Paying for college is expensive.
Most parents worry about it, but many stash their concern for another day because it feels complicated and overwhelming — and immediate expenses feel more pressing. But with tuition and fees rising every year, it’s likely to be the biggest cost behind your mortgage. And you have less time to save for it than you do for retirement.
That doesn’t mean you need to save the whole amount. Paying for college can involve multiple streams, including scholarships your child might win, federal student loans, your child’s earnings during college, pulling from cash flow, and, yes, savings. Having dedicated savings lowers the stress of the tuition bills when they arrive.
Here are 14 mistakes that keep people from getting started or from saving the most effective way.