Save to send Your Children to College

Save to send Your Children to College

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by Basdeo Paul

Whether you went to college or not you probably will have big plans for your children. You may want to make it easy for them by providing them with the funds it will take to get their education. If you are just making ends meet you might think you will not be able to start a college fund right now. The truth is you probably just need a little help adjusting your budget.

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If you really want to save for your children’s education you must first pay off your current debts. You will never be able to stash away enough money for their college if you are struggling to make minimum monthly payments each month.

The first step is to stop over spending. You need to make a list of all of your bills and monthly expenses. Decide what you can eliminate in order to put a little extra money towards paying off your debt. You can give up little things like trips to Starbucks or fast food. You will be surprised how quickly these little expenses add up.

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Now write a list of all of your debt. Include the balance, interest rate and monthly payment. Now go down the list. Choose the one with the highest interest and pay as much extra on it as you can until it is paid off. Then move on to the next one. Remember to continue making the minimum monthly payments on all of your cards while you pay them off one by one.

Once your credit cards are paid off you can start putting the money you were spending on payments into a savings account for your kid’s education. You will find that after a few years you are debt free and have more in savings than you thought possible.

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In order to save up to the amount your children will need for college it is a good idea to find out what the average cost of a four year college degree will cost when they are ready. Many schools will be able to give you a rough idea if you call the administration office and ask. Once you have a goal calculate how much you need to put into each savings account every month so that each of your children will have enough money when the time comes.

You don’t have to be rich to save for your children’s education. You just have to be smart with your money and be strict with your budget. If you are having trouble with all of the calculations you can find help on the internet. There are websites like www.personalfinanceissues.com that have financial calculators that can help you with every step. You can do it and your kids will thank you for it.

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