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What is the best way to start planning for college early?

As a single mother with two children that are very close in age, I am concerned that when it becomes time for college I will have a giant money crunch. How are the best ways to start saving while my children are young so that we will be ready when the time comes? What are some of the things that you have tried or have started for your children?

Comments

  • One thing you might want to do is to have your child apply for small scholarships while in high school. If your child doesn't have a unique skill, try to find something they are interested in to pursue and progress at over the years. Allow your child to enter competitions for small scholarship money.

    You can also invest in stocks.

    Another option is to find a program where your child can duel enroll before they graduate. Most of these dual enrollment programs are either free or much cheaper than attending college as a full-time student.

    Lastly, there are savings plans specifically for college.

  • My parents did a great job helping me save because my mom works in finance. They made sure to suggest that I start saving now. Here is an article they sent me to help me choose how to save for my children's college, especially since I'll be having twins that are the same age. http://www.bankrate.com/finance/savings/3-ways-to-save-for-your-child-s-future-1.aspx

  • Thanks so much @yogimama and @faith22 . I am checking out the 529 plan tomorrow. Has anybody used the 529 plan to save?

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