Where to Start: Saving for College

Katie Bensel | October 16, 2020

The best rule of thumb when saving or investing towards any goal is to start early and start strong. However, regardless of your timeline, the best time to start saving is now.

Determine approximately how much you need to save.

Estimate your ultimate savings goal based on an array of factors including the type of college or university your student is hoping to attend and what year they are expected to begin.

Budget Backwards

Use your ultimate savings goal to determine a manageable and regular savings rate.

Create a savings strategy that fits your goals and lifestyle.

Saving for college is not one-size-fits-all. Every family is unique and needs to find an approach that best serves their present and future goals and needs. It is important to find a saving approach that is easy to set up, has flexible investment options, is tax-efficient, and best supports future financial aid eligibility.

Learn more about the potential college savings vehicles.