It is never too early to start saving for college especially considering how expensive it is to get a higher education these day. So I went to collegeboard.com which has a college savings calculator. It tells you how much you need to save based on inflation, type of tuition (in-state, out of state or private) and how many years until your child is going to college.

So I chose in-state simply because it was the cheapest. And I selected 18 years from today. Here are the results:

If college costs rise at 5.0% a year, your annual cost will be $41,721 (up from $17,336 over 18 years). The total cost for 4 year(s) will then be $179,823

Yikes! 179,823.00 – Does my child also get a free house when they graduate?

I think the first thing I plan to do when my child arrives home from the hospital is sit him or her down, look them in the eyes, hand them a newly purchased gift and calmly but firmly say: “This is a football. Never let it leave your side.”