You might ask, why is it so important for your children to go to college? Maybe you never went, and you do just fine. College might not be for everyone. Bill Gates dropped off from Harvard, Steve Jobs from Reed College. However, we have to understand that most of us need knowledge and guidance to succeed. In the time of economy downturn and rapid price increase I would like to have more financial security for my children in the future. For me the college degree is:
More potential Job Opportunities: College graduates have more jobs to choose from than those who don’t pursue education beyond high school.
Ability to have more financial security: According to the U.S. Census Bureau, on average, someone with a bachelor’s degree earns $59,900—that’s 62 percent more than the $31,500 earned annually by someone with only a high school diploma. That said, college grads who attend a university with the intent of readying themselves for a career make on average nearly twice as much than high school grads. With the rising cost of everyday living, you would do well to encourage your child to seek all the advantages open to them.
Do your research. Watch as your child grows and learns, and help him or her consider what careers would match their interests. Some children know exactly what they want to be from a very young age and never vary; others may change their minds a thousand times between the ages of two and twenty!
You can help your teen to start narrowing down their options in the last few years of high school, and start applying for scholarships to help carry much of the burden. Student loans are available to almost all students, but the more you can pay for up front the better.
If you want your child to go to college, you should start saving early on. It’s never too early to start socking away the funds for your children’s college education! In fact, if you started saving the day your child was born, you could pay for several years of college at a decent university with only few dollars a day.
You’re probably thinking that’s ridiculous, that there is no way you could save that much money! But the numbers don’t lie. Even a savings of $2- $3 per day - the price of a latté - would add up considerably over the course of your child’s first 18 years!
Suppose you managed to save $5 per day - the cost of lunch at a drive through: you would have a total of over $30,000 - enough for four years of education in many colleges across the country. That doesn’t even take into account the interest your money would earn in a standard savings or mutual fund!
If your child sees you diligently saving for their future, they will take it seriously and be willing to help. As soon as they are old enough to work part time, or through the summer, you can help them put back a large portion of their earnings to grow their college fund faster.
Even if they only save $10 per day weekdays between the age of 16 and 18 that is over an additional $5,000 towards their college expenses. Setting an example of saving for your kids can really pay off!
Of course, saving the money for college does not guarantee that your adult child will choose that path. They might opt to take their savings and start their own entrepreneurial business, or use it to live on while apprenticing to a trade.
However, the lessons they will learn from preparing for the future will stand them in good stead whatever road they take, and you as a parent will be able to be proud of their successes!
I like the idea of putting the money back that you saved by having self control! I made a jar with a slit in the lid, and every time I don’t get a gourmet coffee or a doughnut or a muffin, I put the money I would have spent in the jar. It’s amazing how fast it’s filling up - and I think I’m losing weight, too!