How Much Should You Save for Your Kids' College?

How much should you actually save for your child's college—and what if you don't know yet whether college is even the path they'll choose? Mary Ann and Bereket Kelile talk about how parents can prepare for future education costs without falling into the trap of believing they need to have the entire future figured out first. The conversation begins somewhere other than the numbers: What kind of future are you trying to help your child build? From there, the numbers can help you make intentional choices about how much to save, how education fits alongside retirement and other family priorities, and what role you actually want to play in paying for your child's education. They explore the assumption that parents should pay 100% of college costs, the role of 529 plans and brokerage accounts, scholarships and financial aid, planning for multiple children, and ways to preserve flexibility when you don't yet know whether your child will choose a university, community college, trade school, or another path. Most importantly, you don't have to answer every one of those questions before you begin saving. Start with something you know you can do consistently. Build the habit. Give the money time to grow. Then continue refining the plan as your child's future becomes clearer. 0:00 Meet Mary Ann and Bereket 1:43 Why planning early matters 4:46 Start with the goal, not the numbers 7:51 Aligning money with your priorities 9:52 Planning for education and financial support 10:45 Do parents need to pay for all of college? 12:08 Balancing college savings with retirement 15:24 College funding doesn't have to come from one place 17:44 Planning when you have multiple children 18:59 Unexpected vs. unplanned education costs 20:45 Building flexibility into your savings plan 22:45 You don't need the whole plan to start 23:43 Start small and build the saving habit 25:36 Treat scholarship searches like a project 27:19 Why Bereket recommends starting a Roth IRA early 29:21 Shrink a big goal into the smallest next step Join the New Money Habits Community:   / newmoneyhabits   Helpful Tools (FREE): https://www.newmoneyhabits.com/budget... Schedule a Free Call with Coach Nino: https://www.newmoneyhabits.com/budget... Join Our Free Facebook Group:   / newmoneyhabits   Submit Your Questions: podcast@newmoneyhabits.com Follow @newmoneyhabits This episode features music by Summer School. #NewMoneyHabits #CollegeSavings #529Plan #CollegePlanning #FamilyFinances #FinancialPlanning #BackToSchool #MoneyHabits