Don’t Let Future Costs of College Deter Your Saving

Save now, worry later

black parents at childrens graduationThe future cost of college can be paralyzing for many parents who are looking to save for their children’s college education. That’s why one expert says just do it anyway, and worry about the price tag later.

“Don’t get too hung up about projections for what college is going to cost in the future,” certified financial planner Timothy Knotts told CNBC.com. “It’s terrifying to see those numbers, and what usually happens is it shuts parents down. They curl up in the fetal position and say, ‘I could never save that much.’”

Knotts says parents should stretch their savings, save smart and be realistic about their goals. Students could also try a community college — an alternative that can keep costs down.

“It makes a great deal of economic sense for kids to go to a community college for the first two years when they’re taking general education classes anyway,” said Knotts. “When you transfer to a larger university your degree won’t say, ‘first two years at a community college.’”

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