In many of America’s top colleges, the total cost for the academic year tops $60,000 and is only getting more expensive. Like most financial goals, the earlier you start saving, the better. Plus, time has a way of flying by, and before you know it, you maybe partially responsible for a hefty tuition bill.
If you choose to start a family, rather than splurging on pricey strollers and designer baby clothes, redirect that money into a 529 savings plan, a state-sponsored, tax-advantaged investment account.
That being said, you’ll want to make sure you’re on pace for retirement before you start setting aside money for your children’s college.© Getty Images/China Photo