Successful College Savings

Saving for college is a necessary, but scary responsibility. This is especially true in these tough economic times. Most experts agree though, on the most important elements of a successful plan:

1. Start early -- yes, I mean early. If possible start setting aside something every month from the time your kids are born. Even saving just $100 per month per child can make a big difference when the time comes for you to begin paying for college.

2. Set up automatic payments -- Make it one of your monthly bills that gets paid automatically. The easiest way to do this is by either using your online banking service, bill payment through a personal finance program, such a Quicken, or by allowing your savings plan to deduct the payment from your bank account each month.

3. Stick to your guns -- Don't get spooked when times are bad, such as they are now. Given a long term time horizon for your investment, you will benefit from the advantages of dollar cost averaging. The earlier you start the more you will benefit from this approach.

For more information about different college savings plan options, please refer the following links:

Wall Street Journal

Saving for College

Money Magazine

Sallie Mae's Education Investment Planner

Posted in Paying for College, Cost of College

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