{"id":141,"date":"2015-07-07T14:06:57","date_gmt":"2015-07-07T14:06:57","guid":{"rendered":"https:\/\/orange-test.onelogos.net\/blog\/?p=141"},"modified":"2015-07-07T14:06:57","modified_gmt":"2015-07-07T14:06:57","slug":"how-to-prepare-your-child-for-college-costs","status":"publish","type":"post","link":"https:\/\/myredkite.com\/blog\/how-to-prepare-your-child-for-college-costs\/","title":{"rendered":"How to Prepare Your Child for College Costs"},"content":{"rendered":"

\"prepareIt\u2019s never too early to start saving money for your child\u2019s future college costs! In fact, you should start saving as early as possible.<\/p><\/blockquote>\n

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We know you want your child to go far in life. You want them to get the education they deserve. You want them to be prepared for their first real job. You want them to blossom in a lifelong career.<\/p>\n

To accomplish these things, your child will need to attend college. You know this. And we know that most of you have been stressing about high college costs since your child started crawling.<\/p>\n

But don\u2019t worry. You can take measures now<\/a> to make sure you and your child are ready to take on those college costs.<\/p>\n

Start Saving Early for College Costs<\/h2>\n

It\u2019s never too early to start saving money for your child\u2019s future college costs! In fact, you should start saving as early as possible.<\/p>\n

According to Karen Blumenthal in her article \u201cThe New Student-Loan Math<\/a>\u201d on the Huffington Post:<\/p>\n

\u201cSaving $83.33 a month ($1,000 a year) in an investment account that returns 6% annually over 18 years would result in about $32,000 by high-school graduation, before taxes. While it won’t cover four years of tuition in 2031, it is a good start.\u201d<\/p><\/blockquote>\n

In addition to your own savings, ask loved ones to chip in<\/strong>. They can contribute to your child\u2019s college fund rather than purchasing gifts. The earlier you invest, the more time the money you save has to grow.<\/p>\n

Teach Your Child Good Money Habits<\/h3>\n

One of the most important things you can do to prepare your child for handling the financial challenge of paying college costs is to teach them good money habits. Teach them how to save, how to track spending and how to budget.<\/strong><\/p>\n

To help teach your kids how to save and spend responsibly, start young. Use their allowance as a tool for teaching them how to handle their money. Help them set up a budget based on their allowance. Teach your kids to budget out the money they need for spending, and to save the rest.<\/p>\n

Lifehacker<\/a> points out some valuable lessons you can teach your kids about money:<\/p>\n