Do you worry about how to save for college with a large family? Would you like to be prepared to help your kids reach their goals but feel overwhelmed? If so, you are not alone!
Disclaimer: I was compensated for my time to create and share this post.
Families of all sizes stress over how they will be able to afford to send their children on for further education and training. As caring and concerned parents, we want what is best for our kids out of love and genuine interest. Finding ways to cover the rising costs of higher education can prove difficult whether you have one child or twenty.
Large families, of course, have a few extra considerations. The everyday cost of raising a large brood quickly adds up. Over the years, these costs can escalate as kids become involved in extra curricular activities.
I know that my husband and myself have often stressed over how we will be able to help our 5 boys attend college if that is what they are called to do. Higher education costs have risen astronomically and having multiple kids possible attending with overlapping years-eek! I know Consumers Advocate has reviews of student loan lenders, but I'd prefer to only use loans as an absolute last resort. I am happy to share some of the steps our family currently takes or plans to in the very near future.
[bctt tweet="How To Save For College With A Large Family + Enter To Win College Savings Giveaway! @CarsonDellosa #ad #ihsnet" username="busyboysbrigdade"]
All of these suggestions for saving money to help with college savings can be applied to small and large families. More care and effort may be needed from large families to maximize ways to have extra money to place into college savings accounts.
Tips & Ideas on How to Save for College With A Large Family
- Budget: Talk with your spouse about your spending. Take an honest look at where your money is being spent. A popular resource that our family uses is Dave Ramsey's Total Money Makeover.
- Shop sales: Be a smart shopper! Stock up on non-perishable items when possible. Remind yourself that every extra penny you save can go towards one of your kids' college savings.
- Thrift stores: Garage sales and thrift store are fantastic places to find items that your family needs at low prices.
- Hand-me downs: Keep those clothes from your older children! Take good care of your older kids' clothes and you will find that very little will need to be purchased for younger siblings.
- Library: Don't forget your wonderful free resource for reading materials and more! No need to go out and buy books. Do a search at your local library. If a desired book or other educational material is not there, attempt an inter-library loan or ask your librarian to put the title on a wishlist.
- Volunteer: Find out if volunteering for organizations will allow your kids to participate for free or reduced cost.
- Limit activities: Help your kids be selective in their choice of activities. Extra curricular activities can be expensive. Set a budget and stick to it!
- Meal planning: Prepare grocery lists based on current sales. Create meal plans featuring low-cost food and drinks. When you have well-planned meals, you are much less likely to overspend on your food budget-and much more likely to have extra money to save!
- In lieu of toys: Let's face it-large families accumulate a lot of stuff! In our house with 5 boys, the number of toys can become ridiculous. Consider asking well-intentioned family members and loved ones to donate to your kids' college funds in place of toys that will clutter.
- Cut cable: Look at your cable bill. Perhaps cutting back on options or even cutting cable will give you more money to save for college for your kids.
- Online Coupons: Do a quick search and see if you can find online coupons for what you're looking to buy. Don't Pay Full is a great place to find coupons for what you need.
- Start a college savings account with birth of each child (or next special holiday!): If your family is still growing, create a college savings account for each child when they are born. If you missed this window for older children, there is still time to save! Get started today (or at least next holiday or birthday).
Speaking of college savings accounts, I am so excited to share this giveaway by Carson-Dellosa! Click on image below to enter!
What a wonderful opportunity to try to win money to save for college!
What steps have you taken to make sure that your family can save for all of your kids' higher education pursuits?