Bible Money Matters

Christian personal finance

Menu
    • About
    • Archives
    • Contact
    • Close
  • Making Money
      • Popular Articles

        • 50 Ways To Make Money: Maximizing, Creating And Increasing Your Income
        • 10 Weird And Unconventional Ways To Make Money
        • Making Money With A Blog (e-Book)
        • 10 Places To Sell Or Trade Your Unused (Or Broken) Electronics
        • Ways To Make Extra Money Series: 20 More Income Generating Ideas From Our Readers
        • Making Side Income Can Help Blunt The Impact Of Becoming A One Income Family
        • Earn Cash Back With Discover it® Credit Card
      • Recent Articles – Making Money

        • Best Sites Like Fiverr To Make Money As A Freelancer
        • 13 Of The Best Independent Contractor Jobs
        • 25 Of The Best Gig Economy Jobs
        • How To Make Money Blogging: Turn A Blog Into A Business
      • Categories

        • Making Money
        • Investing
        • Retirement
        • Jobs & Work LIfe
        • Money
        • Income
    • Close
  • Saving Money
      • Popular Articles

        • 50 Easy Ways To Save Money Every Month
        • 10 Weird And Unconventional Ways To Save Money
        • 10 Practical Ways To Save Money And Increase Your Net Worth
        • How To Save Money On Just About All Of Your Regular Monthly Bills
        • Ways To Watch TV Without Paying An Arm And A Leg For Cable TV
        • Save Money On Your Hospital Bill - Just By Asking
      • Recent Articles – Saving Money

        • How To Save $100k In 7 Practical Steps
        • Stairs App Review: Save And Invest To Earn 4-6% Interest
        • Honey Review: Save Money Automatically When You Shop Online
        • 9 Convincing Reasons Why You Need An Emergency Fund
      • Categories

        • Saving Money
        • Frugality
        • Planning
        • Finance
        • Saving For Retirement
        • Savings Accounts
    • Close
  • Banking
      • Best Rates For 2019

        • Best Credit Cards
        • Best Savings Accounts
        • Best Mortgage Rates
        • Best CD Rates
        • Best Brokerages
        • Free Credit Scores
      • Recent Reviews

        • TradeStation Review: Commission Free Stock And ETF Trades
        • Firstrade Review: Commission Free Trades on Stocks, Crypto, And Options
        • Cadre Real Estate Investing Review: Commercial Real Estate Investing
        • Axos Self Directed Trading Review: Invest, Trade Stocks For Free
      • Categories

        • Bank & Software Reviews
        • Investing
        • Credit
        • Banking
        • Mortgage
        • Insurance
        • Family Budget
    • Close
  • Recommended
  • Video
    • Close

How Are You Saving For Your Child’s College Education?

By Miranda Marquit 3 Comments - The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited April 1, 2014.

Share20
Pin38
Tweet33
Share4
95 Shares

A recent study from Fidelity identifies saving for college as one of the top goals that parents have for 2014.

According to the study, about 85 percent of parents have saving for college as one of their top three goals for this year.

This isn’t too surprising when you consider the following two facts about college:

  1. Many middle class families still view a college education as one of the best ways to ensure financial success in life, since a college education is still often equated with getting a good job later.
  2. The cost of college continues to rise at an alarming pace.

Parents who want to help their children to success expect their children to attend college — and they know that they need to start saving now because the cost of attending college is only going to head higher if things keep on as they are.

saving-for-college-education

So it makes sense that a financial goal related to college saving is high on the list for many parents.

Setting Money Aside for College

There are two main ways that I am setting money aside for my son’s college education. First of all, we opened a 529 plan on his behalf several years ago. This is a way to take advantage of the stock market to help his account balance grow. The money is invested in a rather boring all-market fund in order to alleviate some of the risk.

The other thing we’ve done is sign up for a credit card branded through Upromise. We shop through the Upromise site, and use the Upromise branded credit card for online shopping. It’s a way to leverage credit card rewards on behalf of our son’s college education. It’s not amounting to a whole lot right now, but it every little bit helps. Plus, now that Upromise offers the option to automatically save with a Sallie Mae savings account, or invest the money in a 529, we are thinking about changing things up a bit to add a little more yield to the college savings effort.

  • What Are The Best 529 College Savings Plans Available?
  • Myths And Misconceptions About The 529 College Savings Plan

Will It Be Enough?

I still don’t know if what we’re doing will be enough to completely pay for our son’s college education.

The Fidelity survey indicates that parents, on average, want to set aside $405 a month to help their children pay for college. If this $405 a month is divided up amongst multiple children, that can affect what is paid for each.

According to the College Board, the average cost of tuition and fees for the 2013–2014 school year was $30,094 at private colleges, $8,893 for state residents at public colleges, and $22,203 for out-of-state residents attending public universities.

Additionally, whether or not what your setting aside will be enough depends on other factors. My son already shows signs of promise in terms of academic achievement, so we’re hoping he can qualify for some scholarships to help the cause. My husband and I both attended school with the help of scholarships, so we’re hoping that our son can do so as well. Additionally, there are student loans.

Even if my son has to take student loans to help him along, what we save up over time is likely to reduce the amount he would need to borrow. And, finally, he is even contributing to the cause on his own. He sets aside 20 percent of his income for long-term savings, and this is a habit we hope will continue as he gets older and gets a job.

What are you doing to help prepare for the costs of a college education? Or are you encouraging your child to skip college altogether?

Related Posts

  • Myths And Misconceptions About The 529 College Savings Plan

    529 plans are a good tax advantaged way to save for college education. What are some myths and misconceptions about 529 college savings plans?

  • How And Where To Save For College Education Costs

    The cost of a college education is high, and the costs are rising every year. How can you save for your child's college costs?

  • 529 Plan Primer: What Are The Best 529 College Savings Plans Available?

    There are a lot of 529 education savings plans available these days. Which ones are the best? Which give the lowest fees, best investments and…

Share20
Pin38
Tweet33
Share4
95 Shares
Last Edited: 1st April 2014 The content of biblemoneymatters.com is for general information purposes only and does not constitute professional advice. Visitors to biblemoneymatters.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

This article is about: Education, Saving Money

About Miranda Marquit

Miranda is a freelance writer and professional blogger. She writes for a number of personal finance blogs, including the AllBusiness Personal Finance Corner. She has a M.A. in journalism, and is the main author of Planting Money Seeds. Miranda lives Utah, where she enjoys spending her free time reading, traveling and playing with her son and husband.

Comments

    Share Your Thoughts: Cancel reply

  1. JoeTaxpayer says

    The one thing I always wonder – If one has college costs fully funded, via 529 or trust, would that totally eliminate ‘needs based’ aid?
    Depending on the answer to that and the timing of one’s retirement (or of one of the spouse’s retirement) packing it all into retirement accounts and paying off one’s mortgage might take priority.

    Reply
  2. Marie says

    My child is in Grade 2 now. I know it is too far from college yet I already started to save for her future esp her college education. I often deposited my money to the bank so that I will prevent from spending it. I budgeted my money with all her school expenses and grocery for home.

    Reply
  3. Pat says

    We have been saving for our son the same amouth each month since the day he was born. He is 6 years old a first grader now. His 529 plan account has grow a lot ever since. We don’t want him to be in debt starting his young adult life. The free education from us is the best gift we are planing to give it to him.

    Reply
Previous Post: Bible Money Matters Redesign: A New Logo, Framework And Theme!
Next Post: How Much Are You Willing To Sacrifice To Stay On Budget?
Discover Investment Platforms

Popular Posts

  • 21 Easy Ways To Earn Free Amazon Gift Cards
  • 10 Best Free Tax Filing Services And Software Online
  • 21 Apps That Pay You Real Money Fast
  • 17 TV Apps And Live TV Streaming Services To Watch TV Free
  • 30 Legit Online Jobs That Pay Well
  • 37 Easy Ways To Get Free Gift Cards
  • How To Get Free Stock
  • 40 Easy Ways To Get Free Money Fast
  • 21 Places To Read Free Books Online
  • 24 Legit Online Jobs
  • 17 Best Work From Home Jobs: A List Of Legit Online Jobs That Pay Well

Recent Posts

  • How To Save $100k In 7 Practical Steps
  • How to Save Money When Remodeling A Home
  • How To Hire A Contractor For Your Remodeling Project
  • Remembering 9/11 Years Later: Where Were You On That Fateful Day?
  • TradeStation Review: Commission Free Stock And ETF Trades
  • Firstrade Review: Commission Free Trades on Stocks, Crypto, And Options
  • Cadre Real Estate Investing Review: Commercial Real Estate Investing
  • Best Sites Like Fiverr To Make Money As A Freelancer
  • Axos Self Directed Trading Review: Invest, Trade Stocks For Free
  • 30 Quotes About Easter And Resurrection: He Is Risen!

Disclaimer

The information contained in BibleMoneyMatters.com is for general information or entertainment purposes only and does not constitute professional financial advice. Please contact an independent financial professional for advice regarding your specific situation.

In accordance with FTC guidelines, we state that we have a financial relationship with some of the companies mentioned in this website. This may include receiving access to free products and services for product and service reviews and giveaways.

Any references to third party products, rates, or websites are subject to change without notice. We do our best to maintain current information, but due to the rapidly changing environment, some information may have changed since it was published. Please do the appropriate research before participating in any third party offers.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates.

We respect your privacy: Privacy Policy.

Thanks for visiting!

Bible Money Matters - Seen On These Sites and more..
Bible Money Matters is a personal finance, entrepreneurship and investing community. Give more, save more and live more.

Copyright © 2023 · Bible Money Matters | Sitemap | Advertise | Privacy Policy