Did I wait too long to save for my child's college education?

By the time your child is nine, they are halfway to college. If you are a parent of a 10-year-old, that's pretty startling that you are still standing, but I think it helps to put it in perspective for many parents who believe they have an eternity until their kids are old enough to live independently. Many parents don't feel ready to start saving while their child is still learning to read and write. Maybe there was an unexpected medical expense, or perhaps you have multiple children in diapers or daycare. Maybe your career isn't in a place where you feel financially stable. Whatever the reason, many families delay saving, leaving some to ask themselves later: Did I wait too long?

True, the earlier you start saving, the longer your investments can grow tax-free. But even if your child is in high school now, there are still options to make sure their college ambitions can move forward in a financially responsible way.

First and foremost, help your student succeed academically. Please encourage them to take advantage of advanced placement (AP) courses, which can count as college credit hours, and this will save both time and money in the long run. Additionally, help them achieve the best ACT or SAT scores possible. Then, research which schools offer scholarships or aid based on their academic performance.

Second, put away what you can now. Even if you're starting late, four years of saving is better than zero. 

Finally, invite your family to participate. Consider encouraging your child to ask friends and family to contribute to their COLLEGE account as a birthday or holiday gift. It could also be used as an incentive for academic performance or payment for a well-done job.

Whether your child is six or 16, take a few minutes this week to look into College Savings plans. If you prefer to skip the Do-It-Yourself online research, contact my team to answer your questions. If you aren't sure of your child's education ambitions, it doesn't cost you anything to learn what you need to know once you realize their educational aspirations. 

I know it can seem like we have an eternity before our children leave the nest, but whether we like it or not, that reality is often closer than it looks.

Allow our team to assist you in charting the course for your child's collegiate journey.