If you have children or grandchildren, saving for college is probably on your mind. But college savings can feel like a moving target. Tuition costs rise every year, family circumstances shift, and life doesn’t always unfold the way we expect. That’s why it’s smart to pause from time to time and make sure your plan is still on track.
Whether your child is just starting kindergarten or already looking at colleges, a college savings check-in can give you confidence — and help you make the most of the years you still have before tuition bills arrive.
Why a Check-In Matters
The cost of higher education has risen dramatically over the past two decades, and while it can feel daunting, families have more tools than ever to prepare. But those tools only work if you use them intentionally.
A check-in is about:
- Understanding how much you’ve saved and how that stacks up against your goals.
- Reviewing your investment mix to make sure it’s appropriate for your child’s age.
- Making adjustments if your income, expenses, or priorities have changed.
Think of it as a financial progress report — not a test you can fail, but a way to stay engaged and informed.
Review Your Current Savings
The first step is simply to take stock. If you’ve set up a 529 plan or other dedicated account, look at your current balance, how much you’re contributing each month, and how those contributions add up over time.
Ask yourself:
- Am I saving regularly, or has my contribution rate slipped?
- Does my current path look like it will cover all, most, or part of projected costs?
- Have I updated my assumptions for inflation or rising tuition?
It’s common for families to realize they’re not saving as much as they hoped. That doesn’t mean it’s too late. Even small increases — an extra $50 or $100 per month — can make a meaningful difference, especially if you have several years left to save.
Check Your Investment Mix
College savings accounts aren’t just about contributions — how the money is invested matters too.
- When your child is young: You may be comfortable investing more aggressively, aiming for long-term growth.
- As they get closer to college: It often makes sense to shift toward more conservative investments to protect what you’ve already built.
Many 529 plans offer “age-based” portfolios that automatically adjust as your child gets older. But if you’ve built a custom portfolio, it’s worth reviewing whether your current mix still makes sense.
Balance College with Other Goals
One of the hardest parts of saving for college is balancing it with your own financial priorities. Parents naturally want to provide as much support as possible, but it’s important not to jeopardize your own retirement or financial wellbeing in the process.
Remember: students have access to scholarships, grants, and loans. Retirees don’t.
If you find yourself stretched thin, it may be wise to scale back college contributions slightly to ensure you’re still on track for your own future. The right balance looks different for every family, which is why it’s helpful to talk through the trade-offs with a financial advisor.
Explore All Funding Sources
Your savings don’t have to do all the heavy lifting. Part of a college check-in is looking at the broader picture:
- Scholarships and grants: These can offset significant costs, especially if your child applies broadly.
- Work-study or part-time work: Many students contribute to their expenses while in school.
- Family contributions: Grandparents and other relatives may want to help — contributing to a 529 plan can be a meaningful way to support education.
- Loans: While borrowing isn’t ideal, some families strategically use student loans as part of the funding mix.
Thinking about these other sources can help relieve pressure to cover 100% of costs through savings alone.
Talk With Your Child About Expectations
Saving for college isn’t just about numbers — it’s also about conversations. As your child gets older, involve them in the planning process. Discuss:
- What type of schools they’re interested in (in-state, private, community college).
- How much support you’re able to provide.
- What role they may play in applying for scholarships or taking on part-time work.
Having open, honest conversations early helps set realistic expectations and prevents surprises down the road.
Make Adjustments as Life Changes
Family situations change. Maybe your income has increased, and you can afford to save more. Or maybe unexpected expenses have made contributions harder. A college savings plan should be flexible enough to adapt.
Even if you’ve fallen behind, don’t be discouraged. Catch-up strategies — like using windfalls, bonuses, or reallocating other savings — can help you make meaningful progress.
Work With a Trusted Advisor
The reality is that no two families approach college savings the same way. Your strategy should reflect your values, your financial situation, and your child’s goals.
A financial advisor may be able to help you:
- Model different savings scenarios.
- Choose an appropriate investment approach for your objectives.
- Balance education goals with retirement and other priorities.
- Identify tax-efficient ways for extended family to contribute.
The Bottom Line
Education is one of the greatest gifts you can give. A regular check-in on your college savings plan helps ensure you’re prepared — not just financially, but emotionally as well. It can reduce stress, create clarity, and help your family approach higher education with confidence.
Contact us today to start the conversation.
Disclosures
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
