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Now that the holidays have settled and kids have gone back to school, I have found that I can breathe again. This is the year I decided that we will get back on track with our budget and college savings. My oldest is going to middle school next year which means in just seven years he will be heading off to college! Seven years seems so far away but I know it will be here before I realize.

For some reason goals are always so much easier for me to set and follow if I start them in January. Something about starting the new year right helps keep me on track for the rest of the year. I am sure I am not alone either in my reasoning. Even if January is too hard, starting in February works too as it is never too late to start. I always say too that every little bit helps and yes it will add up slowly but surely.

Consistency is definitely important but really any money you can afford to set aside is better than nothing. There are also different ways to save for college that work with whatever your budget is.

Starting fresh saving for college in the new year

Piggy Bank – It may sound silly but starting with just a simple jar (or piggy bank) and putting any loose change in it is a start. Once the jar is filled, cash it in and then deposit the money into an account. Start filling up the next jar. This might not be a viable option if you don’t use paper money, but somehow coins still will accumulate.

Classic savings account – A bank savings account is easy because it is not something you can’t easily access if you need the money for other excuses, but hopefully, you don’t. This is easily set up at your local bank and you can usually transfer money right from your checking account to it. Many banks even offer automatic transfers so you don’t have to think about transferring the money.

College savings plan – This is a more permanent solution for saving for your child’s college education. I say permanent because it is usually something set up with a professional and it’s not meant to be an account for parents to use. There are tax benefits offered and this is a great account to share with family members to also contribute to. Perfect when your out of ideas for what to tell others what to get your kids!

Need help with college planning and savings?

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