When Should Parents Start Saving for Their Child’s College Expenses?

What is on average the cost for a 4 year in-state and out-of-state college degree/education?

While none of us have a crystal ball and can predict what college or university our children will want to attend, we can have some influence on their decision – if we set boundaries on how much we are willing to spend on them per year. These charts can give you a reasonable understanding of what to expect in higher education costs that will allow you to create a number you think is reasonable to support your children given your financial situation. **I strongly encourage you to make sure your retirement funds are covered before paying for your children’s college education. Do not take from your retirement if you can’t afford to retire on what you’re saving currently. While you may plan on working longer to make up your retirement accounts, you may not have the luxury of doing so, if something happens to your health.