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How to Financially Prepare Your Child for College

May 30, 2024

One of the biggest financial milestones in life is saving for college. As the costs associated with higher education have continued to rise, it’s more important than ever to take steps early and start both by preparing your own finances and by helping your child understand the value of a dollar. Even if your child decides to take a different path than the traditional college route, it’s important to have something set aside to help them set out on the right foot when they’re finished with high school. Here are a few tips to help you and your child get on the right track early:

  1. Start a Savings Plan – There are account options here at CBLA to help you set aside money for your child’s future higher education expenses. By starting to save now, you will provide your family with the flexibility and security to support whatever future educational path they may take. Whether that’s for a master’s degree at an Ivy League school or certifications from a local Trade School, both are important career paths – and they can both be expensive in their own right.
  2. Build Healthy Banking Habits – It’s never too early to instill the importance of smart financial decision-making in your children. By opening up a Young Savers account, you can help your child start to feel the pride that comes with being financially responsible. It also provides a great base to start teaching principles like budgeting – after all, that new bike won’t pay for itself!
  3. Send Them Off RightOnce your student heads off to school, preparing them with a Student Checking account can help them make the most out of their college-student budget. With no monthly service fees, this account helps stretch every dollar and make sure that your student can spend their time focusing on what matters most – how they’re going to pass that Biology final.

Whatever life after high school looks like for you and your student, we want to help set them up for success in any way that we can. The tips, tricks and products mentioned above are just some of the solutions that Community Bank can offer. Stop by your local branch to talk with a team member about your specific needs and learn how else we can help.

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