Many new parents feel they should begin saving for their child’s education from the day they’re born. The truth is a little more complex than that. When you should start saving for your child’s college depends a lot on your current financial position. For some people, they are ahead on their bills and have reliable and comfortable cash revenues. Other people need to clear up a few things before they should start saving for college. Here are a few steps to take before you worry about 18 years down the road.
1.) Credit cards- Clean up your credit cards and then just get rid of them. Many people will rack up credit card debt in their youth without much regard for the future. The longer this debt hangs out there, the longer it will be before youa re financially secure. Credit cards have you paying more interest than premium and do you no good over the long run. The best thing to do is to cut up the cards and pay down the debt.
2.) Loans- Make sure to pay off expensive car loans and home mortgages as soon as possible. While you want to make payments over a period of time to build or repair a credit history, you also don’t want to have loans burdening your ability to save money for your child’s college.
All new parents are exited to be parents but don’t necessarily need to worry about college immediately. Getting your house in order can pay large dividends over the long run in the form of better interest rates.










