Saving for your kid’s college education may be a non-option. A college education is not cheap, and it’s not getting any cheaper. However, for those of you who are able to help your child save money for the future, here is the simplest college savings calculator in the world.

If you click on the link above (“the simplest college savings calculator in the world”), you’ll be taken to a different website. I am not affiliated with that website, or the owners, in any way shape or form. I just thought that that would be a helpful piece of information to pass along to you…if you’re ready to start saving money.

Other than the money you need to set aside, there are a few other considerations. Where does your child want to go to school? A parent’s dream may be to send their child to Harvard, but there are other colleges that are excellent and teach law that are much, much cheaper. The prestige of a big name college shouldn’t necessarily be the main consideration when deciding what college to save up for.

Sadly, a college education isn’t what it used to be, and the economy often dictates what is needed and what isn’t. If your child is young, they may want to enter a profession that might be extinct or where there are no or very few jobs when they grow up. That’s not to say that they shouldn’t go after that profession if that’s what they really want to do. However, if you end up spending a fortune on a college education and your child can’t find a job in that profession, was it worth the money to educate your child in that field? Maybe…maybe not.

Those are just some of the tough choices every family – every child – has to make.

For example, in some parts of the country, right now is not a great time to be a mortgage broker or real estate agent. But, 10 years ago, everyone wanted in.

A career in construction may not be very lucrative right now, but in 20 years, the industry might be completely different. Most individuals believe that the first step in the college planning process is to come up with the money. I’m a big fan of keeping the cart behind the horse, so I’d say that the first step is to set goals and determine a central purpose in life. The next step is to make a commitment to the goals you’ve set (i.e. does your daughter really want to be a veterinarian, or does she just like the idea of being one?). Then you can think about money and where you’re going to get it.

Just some food for thought.

You might also like

1. 529 Plans: Are They Worth It?
2. How To Teach Your Children About Money

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This entry was posted on December 29th, 2011 by David C Lewis, RFC. Edits may have been made to keep this entry current. · No Comments · College & Career Planning, Wealth Creation