College expenses. The words strike fear into the hearts of parents.
This is especially true for parents of high schoolers who have yet to set aside any savings for their child’s college.
If you find yourself in this situation, I have good news for your. There is hope. You can still have a significant impact on how much your child pays for their collegiate education.
In this episode of The Money Challenge Podcast, we discuss seven tips for those who don’t have much time left to save money for college.
The tips we cover include:
- Take care of yourself first.
- Find schools that make financial sense.
- Focus on net cost.
- Search for scholarships and grants.
- Start setting the expectation that they will need to get a job.
- Start teaching your child how to budget well.
- Don’t stop saving.
Here it this week’s Money Challenge:
Compare costs. Start off by going to the College at Southeastern in Wake Forest, NC’s website (collegeatsoutheastern.com). You can find their costs by going to collegeatsoutheastern.com/costs. After looking at the College at Southeastern’s cost, pick another college and check out their cost. This will get you accustomed to looking and comparing the prices of different schools. And remember, focus on net cost.
And don’t forget to check out this week’s Word of the Week: Compounding.
Go ahead and subscribe to The Money Challenge Podcast in iTunes by using this link: Subscribe now.
Have a great week!