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StitcherIs college savings really a must-have? You might think so, but Jen and Jill dig deeper into the costs, uncertainties, and financial priorities that come with saving for your child’s future. In this episode, they discuss when to start saving, how much to contribute, and the different ways to help your child pay for college without sacrificing your own financial security.
But first,
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This episode is brought to you by:
- College football. I believe we could solve 42% of America’s problems if every 18-year-old went to a state school with an average football team. College is a great place to practice adulthood, experience different perspectives, and build community, but rising costs make it harder for families. Jill and I help families explore 529s, grants, scholarships, work-study, and more. We’re also accepting new financial planning clients! Visit frugalfriendspodcast.com/cfp to fill out an interest form.
Help Your Child Pay for College Without Going Broke
Jen and Jill explain why your family’s financial stability should come before saving for your child’s college education. They cover the financial priorities to tackle first, including emergency savings, high-interest debt, retirement contributions, and insurance.
If you’re not ready to save for college, they share other ways to help your child afford it through scholarships, grants, tutoring, SAT prep, and work-study programs. They also remind parents that college savings isn’t the only way to support their children financially.
The Smartest Ways to Save for Your Child’s College
Jen and Jill break down how much you should save for your child’s college education and where to put those savings. They explore different ways to contribute, from covering tuition to matching scholarships, grants, and your child’s earnings.
They explain the tax benefits of 529 plans and how these accounts can support educational expenses beyond a traditional four-year degree. They also discuss using a Roth IRA for qualified education expenses and what happens if your child decides not to go to college.
What’s your game plan for saving for your kids’ education?
As a first-time mom, Jill is considering a 529 plan and, yes, the lottery! Meanwhile, Jen plans to combine 529 savings with scholarships and expects her kids to work through college.
Bill of the Week
Thanks Janine for sharing your bill about reducing your electric bill by installing a heat pump
Before you go…
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