top of page
  • Writer's pictureoverthemoonmom

How to plan for your child's educational future without the stress

When I first became a parent I was overcome with emotions and questions. From learning how to build a crib, to knowing what foods to feed my child, to planning for his future. One thing I was always sure of was the fact that I wanted to put away savings for my son’s college education. Not really knowing exactly where to start I began putting away around $200 a month to save for Hudson’s college. Now being a mom of two boys, the thought of putting them both through college without breaking the bank is scary.

I recently discovered Personal Capital which is an online wealth manager that can combine all of your financial accounts in one place and help you plan not only your retirement, but also for your children’s future education. You are given access to incredible financial tools that are absolutely free!

After creating an account and filling in a few basic questions you are able to access the Education Planner

under the retirement planning tab. The planner walks you through how to plan for your child’s educational future by asking simple questions that will guide your planning. One of my favorite features is how the planner gives you the average college costs of public in-state tuition, the average cost of out-of-state public tuition, as well as the average cost of a private institution. This allows you to see what the average cost of college will be for your family and help you to make a choice that is financially right for you. Another option that the program gives you is the ability to choose the amount you plan to cover for your child’s education. Who says your kiddos can’t earn a few scholarships to help a mama out!

Once you complete the beginning of the Education Planner you will be given a bar graph that shows you your projected savings, the percent of your goal that will be funded based on your monthly contributions, as well as projected tax savings from a 529 Plan. You are also able to adjust your plan at any time to get a better idea of how you might better approach your child’s future.

They may just be sitting on the sidelines now watching college football, but one day that could be them on the field. Start planning for their future today!

Whether it be your child’s college education, your master’s degree, your retirement, or even just family budgeting, dealing with your finances doesn’t have to be stressful. Sign up for Personal Capital and start using the free tools to better organize your financial life!


Recent Posts

See All
bottom of page