Never too early to start
“I don’t need to worry about college yet — my children are too young.”
Your children may have just learned to walk, but before you know it, they’ll be walking across the stage in a cap and gown, ready to head off to college. The sooner you start planning and saving for college, the better off you’ll be when that proud day finally arrives.
It’s never too early to start saving for college, especially given the continuing rise in tuition costs. It’s to your advantage to start saving while your children are young, rather than borrowing more later. Time is your biggest asset!
So let’s get started.
Children begin thinking about their futures as early as elementary school. And when parents save money for their children to attend college, it increases a child’s likelihood of attending college.
Start a college savings account or tax-free savings plan
A savings account is a great way to help pay for college. Open one, and commit to only using the money for college savings. As the amount grows, so will your motivation. Build monthly college savings into your family budget and consider arranging for automatic payments to be made directly from your paycheck or bank account. This will help you save regularly and will make saving for college a family habit.
State-sponsored 529 Plans are an even better way to save. These plans offer tax advantages and tuition opportunities you can’t get from a savings account.
- Learn more about Texas 529 College Savings Plans
- Use our savings tips and Promise Profiles to help you make clear, confident decisions about savings and investment strategies.
Preparing for college
Starting college planning when your children are young will give you the luxury of time — time to plan their path from elementary through high school, and to make sure your children have taken the classes they need before they get to college and have to pay for more fundamental courses.
- U.S. Department of Education’s Elementary School Guide:
- Preparation + Planning = Success - Learn about key courses your child should take in middle school and high school to get on the right path for college.
- CollegeforTexans.Com: Parent Resources for Preparing for College - view Texas resources for recommended high school programs and other topics.
Research all funding opportunties
While a savings account gives you a head start, you may want to explore other alternatives to cover college costs. Take time to learn about all the funding sources you can tap, and work them into your college savings strategy. There are many tools available to you, from scholarships to high school dual credit programs and more. And the more you know now, the better prepared you’ll be to ask the right questions at the right times.
See planning strategies for middle schoolers
