Parents who are planning to send their offspring to college should start by determining the type of advanced schooling they want to provide for their children. Once families decide on the type of school they're interested in, they will be able to get a grip on the real cost of higher education. Saving Money for the Future One of the best ways for parents to prepare for the cost of college is to begin saving money when their children are young. For the most part, however, families haven't been doing this. It doesn't matter what income level a family is at.
Every family spends their income.
Christine Cooke, vice-president and manager of education services at Merrill Lynch, notes that it's important for parents to develop the habit of saving. You don't miss it. It's amazing what you can afford to save when it's right off the top. Cooke also says it's key for parents to have a budget. Cooke recommends that people who are serious about reaching a financial goal such as saving for college work with a financial consultant.