When my daughter was born 13 years ago, her father and I made a conscious decision to start her college education savings fund immediately. Because the both of us were in the full throes of paying back our student loans while being heavily in debt, we didn’t want that to happen to our child. We obtained our degrees from prestigious institutions that ended up costing us a lot of dough, which we were saddled with in our twenties and all throughout our thirties.
A few weeks after The Chicklet was born, we did our research, we found a financial savings solution that would suit us best. It would allow us and other family members to contribute to it monthly in order to help save funds for her future college expenses.
Because we started so early, she has a nice account saved so far. We were able to work this expense into our bills, so we didn’t have to forgo any extras like vacations. Starting early has given us time to build a nice amount.
Recently, she was a part of a special group of middle schoolers who got to visit Saint Louis University and spend the day at the college to get the feel of higher learning. Once this visit was over, she told me that she was concerned that she might not be able to go to the college of her choice because of funds.
We sat down and I explained to her that thanks to us starting to save when she was a few weeks old, she would have enough money to go to any college she wishes to go to. This is because not only have we been contributing to it monthly, but other family members have as well. By the time she is ready to go to a university, she will have a nice nest egg for her college situation.
When she heard this, I could tell a weight had been lifted off her shoulders. She told us that when she starts working when she’s a junior and senior in high school, she wants to add some of her own money to it too, which of course we co-signed.
Our kids should not have to worry about where the money will come from when it is time for them to go to college. If at all possible, we have to do what we can to ensure that there are no boundaries to their future success.
Attending college these days is super expensive and can cause major debt. The more proactive that we are as parents with facing the expenses of college, the better our kids will be for it. Taking simple steps is key!
After years of struggling, her father and I have finally paid off our student loan debt and are now free from the chains that bind. We both feel good knowing our daughter won’t have to go through that.
You can learn more about saving for your child’s college education by visiting Country Financial. A local representative can help you review your options and figure out what makes the most sense for you and the needs of your family.
Have you discussed college and saving with your teen?
This post is sponsored by Country Financial.