Paying for College Using Current Income

Positioning finances to ensure that paying for college doesn’t wreck other plans was a challenge for my family. When my children were babies, I started strong, setting aside money in minor accounts even before the advent of 529 plans. But the day-to-day activities of raising children often distracted me from longer range planning. As a result, there’s a shortfall between our savings designated for college and our college bills.

Fortunately, though, my husband and I are able to cover more expenses from our current income than anticipated. After my youngest left for college, I noticed that my husband and I were suddenly saving more on at-home expenses in these areas:

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