Loftis: Parents Who Start Saving Early Have Time On Their Side

With the cost of higher education on the rise, it’s hard to say what inflation might do to the cost over the next 10 to 20 years. And while some believe the college bubble will eventually burst, at the moment there’s no end in sight.

In fact, college costs have climbed roughly 5% a year over the past 10 years, according to one recent article.

So what are budget-conscious parents to do?

“Parents can take comfort in the fact that they have one powerful resource on their side,” said South Carolina Treasurer Curtis Loftis. “And that’s time.”

“I tell parents all the time they don’t have to come up with their child’s college tuition all at once,” he went on to say. “By using time as a powerful tool, parents can save more than they may realize.”

In fact, as Loftis goes on to explain, the earlier parents can begin saving the better off their child will be when he or she gets ready to go away to school.

To find out how starting early can help you save more, visit

http://www.fool.com/retirement/2017/02/26/how-much-do-i-need-to-save-for-college.aspx.