First Person: We're Struggling to Build a College Fund for Our Children

Yahoo Contributor Network

My husband and I are the proud parents of two beautiful and exceedingly intelligent children. Like most parents, we want to give them the best of everything in life, and this most certainly applies to our children's education. Although we have a long time until our children will be ready to step foot onto a college campus, we are still concerned that we are not doing enough to build a college fund for our children.

It is Becoming Increasingly Hard to Save Money

As our children grow, they seem to become more expensive with each day. With childcare expenses, grocery costs, and more, it is becoming increasingly difficult for my husband and I to save money at all, let alone for our children's college fund. Additionally, the last few years have not been easy on American families. We've dealt with a recession, rising costs of gas and food, two instances of unemployment and a stack of bills that never seems to waiver. It should come as no surprise that we have not been able to bank much for our children in recent years.

Our Plan for the Future

Once our children are out of day care we plan to put some of the extra money into their college fund. Additionally, we will be opening up a CD so that our money can grow while we continue to save. Something else that will help our children when the time comes is that they can cash in the massive amount of savings bonds that they have accumulated through the years from friends and family. The way we see it, every little bit counts, and as long as our children have a strong foundation on which to build a future on, then we did our job as parents.

The Bottom Line

While we may not be able to fund our children's entire college education, we can certainly provide them with a head start. Like many students, they may have to take out student loans or rely on some financial aid, but with any luck they will excel in their academics throughout high school and be able to earn some grants and scholarships to help them get further their education. Although I would love to be able to fund their entire college education, it is not likely to happen with the rising cost of college. My goal is to provide a strong foundation for my children, so that they will not be crushed by student loans in the future.

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