DAYTON -- Financial experts advise parents to save for college today.
"When should we start to save? Recommended, yesterday! As soon as possible,"Jonathon Peirson, Financial Advisor at Day Air Credit Union says emphatically.
According to the College Board, the average cost of tuition and fees for the 2012-2013 school year were $29,056 at private colleges, $8,655 for state residents at public colleges, and $21,706 for out-of-state residents attending public universities. And these numbers will go up ...
That's why even if you're living paycheck to paycheck, our experts say its important to start creating a habit of saving now!
"Start out small and when life changes-and it always does- then you can put more aside for the educational part," adds Don Schweitzer, Business Development Officer at Day Air Credit Union in Kettering.
Anything you put away should not only be off limits, it should stay out of sight and out of mind. Eliminating ready access to the money will reinforce your saving.
Grandparents who want to get in on the college fund action shouldn't hesitate; your saving could help your grandchild receive more in financial aid.
"When you're filling out your FAFSA they look at your child's assets and income and your parent's, but the grandparents aren't pulled into that," Peirson adds.
Our experts also say you have to take care of yourself first. however. Your children will have more sources of money for college than you will for retirement..
"Your saving for 30 years for yourself. There is no loan you can get to help. Where as colleges its only 4 years, "says Peirson.
So whether it's saving for yourself or your child, or both, the lesson here is get started!
Our advisors say its okay to invest in your college fund aggressively, like a 401K, but when your child reaches 15 or 16 years old it's time to dial back and become more conservative.
"When should we start to save? Recommended, yesterday! As soon as possible,"Jonathon Peirson, Financial Advisor at Day Air Credit Union says emphatically.
According to the College Board, the average cost of tuition and fees for the 2012-2013 school year were $29,056 at private colleges, $8,655 for state residents at public colleges, and $21,706 for out-of-state residents attending public universities. And these numbers will go up ...
That's why even if you're living paycheck to paycheck, our experts say its important to start creating a habit of saving now!
"Start out small and when life changes-and it always does- then you can put more aside for the educational part," adds Don Schweitzer, Business Development Officer at Day Air Credit Union in Kettering.
Anything you put away should not only be off limits, it should stay out of sight and out of mind. Eliminating ready access to the money will reinforce your saving.
Grandparents who want to get in on the college fund action shouldn't hesitate; your saving could help your grandchild receive more in financial aid.
"When you're filling out your FAFSA they look at your child's assets and income and your parent's, but the grandparents aren't pulled into that," Peirson adds.
Our experts also say you have to take care of yourself first. however. Your children will have more sources of money for college than you will for retirement..
"Your saving for 30 years for yourself. There is no loan you can get to help. Where as colleges its only 4 years, "says Peirson.
So whether it's saving for yourself or your child, or both, the lesson here is get started!
Our advisors say its okay to invest in your college fund aggressively, like a 401K, but when your child reaches 15 or 16 years old it's time to dial back and become more conservative.