Summer is an unusual time to talk about money for college. Most parents and students are thinking about how much fun they are having at their family reunion, Disney World or Ocean City. While life is going on college budget managers are thinking about how many students will enroll and how much more they will raise tuition during 2008. There are some parents who have a formula for success. They save 12 months out of the year and summer savings is an important part of their plan. Every check has an automatic deduction that goes right into a college fund. That's right their summer fun money is separate from their college savings money.

My fifteen year old son is constant reminder that college tuition is not far away. Stephen went from a playful five year old to a high school honor roll student overnight. The critical issue for each parent is deciding how to use each year as leverage against the rising cost of college. How do you save when it seems that it will take every thing you have to live your daily life? Look for small and large opportunities to put money into your savings account. For example, drink one less cup of coffee each week or when your car is paid off divert money into your college savings account. Putting away $25-$50 each check may sound like a small amount of money but it adds up over time. You can also invest in your states 529 plan. This plan will allow you to save for college expenses at today's rates. Call local college's financial aid office to find out more about the 529 plan.

Call your bank or credit union to see how you can get started. Most banks offer options that the money can come directly out of your checking account as often as you tell them. You can easily keep track of the growth of your account. Avoid the temptation to use the account for emergencies by setting up a separate emergency fund.

If you are the parent of a 12th grade student it's time to get ready for senior year by submitting scholarship applications over the summer. Don't allow yourself to get behind. It's easy to miss out on a scholarship because your application was not submitted on time. Use the summer to get ahead of the game. Ask your son/daughter to write several scholarship letters. Some of the questions to expect: How will you use our scholarship to complete your undergraduate degree? Why do you deserve this scholarship? How will you make a difference in the world after receiving your degree? Remember grammar and spelling count, if a student wants to have their scholarship application considered.

Summer is the right time to think about saving for college. Every year the cost of college tuition continues to rise. The trend is that many students are also considering community college as a way to save money on tuition expenses. After two years they transfer to a four year college and complete their bachelor's degree. The savings could be substantial and you are reducing the amount of loans you pay for tuition and other expenses.

Investing in your education is one of the best decisions a parent and student can make. Open up an account so that you son/daughter can also save for college. Position yourself to reap the financial rewards of saving money and securing several scholarships. You will not regret your investment of time and you can still have fun in the sun.

For twenty years, Dr. Jones has delivered presentations on numerous topics including how to study, leadership, effective communication, and innovative management practices. Working with students has enabled Dr. Jones to have a complete understanding of the challenges their facing.

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