Did you know that almost seven in ten U.S. students in the Class of 2018 have a student loan? Or that after graduation, they still owed an average of $29,800 on private and federal student loans?

As helpful as these loans are, they’re a huge ($1.5 trillion huge) burden. In fact, they’re such a big problem that over 3 million Americans have carried them into their 60s!

This doesn’t mean that your child should (or would) follow suit. However, you do need to prepare for your kid’s college education early. Save what you can now, and you can minimize the burden of student loans later.

Ready to learn the best ways to start saving for your child’s higher education? Then let’s get this list started!

1. Every Penny Counts

We’ll start off with this one, because the earlier you get to save anything you can, the bigger it’ll grow. Having a budget that you can stick to also grows your own savings. And by knowing your expenses, you can figure out where you can cut back.

One such area where you have saving potential is medication. Consider this: in 2017, out-of-pocket costs for prescription drugs in the U.S. averaged $137. Experts say this will go up to $190 come 2026.

Any reduction on those out-of-pocket costs can instead go straight to your kid’s college fund. One way to lower drug costs is to grab offers on prescriptions, like this Trulicity coupon. The initial savings may seem small, but they’ll all add up in the long run.

Utility bills, transportation, and entertainment are other things you can save money on. For example, you can invest now on energy-efficient home upgrades and save more in the many years to come. You may also want to drop your $100 cable bill and switch to streaming instead.

The bottom line is, trim any cost that you can and put the money in your child’s college savings plans. Saving $500 a year on household expenses alone can mean $5,000 (plus interest) after 10 years.

2. Look into the Benefits of a Roth IRA

Although it’s an individual retirement account, you can use a Roth IRA to help cover college costs. Best of all, it grows your money tax-free. The funds you put in it may go towards various investment options, like stocks and bonds.

One of the best things about a Roth IRA is that you can withdraw eligible college costs free of penalties.

Note that penalty-free withdrawals are only for contributions and not gains. Otherwise, you’ll face an IRS penalty.

3. Open an Education Savings Account (ESA)

If you can save at least $2,000 a year (after tax), go for an ESA instead of a regular savings account. This is one of the best college savings plans since the requirements are easier to meet. To top it all off, your money grows tax-free!

Another benefit of an ESA is that withdrawals for education expenses are tax-free. You also have several investment options to choose from. This gives you more flexibility when it comes to growing your money (and how fast you can grow it).

4. Set Up a 529 Education Savings Plan

If you can save even more than $2,000 a year or don’t qualify for an ESA, a 529 plan may be a good alternative. It’s an investment account that you can withdraw against for various college costs. Aside from tuition, it can also cover room and board.

What’s more, you can use the money from withdrawals at almost all U.S. colleges and universities. In fact, there are also over 400 non-U.S. schools eligible for a 529 plan. This plan can cover tuition fees of up to $10,000 per school year and per beneficiary.

Some 529 Plans also allow you to change the named beneficiary. You may have to do this if your child named on the plan doesn’t want to pursue college. This flexibility lets you transfer the plan to your other kid who does want to go to college.

5. Consider an Educational Trust Fund

Another option on how to save for college is to set up an educational trust for your child. You name your child as the beneficiary and another person as the trustee. The trustee will ensure the funds will really go towards your child’s education.

Let’s say you want to cover part of your children’s college costs by giving them $5,000 a year. They may receive this in a lump sum, but they also have to prove they used it for school at the end of the year. Invoices, receipts, or bills are usually used to account for how they used the funds.

You can also have the trustee take responsibility for paying these school expenses. In this case, your kids will show their school bills to the trustee. The trustee then pays for these expenses using funds from your trust.

6. Become a Rental Property Owner

Not only is this one of the best ways to save for college — it’s also a great way to save for yourself! It’s a passive income-generator, so you can still work and make money on the side.

What’s more, renters make up over one-third of the U.S. population. If you choose your tenants right, then you could be looking at a long-term relationship.

The longer they stay as your tenants, the more money you can allot to your child’s college education. Of course, you can also use your passive income for yourself or for the entire family.

7. Master the Art and Science of House Hacking

Another great way to save money, not only for college but for the entire family, is to take up house hacking. If you don’t have the funds now to buy rental properties, you can start with the one you already have.

House hacking is basically having others pay all or some of your housing costs. For instance, if you have a multi-family property, you can clear out the other units for tenancy. Another example is to rent out the other rooms of your existing home.

Since you have fewer housing expenses to think of, you can focus on growing your child’s college fund. Again, every penny that can go towards saving for college matters.

Reduce the Burden of College Education with These Saving Strategies

As you can see, there are many ways to pay for your child’s college education that doesn’t involve a student loan.

Even if your child would still need some financial aid, it would be much smaller. So, as early as now, start saving up to help your child avoid the burden of student debts!

Want more hacks to keep your budget on track?

Then feel free to check out the posts under our site’s Money and Finances section! While you’re at it, bookmark our site, too, and check in from time to time as we bring you the latest news in parenting.

Roughly 50 to 70 million adults in the United States struggle with a sleeping disorder.

It is not surprising if this number causes you concern because it is likely that you or someone you know, has an issue sleeping each night.

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Busy days, sleepless nights, sweet little eyes watching your every move, sweet little brain absorbing everything around them. These are the hallmark aspects of a brand new baby.

Are you expecting? Congratulations! Whether you’re growing it inside you or adopting, becoming a new parent or adding another to your brood is a big lifestyle shift.

Your life and your finances are about to change drastically. Are you worried about spending and saving appropriately and effectively? Read on to learn the six best budget tips for your upcoming bundle of joy.

1. 50/30/20

Ever heard of the 50/30/20 rule? If you’re totally new to budgeting, maybe you haven’t. This isn’t necessarily just a “new baby” budgeting rule, it’s a general life budgeting rule.

With this rule, you split your income as follows: 50% to financial needs like groceries and mortgage or rent, 30% to financial wants like a new kitchen table or eating out, and 20% to savings (and payment on bad debt like credit card debt).

This rule doesn’t change once you add a baby to your family! The baby’s needs and wants fit into the same categories. For example, diapers and formula are financial needs. That adorable little summer dress and hat ensemble is a financial want.

Don’t think that everything has to change once you have your baby. Basic budgeting rules still apply.

2. Smart, Effective Nursery

If you’re expecting a baby, you’ve definitely been looking at nursery pictures on Pinterest. It’s okay, everyone does it.

But be wary not to get sucked into the “beautiful nursery” lie! Just because a room is decorated beautifully (and then named “the nursery”) doesn’t mean it’s effective and practical as a nursery.

One important way you can save money while expecting is to not go overboard with the nursery. Read other parents’ experiences with what you truly do and don’t need, you might be surprised!

If you do need it, don’t be afraid to budget for it. If you don’t need it, you can gladly budget that money for something else. Your experience with the nursery doesn’t have to be all trial and error if you’re willing to heed other people’s experience.

Don’t hesitate to seek out tips and ideas for your nursery design. It can be smart, effective, practical, and beautiful. Be inspired by other people’s ideas and experience.

3. Take a Renewed Look At Your Finances

If it’s been just you or just you and your partner, you’ve most likely been making some unconscious exceptions in your finances. Maybe you have three cars but only need two, but you haven’t bothered getting rid of the third because you’ve been able to afford it.

Now is the time to consolidate those three cars into two. Just because you could squeak by affording it before, doesn’t mean you can now. That expense can make a huge difference once you have the baby.

Been holding out for that raise? Now is the time to finally ask for it! You’re going to need it more than ever.

Thought about refinancing but never gotten around to it? Now is definitely the time to pull that trigger. Refinancing your mortgage and insurance can greatly impact your finances month-to-month.

4. Remember Your New Expenses Will Rapidly Change

Babies grow quickly, so their needs change quickly. That means your expenses also rapidly change. Anticipate that fact and don’t invest too much in any one stage.

If you spend too much on newborn clothes, you won’t have enough money just three short months later when the baby needs bigger clothes. Buy secondhand, inherit clothes from older babies of friends and family, and don’t be afraid to let your baby repeat outfits.

They don’t need a celebrity baby’s wardrobe, babies look cute in just a white onesie! Take advantage of that!

This rule applies to everything baby-related, not just clothes. If you’re only planning on having one child, try a crib that converts into a toddler bed (if you’ll have more kids then you can save money by reusing a normal crib).

5. Buy Necessities Before Birth

There are plenty of things you can buy for the baby now, before he or she is even here. This will alleviate some financial strain after the baby comes, when you’re also paying hospital bills.

Keep an eye out for sales and buy things slowly, as you can! A pack or two of wipes here, bottles there, especially all sizes of diapers. Some things you won’t know you need until after the baby comes, but many things you know now (like wipes, bottles, and diapers).

You have nine months to prepare, so take advantage of it! Your budget for post-baby will be freed up because you have some supplies you’ve collected over previous months.

6. Practice Your New Budget Beforehand

Figure out your 50/30/20, including your baby-related finances. Fully commit to it with yourself or with your partner. Then practice it for a month or two before the baby comes.

This experiment will show you where your budget is weak and where it’s strong. You’ll learn what you need to change and improve, all before you actually have the baby, so there’s nothing to lose!

The practice time also gives you a few weeks to get used to your new budget. This will help you feel more acclimated and less stressed when you have your baby: lots of things may be brand new, but at least you’ve been living this budget for a little while.

In order for your new budget (and practicing it beforehand) to be successful, you and your partner have to be fully on board. This practice time will also show you in what ways you two still need to get on the same page.

New Baby = New Budget

So you’re about to welcome a new baby. What a wonderful time in your life! Don’t let the fear of change or the unknown take away from your newfound happiness.

These six tips will help you keep your finances in order, even with your adorable new addition. A baby doesn’t have to break the bank, all it takes is preparation and discipline. Check out our other articles about babies and parenting!

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Whether you’re starting from scratch or you already have an idea for the main activities, these birthday crafts can help you make the event feel complete.

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There can be many reasons both medical and non-medical that can cause your cat not to eat. Truth is, no matter reason, if your cat refuses to eat for more than a day, then you need to find out the reason and get your cats appetite back. Here are some of the reasons that cause a cat not to eat.

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More things are biding for our attention than ever. We have kids, a job that keeps demanding more, and obligations to our family and friends. It’s hard to take time for yourself.

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