As a father of three, I’ve often asked myself, “When should I start saving for my kids’ college educations?”. 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, I feel like I have to start making plans! My kids are rapidly approaching their college years, with my oldest just four years away from beginning her higher education journey. Coincidentally, my kids will be in college for at least 12 consecutive years! So obviously, the sooner I start saving for my kids’ college educations, the better. Yet, before I start saving for college, there are a few things I need to first… and so do you.
The absolute first thing I say is: “You need to have your financial house in order.” Yes, you need to take certain steps to secure your own financial stability before you set money aside for your children’s college education.
AFTER you get your financial house in order, THEN you can start saving for your kids’ college educations. Yet, you must make the following decisions:
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No matter what decisions you make on this, the key is to start saving as soon as possible because college is expensive. Most likely it will cost you more than you think. However, get your own financial house in order BEFORE you start saving for your children’s college education.