It is no secret that college is expensive. There is tuition, books, room and board, food, and transportation costs. If you are someone who plans on helping your children pay for college, these expenses can add up quickly.
The average cost of college for a four-year degree for an in-state student is $9,410. So for four years, you are looking at roughly $40,000 in JUST tuition and fees! Another important thing to note is that these price points are for the 2017-2018 school year. So if you have a newborn, odds are that by the time they are planning to go to college these costs will have risen significantly.
If you want to help your child pay for a portion of their college, or even all of it, the most important thing you can do is start early and consistently save. Do some research about the costs of different colleges that your child may attend. After you have picked up your jaw from the floor in shock of how much it is going to cost, take some time to use our Investment Value Calculator Tool. You can figure out how much money you will need to save each month in order to hit that goal by the time your child goes to school. Open a 529 plan and automate your investments.
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