When children are young, it’s easy to overlook saving for their future. Since monthly bills can be so big, and children are so small, saving for them doesn’t always seem necessary or pressing. Yet, we’ve all heard the saying that children grow up too fast. Usually this is said when reminiscing about rocking an infant, or hearing a toddler’s first sentence, or maybe even remembering when your now-teenager used to make it through an entire day without telling you that you’re the worst parent ever. Hopefully, if you’re at this last stage, you’ve been saving for your child’s college fund for a while.
When it comes to saving money, kids do grow up way too fast. When they are young, parents have to pay for diapers, preschool, private school — the list goes on. Often, planning for something ten, fifteen, or even eighteen years down the line seems improbable. Still, like most kinds of savings, the sooner you start, the better. Here are five ideas to consider when you are thinking about your child’s collegiate future: