Our children get report cards at school that show how they are progressing with their learning. As parents we should get a progress report that shows how well a parent is saving for their children’s college education. I started putting together an annual report that projects what percentage of college expenses you can cover based on
- The expected cost of college in the future
- How much annually is being saved to their college fund
- The projected annual return of the college fund
To view a sample report click here
To view a detailed explanation of the report click here
The report will also show what options are available if you wanted to project to cover a higher percentage of your child’s college costs. Options could include
- Increasing your annual savings to the college fund
- Saving a lump sum now to the college fund
- Having your child attend a cheaper school
For the projection we can use the expected tuition cost of any college, but for most reports I use the average annual cost of all private and public schools in the US.
