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The basics of college financial planning

Every parent knows that as their child hits their sophomore years, they should seriously start implementing that college financial plan they have laid out. Except, there rarely ever is a financial plan in place. This is neither due to negligence nor lack of concern for their child’s educational future. Most parents often find themselves stumped when thinking about the cost of college. A single question that pops up in the minds of parents of high school children everywhere: How? How, indeed! Well, the specifics depend on your child, the course he or she wishes to pursue, the city he or she wishes to study in, and so on. However, there are basics that can help you kickstart your college financial plan sheet.

How are your finances today?
Make a finance sheet! If your child is just starting the sophomore year, start your financial sheet alongside. This very simple step is often overlooked because most parents often underestimate how much the total cost of the entire process of a four-year-long education can come up to.

Think of it as planning a destination holiday. You must be crystal clear with the state of your finances before you can get on with any commitments.

What’s the end goal?
Now, your child might not have the same level of clarity regarding his or her future as you do with your finances. This is the first roadblock. Factoring all the clauses can be stressful and cause you to give up college financial planning altogether. Start by factoring in things out of your control, such as inflation rates, the returns you can get in a year, or the choice your child makes. Things you can control, such as how much you can save, or the number of scholarships your child can apply to, will make this less stressful.

A good motto to go with? Save as much as you reasonably can. Saving is all in your control; so, that can be a safe place to start.

How can you save money?
This really ends up being the million dollar question. You have a couple of options to turn to. The college saving plan is a safe bet as it gets you some tax benefits. Of course, all of the credit in that account can then only be used for education, and any other use might invite penalties.

A 529 account is the preferred method of saving for most parents with college-bound children. Especially more so if they have another kid whose education expenses will come up soon.

Whatever you choose, an honest and open conversation with your children will give you just the kind of support you need.

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