It’s every parent’s dream to be able to send their children to a reputable college where they can earn a degree to prepare them for their futures. Though planning for their college education might be among the most expensive investments you’ll make, you may be able to decrease these costs by making these smart choices and decisions that begin with proper planning. To achieve this, college financial planning experts share these common mistakes most parents are still doing that prove to be costly in the end.
Not Saving Early
College costs have steadily increased in the past few years, rising by as much as 100 percent in just a span of 10 years. This can also be traced back to the effects of inflation, which contributes to the increase of college costs by as much as 5 or 6 percent annually; hence, the earlier you start depositing into your 529 college plan, the bigger growth your money will see over time.