I Asked Financial Experts How to Save for College—Here’s Their Advice

Because waiting until high school makes it much harder.

College is expensive. Really expensive. And if you're a parent, the idea of saving tens (or hundreds) of thousands of dollars for tuition can feel overwhelming.

So, I asked financial experts what parents should be doing now to make saving for college easier-and their advice was surprisingly simple.

Here's what they said.

1. Start Early (Even If It's Just a Little)

What most parents do:

• Plan to start saving "when things settle down financially."
• Assume small savings won't make a big difference.

What experts say instead:

• Even $25 a month adds up over time thanks to compound interest.
• Starting early means you save less per month but end up with more.

Pro Tip: Open a 529 college savings plan as soon as possible-even small contributions grow significantly over time.

The result: A little now = a lot later.

(Source: U.S. Securities and Exchange Commission)

2. Take Advantage of 529 Plans (And Their Tax Benefits)

What most parents do:

• Save money in a regular savings account.
• Miss out on huge tax advantages of college-specific plans.

What experts say instead:

• 529 plans let your money grow tax-free if used for education.
• Many states offer additional tax deductions for contributions.

Pro Tip: Check your state's 529 plan options-some offer matching contributions or tax breaks.

The result: You save more money, faster-without paying extra taxes on the growth.

(Source: College Savings Plans Network)

3. Don't Just Save-Invest

What most parents do:

• Keep college savings in a basic savings account.
• Let money sit without earning interest.

What experts say instead:

• Invest savings in a mix of stocks and bonds (through a 529 plan or other investment account).
• Over 10+ years, investing beats cash savings every time.

Pro Tip: If college is 10+ years away, consider a more aggressive investment strategy. If it's closer, shift toward safer options.

The result: Savings grow faster than sitting in a low-interest account.

(Source: Morningstar)

4. Set It and Forget It With Automatic Contributions

What most parents do:

• Save for college only when they "have extra money."
• Forget to contribute consistently.

What experts say instead:

• Automating deposits ensures steady savings-even in small amounts.
• Families who set up automatic contributions save significantly more over time.

Pro Tip: Even if it's just $20 a week, set up an auto-transfer so you don't forget.

The result: Savings builds effortlessly without stressing over deposits.

(Source: Fidelity Investments)

5. Look for "Free Money" (Grants, Scholarships, and Employer Perks)

What most parents do:

• Assume scholarships are only for straight-A students.
• Forget to check employer tuition benefits.

What experts say instead:

• Many scholarships go unclaimed because people don't apply.
• Some employers offer tuition assistance-even for kids of employees.

Pro Tip: Start looking at scholarship opportunities in middle school, not just senior year.

The result: Less money out-of-pocket when college arrives.

(Source: Federal Student Aid)

6. Involve Your Kids in the Process

What most parents do:

• Avoid talking about money with kids.
• Assume they'll just figure it out later.

What experts say instead:

• Kids who understand college costs make smarter financial decisions.
• Involving them early helps them seek out scholarships and lower-cost options.

Pro Tip: Have kids contribute a small percentage of summer job earnings to their college fund-it builds ownership and responsibility.

The result: Kids take college finances seriously instead of treating it like "free money."

(Source: National Endowment for Financial Education)

7. Consider a Side Hustle or Extra Income Stream

What most parents do:

• Rely on regular income for all expenses, including college savings.
• Assume side hustles aren't worth the effort.

What experts say instead:

• A small side gig (freelancing, selling online, tutoring) can fully fund a college savings account.
• Even an extra $100 per month = $21,600 over 18 years (before investment growth).

Pro Tip: If your budget is tight, put "bonus" income (tax refunds, holiday bonuses, side hustle money) directly into college savings.

The result: College savings grows without impacting your regular budget.

(Source: CNBC)

The Best Time to Start Saving for College Is Now

Experts agree: Starting early, using 529 plans, and automating savings makes college costs much more manageable.

Even if you're starting late, small steps now can still make a huge difference.

What's your biggest challenge with saving for college? Drop a comment-I'd love to hear!

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