2. Don’t Think About How Much It Will Cost: If you start trying to calculate how much tuition will be 20 years from now, you will quite likely become discouraged and give up. Just start depositing as much as you can afford as often as possible, in an interest bearing account, and let the money grow. Even if you are not able to send your kids to university with everything paid for in advance, you will still have given them a sizable chunk of money that will help out a lot. Do what you can now and figure out the rest when the time comes.
3. Teach Your Child to Get Good Grades: By doing well in school now, your child will have a better chance of getting grants and scholarships that are based on academics. Depending on their performance in school now, they will be more likely to receive outside help paying for college later, and that help can amount to more than their college fund.
4. Keep the Account in Your Name: When your child applies for financial aide for college, they will be awarded such assistance based on their needs. If you have built up a college fund of many thousands of dollars, and it has your kid’s name on it, their financial need will be assessed as much lower than if the account is still in your name.
These are just a few ideas to get you started saving for your child’s college education. Additionally, you can research different types of accounts that give you tax breaks for saving towards higher education. The most important thing is don’t wait till your child is packing up to go away to college before you start doing something. Everything you do now to save money and reduce future college costs will help out.