Diapers to Diplomas: How one family is saving for college
The baby phase is expensive. Bottles, stroller, crib, rocker, burp clothes, bibs, toys, diapers. Saving for college might be the furthest thing from your mind – and your pocketbook. Imagine having two babies at once! You might even laugh at the notion of college saving.
But Cristy Clavijo-Kish and her husband saw opportunity in their diaper fund. They were already spending $300-$400 a month on diapers for their twin girls. So as soon as the girls were potty trained, they simply transitioned those dollars into Florida Prepaid Plans for the girls, now high school sophomores in Miami.
Among current parents, 57% regret not taking more financial action during the first year of their baby’s life. Their biggest regret: 33% wish they’d started or contributed more to a college savings plan for their child.– NerdWallet
“Education was the most important thing for our family,” said Clavijo-Kish.
She and her husband are following the advice of financial advisors, who say it’s important to budget for savings by setting aside a designated amount each month.
“I definitely suggest and challenge families to look for those funds – maybe it’s a diaper fund or a vacation fund or a go to the movies fund,” said Clavijo-Kish. “But make sure you transfer that early … because when you get to my stage, you will feel the moment of peace knowing you’re ready for them to go to college and take that next step.”
Here’s more perspective from Clavijo-Kish: