Once we have children, we realize just how expensive they can be.  From the time they’re born, until they move out of the house they can be a great expense.  If you’re looking for tips on how to save for your child’s college education early, that is a great thing.  A lot of parents wait until the last minute, and then fail at helping them.  I say the sooner you start, the easier it will be!

Realistic – First of all, you need to make sure your goals are realistic.  If you have a child that is five, and you’re starting to save now you’re in pretty good shape.  Although, if your child is 16 and goes to college in two years, it may be hard to reach your goals.  So, take a look at your scenario and make a realistic goal.  Not to mention, you should always think about yourself first.  Don’t stop saving for your retirement or make them your first priority.

Each week – Once you’ve found a realistic amount to save for, you will be in better hands.  Think about what your goal is.  Lets say you want to save $20,000 in 15 years.  You will want to figure out how much you have to save each week to get there.  So, if there are 52 weeks each year, and you’re saving for 15 years you will want to times the two together which gives you 780 weeks to save money.  Now, you will divide the $20,000 that you want to save by 780 weeks.  This number is around $25.  So, what that means is you will need to save about $25 each week for the next 15 years or 780 weeks.

Figure out your situation, and find out how much you need to start saving each week.  The best way to save is by contributing a little bit each week.

Avoid – Avoid making purchases that you want instead of need.  Yes, it is good to spoil yourself sometimes, but if you can avoid making just one purchase each month, that will be more money to save for a better cause.

Money market – The money that you’re saving shouldn’t be in just an ordinary savings account.  Instead, you should be saving by using a money market.  Let your money do the work for you, and have the interest add up over the years.  That will be even more money for their education for free!

Saving for your child’s future college education can be stressful to think about.  Although, the sooner you start the better off you’ll be.  Consider a few of these tips above, and just remember that you always come first.  Don’t sacrifice your savings for them.  You will need them first!