Saving for college is a priority for many parents in the U.S., and with a few targeted strategies, it’s possible to build a steady college fund without stress. No matter your child’s age, creating a plan to manage these future expenses can give both you and your child a solid foundation. Let’s dive into some specific ways to save that are accessible and practical for moms across the United States, with a focus on strategies tailored to current educational costs, saving options, and resources.

1. Understanding College Costs in the U.S.

College costs have increased steadily, with the average annual tuition for public, in-state universities at around $10,000, and out-of-state tuition around $27,000. Private universities can reach up to $38,000 or more each year. Additionally, many students will need room, board, books, and other essentials, which often add another $10,000–$15,000 to the annual expense.

Planning for these costs may sound daunting, but having a general target helps. Aiming to save at least a portion of the total cost, while also exploring grants, scholarships, and financial aid, makes college more affordable. For many families, aiming to save 50% of anticipated costs, with the rest supplemented by scholarships and part-time work, is a practical and achievable goal.

2. Consider a 529 College Savings Plan

One of the best savings tools for American families is a 529 plan. This education savings account grows tax-free and allows withdrawals for qualified expenses, including tuition, books, and even K-12 expenses in some cases. These plans vary by state, but many allow you to invest in mutual funds, stocks, and bonds, which can grow over time to offset rising college costs.

Several states also offer tax deductions or credits for contributions to their 529 plans, such as New York, Georgia, and Pennsylvania. These tax incentives allow you to invest with a little added benefit, so look into what’s available in your state. And remember, 529 plans aren’t limited by residency, so if your state doesn’t offer significant benefits, you can choose a plan from another state with higher returns or lower fees.

3. Start Small and Automate Your Savings

For many moms, juggling expenses can make it challenging to set aside extra funds, but even small, automated contributions to a college savings account add up over time. If saving $200 a month sounds unrealistic, try setting aside $50 a month to start, and then gradually increase this amount as your income or financial flexibility grows. Setting up automatic transfers to a dedicated college fund (whether a 529, high-yield savings account, or custodial account) removes the mental effort and ensures consistency.

4. Explore Financial Aid Resources Early

Once your child is in high school, it’s helpful to explore all forms of financial aid, including the Free Application for Federal Student Aid (FAFSA), which opens each October. The FAFSA application can help determine eligibility for federal grants, work-study programs, and student loans. Many states and universities also offer additional aid, and early application can improve your chances of receiving support.

5. Utilize Coverdell Education Savings Accounts (ESAs) if Appropriate

While not as commonly used as 529 plans, Coverdell ESAs can be helpful if you also have K-12 private school expenses. Like 529 plans, Coverdell accounts grow tax-free, but they have an annual contribution limit of $2,000 per child. Coverdell accounts allow for more flexibility in investment choices and can be used for elementary, secondary, and postsecondary education, making them a valuable option for families with current private school tuition.

6. Get Family Involved

For many U.S. families, education is a group effort, and sometimes grandparents or extended family members are eager to contribute. Many 529 plans allow family members to make contributions, which can make a memorable and meaningful gift at birthdays or holidays. If family members want to support your child’s education, they can easily make a deposit into the 529 plan, helping the fund grow over time.

7. Prepare for Scholarship Applications

America has thousands of scholarship opportunities, and there’s something out there for almost every interest, talent, and skill. Start researching scholarships early, and if possible, help your child build a resume that reflects their unique strengths. The College Board Scholarship Search and other scholarship platforms can provide valuable insights. Encouraging your child to engage in community service, extracurriculars, and academic interests that appeal to them may help them qualify for niche scholarships.

8. Custodial Accounts for Greater Flexibility

A custodial account under the Uniform Gifts to Minors Act (UGMA) or Uniform Transfers to Minors Act (UTMA) provides more flexibility than a 529 or Coverdell account. However, custodial accounts don’t offer the same tax advantages for education expenses, and funds can be used for any purpose once the child reaches adulthood (typically 18 or 21, depending on state law). If you’re saving for college but want flexibility in how the funds are used, a custodial account can be a good choice.

9. Consider Additional Income or Side Gigs

If you’re open to it, dedicating side income specifically for college savings can boost your contributions. Many moms take on freelance work, weekend gigs, or sell items online to put away extra funds. Even if it’s a small amount each month, these funds can grow over time. For example, setting aside tax refunds, bonuses, or unexpected windfalls for college can make a difference without affecting your regular budget.

10. Use Available Resources and Tools

Plenty of online resources can support you through each stage of college planning. Websites like Savingforcollege.com and the College Savings Plans Network offer calculators to estimate costs and tools to assess the best savings options. Additionally, the Department of Education’s Federal Student Aid website provides comprehensive information on financial aid, grants, and loans. Financial advisors are also an option if you’re seeking tailored guidance, especially if you’re balancing retirement savings with college planning.

11. Stay Flexible and Keep Checking In

College planning is a long-term commitment, but it doesn’t have to be a source of stress. Periodically review your savings and goals and make adjustments as needed. Changes in income, cost projections, or personal goals might mean increasing or decreasing contributions, so check in on your plan annually. Saving for college is an evolving process, and there’s always room to modify your approach.

A Loving Path Toward College Planning

It’s natural to feel the pressure of planning for your child’s education, but each step forward is an investment in their future. With small, consistent efforts, you’re building a foundation that will reduce financial stress for both you and your child. Remember, every contribution matters, whether it’s $20 or $200 a month, and the most important part is the intention you bring to the process.

By taking action today, you’re giving your child the opportunity to pursue their dreams without the weight of financial worry. Know that your efforts are meaningful, and they are creating lasting support for your child’s journey in the years to come.