Once you have a general idea of how much you need to save each month to reach your retirement goal, you need to determine where you will find the money. There's one simple trick for saving for any goal: spend less than you earn. The first step is to get organized by creating a spending plan or budget.
It's no secret that today's college graduates face record amounts of debt. Approximately 68% of the graduating class of 2015 had student loan debt, with an average debt of $30,100 per borrower -- a 4% increase from 2014 graduates.1
Though you won't be able to ride along in your child's suitcase, there are ways you can help him or her make the adjustment to college. You can start by talking with your child about certain subjects before he or she leaves for college and familiarizing yourself with the emotions that he or she will likely face in the first few weeks and months. Then, you can provide a comforting shoulder to lean on.
