January is a great time to look at your spending and make plans for the future!
This post is in partnership with Florida Prepaid College Plans as part of their Starting is Believing campaign. All opinions are my own and may not reflect those of the company.
*Blink* another Christmas has passed and we’re settling into the new year. It’s a great time to assess where you are spending your money and making saving for the future a priority.
Student loan debt is one of the biggest debts that Americans face. Student loans are now the #2 source of debt in America, behind mortgages! While the cost of goods always go up year after year, the cost of college has increased 538% since 1985. To put that into perspective, the cost of gas has only increased 200% in the same time frame. It’s even more important for students to obtain their bachelor’s degree too. The average student will make $23,700 more a year compared to the same person with just a high school diploma.
I keep trying to help my son understand the importance of his grades now in high school; but it’s just to difficult for a 14 year old to see into the future. That’s why our role as parents is even more important today and why we need to be saving money for their college education. Any amount of money that we can put aside for our children will allow them to start their lives without the burden of a huge debt.
How do you decide to set aside money each month? Where does your extra earnings go once bills are paid?
If you spend $5 a day on your morning coffee, that’s $150. What if you saved that $150 and put it towards your child’s future instead?? Use coupon code CALLEY1718 and save $25 off the application fee during open enrollment with Florida Prepaid College Plan.
It doesn’t take much to make a difference in your child’s future! Think back to your first job out of college and how much of that money went towards bills. I didn’t have any help from my parents paying for college so anything that I earned back then went right towards college loans, rent, groceries, and credit card debt!! I wish I had known then, what I know now!!
…and our children are going to have it 500%+ worse than us!! The cost of college has gone up and will probably keep going up! I can’t even imagine how much my son’s first year of college is going to cost him/us.
It’s never too late to start saving for College! Florida Prepaid open enrollment is going on through the end of February. It doesn’t take much to open an account and you can start saving for your child’s future today!