June 8, 2016

When should I start saving for college?

“When should I start saving for college?”, As a father of three, I’ve asked myself at what point makes the most sense for me to start saving for my kids college. With dollars flying out faster than they’re coming in, where do I find the extra income in my budget…especially when life just happens. However, my kids are rapidly approaching the college years, with my oldest just seven years away from beginning her higher education journey.  Coincidentally my kids will be in college for 12 consecutive years! So I’ve got to make a plan to cover what will be close to equivalent of a whole other mortgage payment or more. So I understand this question and the obvious answer is the sooner the better. Unfortunately, most of the time we don’t start saving when we should. The way I look at saving for college is this, get your financial house in order and then start. Before you take this task on, it’s imperative that you have a few things taken care of. What exactly do I mean when I say have your financial house in order? First have your emergency fund in place…that means 3-6 months of living expenses. You […]