By far, the biggest college planning sin you can commit, is procrastination. From the day your child is born, you’ve got roughly 18 years until you’re going to need to come up with some major cash. Every year you wait to deal with that fact raises your out of pocket costs substantially.
The most important first step, one you should start on today, is calculating what your future cost will be. This in turn will allow you to calculate what you need to save each year to get to that goal.
Now don’t get me wrong. Just because a college savings calculator tells you that you need to save $250 per month doesn’t mean you have to do that or nothing. But, by knowing the number, you stay aware of how every dollar is spent. Even though you might only be able to save $100 per month, knowing your target number will help you to be wise with extra cash when you come across it.
Visit our step-by-step college savings calculator and find out what your target number is.
