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How to make extra money for college savings? Set a goal first!

By Kurt Kaeser on 2014-02-07 in Editorial

How to make extra money for college savings? Set a goal first!

It can be difficult to think about saving for your children’s college tuition when you are busy changing diapers.  But education costs continue to rise at an average rate of 7% per year.  Most parents don’t want to saddle their children – or themselves – with massive loan debt. The sooner savings begin, the more opportunities you will be able to offer your child when they are ready to choose a college path.  For most families, this means they must find ways to make extra money now.

On average, parents expect to pay for approximately 62% of total college costs, including tuition, room and board and other fees, with the remainder of the cost being covered by financial aid. (Source: Fidelity Investments – 7th Annual College Savings Indicator Study)

For most families, the income generated by the main breadwinner in the household is consumed by basic cost-of-living expenses like housing, food, clothing and other incidentals associated with daily life.  For many, saving for college seems out of reach without generating supplemental income.  So, how can a family make extra money now to ensure they will be ready to pay the tuition bill when the time comes?  Finding a new career that pays more money can be the answer, but it may require a parent to return to college themselves.  A part time business working from home can be a solution that can help bridge the financial gap and put a family’s college savings goals within reach.

The financial planning community has been banging the college savings drum for decades.  Saving early and regularly is the main theme and they are ready to offer an array of financial vehicles to facilitate the process.  But when the numbers begin crunching, a reasonable college nest egg can feel overwhelming and out of reach in a hurry.  

It helps to start out by identifying some simple numbers that you can use to establish real, tangible, reachable goals, and then work from there to find ways to make the extra money needed to reach those goals.  To that end, we found a couple of simple, FREE, online calculation tools that can help you do that.  

First is the College Savings Plans Network College Cost Calculator.  This tool is easy to use and can easily help you project cost for tuition to private or public schools and in-state vs. out-of-state tuition so that you create a realistic financial vision for your child’s college career.

The second tool is a simple Savings Goal Calculator by Bankrate.com. Once you have calculated your target number for the amount of money you will need when your child is ready to go to college, plug it into this tool to see how much you need to save on a regular basis to reach your goal.  This type of planning will ensure you are well prepared to start paying those bills when the time comes!

Here are a couple of examples that calculate what amount parents might need to save using these tools:

For the sake of keeping it simple, we focused on comparing numbers for in-state public college tuition. The calculator tools linked above will allow multiple scenarios – including private school, community college and out-of-state public school tuition calculations. For these projections, we assumed a 7% annual tuition inflation rate, and a 5% monthly compounding interest rate earned on savings.  Using those numbers, here is approximately what parents would need to save for each individual child, if they begin now, based on children aged three, five and seven years old:

Based on Child’s current age:

To pay 100% of total estimated tuition needed for four years of average in-state public college tuition

To pay 62% of total estimated tuition needed for four years average in-state public college tuition

3 year old child

Savings goal per week:

Savings goal per month:

Savings goal per year:

$234,0000 tuition cost in 15 yrs








5 year old child

Savings goal per week:

Savings goal per month:

Savings goal per year

$205,000 tuition cost in 13 yrs








7 year old child

Savings goal per week:

Savings goal per month:

Savings goal per year:

$179,000 tuition cost in 11 yrs








This is a hypothetical example using typical estimated returns generated by the mentioned third party calculators and is not intended to represent or recommend actual results of any particular or specific investment.  Actual results can vary depending on what financial investments are chosen, changing economic conditions and investment performance.  Consult a professional financial advisor for specific recommendations and advice.  

But you have to start somewhere.  Once you know how much you need to save, then you can find ways to make the money you’ll need to meet that goal.

There’s an old saying that goes, “How do you eat an elephant? By taking one bite at a time.” That is how parents must think about saving for college.  It feels like a giant elephant!  But if you start now, taking that first bite, you can eat the whole thing over time.  And a bright future for your children is a wonderful dessert.

Kaeser & Blair Inc. is a family-owned, U.S. company that has been in business for over 100 years.  Based in Cincinnati, Ohio, Kaeser & Blair provides part time business opportunities that allow parents to work from home and make extra money on their terms in the growing promotional advertising products industry.  Independent Kaeser & Blair dealers enjoy schedule flexibility and attractive earnings, making it an ideal way to generate supplemental income and build savings for their children’s college education.  Learn more about how you can quickly make extra money with the Kaeser & Blair business opportunity by ordering our free information kit today.

Parents aren’t just saving for college these days.  See this related article about parents who are seeking ways to pay for private PreK-12 education as well.

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