Unisi Blog

Ideally, students and parents should have a saving/investment account to pay for college without going into debt. Setting aside a certain amount every month or each payday will help build up a fund for college. As there is no magic formula for saving for your child’s college education, you really can afford the tuition if you are planning ahead, set long-term goals and consider to work with a financial expert to stay on track.

When to start saving?
Although there are a hundred good reasons to start saving when your child is still in diapers, many people don’t; so the next-best time to start is right now. The sooner saving for college starts, the more time for money to grow. So the best way that you can do as a parent is to set up a college fund before your children are born. If think that is not realistic for you, start to save money soon after your child’s birth. Just remember that college funds should be established for each child.

How much should we save every month?
If you set aside even a small sum each month, the amounts you accumulate over the years will go a long way toward meeting the college bills. To determine exactly how much money you should set aside for your child’s education fund, you first need to answer three major questions: where your child might attend college, how much that type of college might cost, and how much you can afford to save.