Like some parents, chances are that you could be thinking about paying for your child to earn a college degree. Whether you are thinking about paying for your child to earn an associate’s (two year) degree or a bachelor’s (four year) degree, you may be thinking about contributing some type of money so that your child can have the future of his or her choice. There are many things that you should be sure to consider, right now, if you plan on contributing to your child’s education.
How Much Does College Cost?
The cost of college depends mainly upon where your child decides to attend. Community colleges are typically the least expensive, often offering courses that range in price from $300 and $600. State colleges and universities vary in cost, but many college courses are offered through these schools for about $1,000 (more or less) per course. Private universities tend to cost a lot more, but once again, the cost does tend to vary from school to school. No matter how much money your child’s education costs, the main thing is for you to realize that the price can get to be very expensive. What’s worse is that the cost of schooling is expected to increase in the future, so in twenty years from now, prices for colleges and universities may be a lot higher than they are right now.
Why Should I Start Saving Now?
As you have already learned, the cost of college can get to be very expensive. Chances are that you may be thinking that you can just pay for your child’s education when the time comes. Unfortunately, this is probably not going to be as easy as you may have thought it would. This is especially true if you have two or more children that are close to one another in age. You should also be sure to think about what may happen in the future, such as any medical bills that you may need to take care of or a change in careers which may lead to a pay decrease. Saving now can help ensure that you do not have any problems trying to save money for your child’s education later on.
How Much Should I Save?
The amount of money that you should save each monthly mainly depends on your financial situation and how much you can really afford to save. Whether you can save $20 a month or $200 a month, it is important to keep in mind that every bit will help out in the long run. The more that you save now, the less you will need to fork out of your paycheck in the future when your child has already started attending college. It is recommended for you to begin saving money to contribute to your child’s education when they are at a very early age, in order to help you save the most that you are capable of.