Time to start thinking about Starting a College Fund! The old addage is true that time flies when you have kids. One moment you are holding a sweet newborn in the hospital and the next they are skipping their way to school. I know all too well how fast those first years can go, and have been warned that before I know it, my kids will be graduating and off to college. Whoa, college? We all know post secondary education is expensive for one, let alone for three.
That’s why within weeks of having each of our children, we opened saving accounts for each of them. I have to admit, when we just had Isabelle, we were really great at putting money into her account each month. Yet, now with three children, we are getting a little slack when it comes to saving for college for kids. The common complaint is that some live from paycheck to paycheque, or don’t have a lot of extra income to stash away.
Here are some ways that I add money, without feeling the crunch on the wallet:
- Monetary Gifts – my kids always get a little money for their birthdays and Christmas. These are the times when they get so many new clothes and toys, they really don’t need that money for even more. So, monetary gifts are put directly into their bank accounts.
- Tooth Fairy Money – We have a deal with my oldest right now. Any money she gets from the tooth fairy, half goes into her piggy bank and the other half she gets to spend. It may not seem like much, but every bit helps. It does add up!
- Piggy Bank – Sometimes change from a coffee run or from a purchase goes directly into the kids’ piggy banks. A little here and there does add up. And again, this money goes straight into their savings’ accounts.
- Sell old clothes and toys – thanks to Kijiji and Facebook, we are able to easily sell old items such as clothing and toys that the girls have outgrown. I do the same as I teach her with her tooth fairy money. Half goes toward new clothing and toy purchases and the other goes into the kids’ bank accounts. Since it’s not money that comes off the paycheque, it’s not missed. Just make sure you stick to this plan!
It also helps to have a smart college plan, and one option is the Gerber Life Insurance Company. They have been providing quality life insurance to families which are hoping to save money, since 1967!
There’s no better time to start planning for the future, than now! Have you started a college fund for your children yet?