It is no longer news that a college degree is expensive. CNBC reported that average tuition for private colleges in America rose from $15,160 in 2008 to $34,740 in 2018. This is about a 129 percent increase. And for the last 30 years, tuition for public college rose from $3,200 to $10,000, which is about a 231 percent increase in inflation-adjusted cost. This is a massive amount for parents, especially for low-income earners. As a parent, if you have decided to pay for your children’s college tuition, many things run through your mind. One of these questions is, “How do I pay for it?“

 Here are some steps to pay your children’s tuition in college without running into debt.

1. Start Early

The first step to take after deciding to pay for your children’s tuition in college education is to start saving early. The sooner you start saving towards your children’s college tuition, the better for you. The earlier you start saving, the less money you will put aside per month. One of the most important things about saving is getting started. Since you will do it for a long time, compound interest is on your side.

2. Have a Plan

You will need to plan effectively and have the know-how to control the process of saving. You may as well need the help of a financial advisor to put you through the planning process. 

Here is where you need to create a budget. Budgeting will make it comfortable for you to save, plan, and manage your expenses.   It will help you answer many questions like;

• How do I spend my money?
• How can I spend less?
• How can I handle unforeseen expenses?

Budgeting is not something you do for once. It would help if you wrote down how you spend and what makes you spend. 

3. Have a Backup Plan

If you don’t have a financial backup plan, your family may be at risk. A backup plan is an added resource should a severe emergency occur. If you don’t have a backup plan, you won’t have anywhere to fall back to if your first plan fails. This will guarantee your financial safety since it will cover all your emergencies that may arise. For example, you may lose your job, the death of a loved one, or sudden healthcare expenses. 

Here are some easy tips to quickly set up a backup plan:

• Arrange for automatic deduction – set up an automatic deduction from your account every month. It may just be $100 or something smaller, but it will surely go a long way in meeting your emergency needs when they arise.
• Take up a part-time job – believe me, taking up a part-time job will help you save for emergency funds. This will enable you to save extra cash and will enable you to pay off some debts quickly.

You don’t need to have hundreds of dollars before saving for your children’s college education. Follow the simple steps we have listed above, and you will be surprised at what you will save before they grow up and be ready to enter college. 

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