agreed upon amount to set aside for the college plan. It will all be worth passing off pizza for a month or not buying a new bottle of perfume. Getting a plan earlier will also help you allocate your resources wisely.

Another common dilemma of parents who save earlier for college plans is that they have other things to save for aside from college plans. Some parents are also paying off simultaneously for retirement, home loan, car loan, and others. It seems hard to decide which to prioritize.

But think about it this way, if you don’t send that little fellow off to college then you might end up selling that house or car eventually in order to provide for a kid who can’t get a job because he didn’t have the education he is entitled to. Or maybe that hard earned retirement plan will just be put to waste since no parent can eventually retire with a child who’s not prepared to face life independently.

Just imagine that scenario above. I know it doesn’t look right. Well, I bet no one will think this is the right state of affairs. And the simple way out of this is to get started on paying for the child’s college plans—now! Why put it off for tomorrow when you can do it now? Get a pen and paper and determine how much money will be left after paying utility bills and all—exclude the beer please.

Make no mistake about it, there’s no harm in saving up. Many educational plans have flexible payment terms. Even a wage earner will be able to pay for a plan. All that’s needed here is to make a stringent paying strategy that must be followed, at all costs. Just stick it out with the plan.

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