What are you going to sacrifice?

The secret to planning ahead

The rising cost of college…
The rising cost of gasoline …
Rising taxes …
And just about everything else rising, rising…

It's not surprising that 78 percent of parents are looking toward making a major sacrifice to send their kids to college. (see "Half of Families Can't Afford College")

They may have to. Although 86 percent of parents expect their children will go to college, 47 percent feel that they cannot afford to send them.

Where do YOU fall in this mix?

And what do you plan to give up in order to pay for your children's college education?

Do you plan to make deep cuts in regular spending: cancel that dinner out once a week; purchase fewer clothes or entertainment; maybe skip your family vacation for a few years?

Then you have good company: 59% of parents plan to take this route.

Do you plan to take a personal loan? 43% of parents admit they plan to get a loan to pay for their kids' education.

Do you plan to work longer than you otherwise would? Put off retirement four years (per kid) to pay for those college years? 41% of parents plan to make this sacrifice.

How about a second job? 39% of parents are working extra hours for those extra bucks.

Others have taken out a second mortgage - 24% of parents in this category.

Sadly, many families must do more than just one of the above. Which might you do?

The secret to planning ahead

There are TWO ways one can (and should) plan ahead for that college education.

• Plan ahead by putting aside as much money as you can.

That's what the financial planners have urged for years. And for good reason, as we've just discussed.

Financial planners continue to advise young parents to start college savings early. And if you've gone this route, then many kudos to you! Many, however, have found that the money put aside simply isn't enough to pay for college, and that additional funds are required. But from where?

• Plan ahead by putting time and forethought into your student's training.

Planning ahead is just as vital in making choices through the high school years so that your student is prepared.

Our Big Figure Scholarships database is now boasting 1262 scholarships in 11 states. An incredible 242 of those scholarships provide full tuition. How would that affect your need to sacrifice?

We encourage you to consider the second course of action. I don't mean to say that this one does not also involve some sacrifice on your part. But it comes in terms of time and forethought, rather than in hard dollars alone.

Plan ahead, and continue to:

• Keep abreast of what colleges are looking for in scholarship candidates.
• Watch your student's progress.
• Encourage choices that develop your student both academically and in personal development.

You may find that the time and care you put in during the high school years will tip the scales away from the time (working a second job) and dollars (after-tax dollars!) you'll otherwise need.

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Need some guidance in developing your student toward becoming that candidate colleges are pursuing? See what our scholarship preparation program can do for you.