NASHVILLE, Tenn. (WTVF) — Did you know that September is college savings month? College Savings Month is a national effort to bring attention to the fact that saving for college is one of the most significant actions families can take for their children’s future.
College planning may be the last thing on the minds of families already busy with work and home, but nearly every family will face the question of how to pay for it when it comes.
Acting today could lighten the load tomorrow.
Financial Planner Sarah Blankenship broke down some of the best ways to foot the bill. First, she says having that parent-teen conversation is vital. According to reports, fifty four percent of teens are worried about financing their future. She says teaching them the keys to responsible spending could go a long way.
"Parents and students need to be having conversations with each other and it's time for that adult conversation of 'this is what this looks like and this is how this will impact your future," said Blankenship.
Second, she says saving for that hefty expense is the easy answer to avoid any issues down the line. According to data from Shorelight, a public 4-year school will cost you about $10,000 a year compared to $38,000 for a private school.
Making the best financially feasible choice is a conversation that parents should have with their teens as well. The College Savings Plans Network has released an interactive mapto raise awareness about events in Tennessee that are here to help.
