Saving is a concept that many people see impossible, distant, especially when you live from check to check.

According to a recent study by Pew Charitable Trusts, one in three American families does not have any savings, and one in 10 with incomes greater than $ 100,000 per year either.

Millions of people are not even prepared for the chilling unforeseen of the month, when the car is damaged, the refrigerator stops working or the family dog ​​gets sick.

That’s why asking a father or a mother to save early for their children’s university education is, perhaps, at first glance, pretending a lot. But considering the benefits, not so much.

A study by the Federal Reserve Bank of San Francisco found that a person with a university degree earns, on average, one million dollars more during his working life than a person with secondary education.

Another study from Georgetown University found that 99% of the 11.6 million jobs created during the recovery of the so-called “Great Recession” as of 2010 were for university-educated workers,who for the first time in history make up the majority of the US workforce, and barely 80,000 for workers with a high school diploma or less.

That’s why it’s said that saving for education, as opposed to saving for material things, pays off and lasts for a lifetime, and that it’s never too early to start saving money for college.

Why is it important to save for the children’s university?

– For the increase in university costs: Save early and continuously to prepare to face the increases in university costs. You can visit FinAid and calculate how much the university will cost at the time your child is ready to attend.

– Because it represents a benefit: It does not matter if there is little you can save, every penny is worth to pay for the higher education of your child. Develop realistic savings goals and save regularly by separating a fixed amount of money at a set time. For example , if you save $ 14 per week (two dollars a day) in an account that earns 1% interest, you will accumulate more than $ 12,400 at the end of a 17-year period.

– Less debt, more investment: Many families have to rely on student loans to cover university costs. Saving for college now can reduce your need for a loan in the future. It is convenient to earn interest by opening a savings account today instead of having to pay interest on a loan later. The best graduation gift you can give your child is to help him finish college free of debt.

How to save?

– Choose the right savings plan: Savings plans for higher education and prepaid tuition (known as 529 Plans) offer tax-free withdrawals to meet college expenses. To learn more about these plans and decide which one is right for you, visit

– Determine your child’s right to participate in Federal Student Aid: The Federal Student Aid Office of the Department of Education awards more than $ 150,000 million in federal aid in the form of scholarships, work-study programs, and loans to students who meet the requirements. Visit for more information on the selection criteria for federal student aid, and use the FAFSA4caster to obtain a rough estimate of the total amount of aid your child could receive if you apply today.