While all parents know that saving for their kids is important, almost half of us in the US don’t save anything at all. Why not?
One reason is that we are overwhelmed. When parents hear that college will cost hundreds of thousands of dollars per kid, many of us feel it’s impossible and stick our heads in the sand.
So we were thrilled to read this recent NYTimes article showing that college may be cheaper than you think! Just knowing the facts can help. Research shows that when misconceptions about the costs of college are corrected it removes a barrier that prevents some families from creating a savings plan and seeing it through.
For those of us that see the real numbers and still feel overwhelmed, keep in mind that just getting started is the key! Thankfully, getting started is easier than you think.
Given that kids with even a small amount of savings are substantially more likely to graduate from college, and learn healthy financial habits along the way, it’s the easiest thing you can do today to put your child on a path to success.