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6 college savings resolutions for 2014
The date of your child's college enrollment creeps ever closer. As 2013 comes to a close, consider including the following items on your list of resolutions for 2014.
1. Commit to monthly contributions
If you are not already signed up for automatic monthly contributions through payroll or electronic funds transfer, get on board for 2014. The minimum automatic contribution in most 529 plans is very low, and your budget will easily adapt to the extra outlay.
To figure out how much you might want to contribute each month, check out Savingforcollege.com's World's Simplest College Cost Calculator. It's an easy and very flexible tool.
Once enrolled in the automatic contribution plan, you should still look for ways to make occasional lump-sum contributions to increase your college savings. Tax refunds, a bonus from work, or the cash gifts you or your child receive on holidays or other special occasions are perfect opportunities for extra savings.