Earlier this month, I had the privilege of chairing the Berkeley Heights Block Party, where over 10,000 people filled Springfield Avenue to celebrate our amazing community. As I walked through the crowd, I couldn’t help but notice the sheer number of strollers and young families enjoying the day.

It got me thinking: Are these families thinking about college yet? And more importantly, are they saving enough?

If you just had a baby, college may seem like a distant concern—but the financial clock is already ticking. According to JP Morgan Asset management, by the time your child starts college in 2042, the estimated total cost could be:

  • 🏫 Public in-state university: ~$250,000
  • 🏛️ Private university: ~$600,000

🎯 What does that mean for your savings plan?
Assuming an 8% annual return, here’s what you’d need to save each month starting now to fully fund four years:

School Type                        Monthly Savings Goal
Public (in-state)                  ~$450/month
Private                                 ~$1,050/month

Even smaller monthly contributions add up over 18 years—especially in a 529 college savings plan, which offers tax-free growth and tax-free withdrawals for education.

💡 Top Tips for Smart College Saving:

  1. 🔁 Automate your monthly savings
  2. 🎁 Ask family to chip in for birthdays and holidays
  3. 📊 Review and adjust your plan annually

Saving for college is one of the best long-term investments you can make for your child’s future. And the earlier you start, the more options they'll have—and the less debt they’ll carry.

🚀 Ready to Turbocharge Your College Savings?
Learn how to get started with a 529 plan, make your money work harder, and build a stress-free path to your child’s future.
👉 Click here to turbocharge your college savings

 

Feature image from Deepai.org