Start ASAP

With the cost of college rising, you should start saving money as soon as possible. The minute you think you may want to get a degree, start setting money aside. Then, you'll have the funds ready if you decide to go back, or you can use the money if you decide against college.

If you're looking to save money for your future child's education, start saving early as well. Once you know you'll have a child, start setting aside part of your paycheck. Then, you'll be able to save more money by the time your child is ready to go to college.

How Much Should You Save?

You may need to start saving immediately, but not everyone needs to save the same amount. A lot of factors go into determining the savings balance you need.

Now, you don't need to save all of your tuition money before you start school. If you get a job, you can save some of that money, but it helps to have an idea of the money you'll need.

Consider the following when saving for college.

Your Dream School

First, you should think about your dream school. Consider if it's a public or private college and if you may need student loans to make up some of the tuition. If you're looking at public universities, consider if your dream school is in or out of state.

Depending on where you live, you could find one school costs 10 times as much as another. That can easily affect how much money you need to save before going to school. If you can't save much, you may want to stay in-state to keep costs low.

Your Student Status

Another thing to think about is if you'll be a full-time or part-time student. It's not uncommon for people to work full-time and go to school part-time. That can help you make money to cover tuition and other living expenses.

However, being a part-time student may disqualify you from certain scholarships and aid. If that's the case, you'll need more money on hand to pay your tuition. Consider how much you can make if you go to school full-time and work part-time to see if it may be a better option.

Your Degree Program

Some majors are pretty affordable, and you just have to cover tuition and a few fees. Other degrees, such as music or art, have other fees that you have to pay. For example, music majors have to pay for an accompanist for their juries and recitals.

They may also have to pay a recital fee or a masterclass fee. Instrument maintenance, sheet music, and accessories are other common expenses. Art majors have to pay for art supplies and perhaps access to special equipment. Keep that in mind when budgeting for school.

Your Current Savings

You should also take a look at how much money you have in savings. Look at your general savings account as well as your individual retirement account (IRA) since you can use that for education. It's also important to talk to your parents.

Ask them if they set up a college savings account for you. If so, ask them what the balance is so that you can figure out how much money you already have. Then, you can determine how much money you need to save.

You should start saving money for school as soon as you think you may want to go to college. The better question is how much should you save? So keep a few factors in mind.

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