One of the many painful lessons I learned growing up was that you can actually try too hard to save money and end up spending more in the end. Unfortunately, mortgages definitely work this way. If you just focus on getting the absolute lowest rate and/or closing costs, you could end up spending a lot more time and money on your loan in the long run.

Mortgages can be complicated beasts at times; rates can even change in the same day. Because of this, it’s critical that you understand how the whole mortgage process works, especially all of the different costs associated with a mortgage.

I asked Jim Woodworth, one of our mortgage specialist team captains, about the consequences of only looking for the absolute lowest rate. He explains that, “We often find that the lowest possible rate does not make the most sense for most people. The upfront costs need to be factored in to see which option works best in the short term and long term.”

Lots of Costs

Besides paying your mortgage principle – the amount you actually borrowed – and interest, you’ll have to pay taxes and insurance (escrow) along with closing costs. All of these costs will be different based on what type of mortgage you get, the mortgage amount and even who it’s through. Just because you’ve found a lender that offers a lower rate than the competition doesn’t mean that’s the best mortgage provider to go with. There’s more to a mortgage than the interest rate.

For example, when your mortgage servicer charges you a monthly payment, the assumption probably is that the amount you pay includes the interest accrued along with “extra” money to pay down the principle loan amount so that 10, 20 or 30 years from now, you’ll have paid off your mortgage completely.

Interest-Only Mortgages

Sometimes you can get what’s called an interest-only mortgage (a.k.a. exotic or subprime mortgage) where for the first few years you only pay the interest on the loan. This is a lot cheaper, but after the interest-only time is up, you’re going to have a much higher payment to make each month.

People may get an interest-only loan assuming/hoping they’ll get a raise, bonus or better job by the time the interest plus principle payments begin. This type of loan can pose a danger for two reasons.

Since you’re not paying on the principle, if your home’s value goes down by the time you do start paying on the principle, you may end up owing more than your home is worth. There’s also the chance that you don’t get that big promotion you were waiting on, and you’re left with a monthly payment that you can’t afford.

Negative Amortizing Loans

Another type of loan that has an artificially low payment is a negative amortizing loan. An amortizing loan is what you would think of as a “normal” loan. It has a monthly payment that is calculated to pay off the loan in a specified amount of time. A negative amortizing loan doesn’t include interest in the monthly payment so the loan actually gets bigger as you pay on it.

So, now you know, when looking at different rate and loan options, make sure you learn about all the fees associated with the mortgage so you’re getting the best mortgage, not just the best rate. If you’d like to learn more about the different aspects of a mortgage, check out our Know Your Mortgage series!

As always, please jump into the conversation with any thoughts, comments or questions you have.

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At this point in the Know Your Mortgage series, you probably think you’re familiar with every type of home loan out there. You probably think you’re the Jacques Cousteau of mortgage types. A 30-year fixed-rate loan? Oh yes, you’ve studied those for years and know they’re beneficial for home owners who don’t plan on leaving their dream house. A VA Loan? Oh, of course you know it’s for veterans so they can refinance up to 100% of their home with no down payment. Alright, do you know what a balloon mortgage is? Hmm? No worries, that’s what the blog is here for. Time to educate ourselves on the unique world of balloon mortgages.

What Is a Balloon Mortgage?

A balloon mortgage is a “you got your chocolate in my peanut butter” merging of two types of mortgages. Balloon mortgages have a fixed rate, but they’re short-term loans like adjustable-rate mortgages, typically running for five, seven or 10 years. The rate the borrower has to pay is low like a fixed-rate loan, which makes it ideal for people who plan on moving after a relatively short run in their house. However, once the loan has reached its timely end, the entire remaining balance must be paid in full. The balloon part refers to the large size of the loan, so think hot air balloon size, not water balloon size.

The Rest of the Loan Is Paid in a Lump Sum with a Balloon Mortgage?

Exactly, but you might have other options. The borrower signs up for a balloon mortgage understanding that it will end with a payment on the remainder of the mortgage, however, there is potential to refinance the loan as well. Please note, not everyone is eligible for refinance at the end of a balloon mortgage so don’t think it’s a guarantee. If your credit and finances are solid, you just might get approved for it and this would be the first time your balloon mortgage rate would change.

The good thing about balloon mortgages is how plainly the pros and cons of it are presented: You can have low monthly payments at a fixed rate for a much shorter amount of time than you would with a regular fixed-rate loan. However, that balloon payment must be made at the end of the agreed term or you better hope you can refinance to pay the rest off. As always, check with your mortgage provider to see what their options are with balloon mortgages and if they even have them available; Quicken Loans no longer offers a balloon mortgage.

If you have any lingering questions on the topic, please ask below!

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At the Zing Blog, we give you a variety of information on home, money and life, so you can make educated decisions. We had to let you know about this latest attempt by illegitimate companies preying on older Americans. In the past few weeks, senior citizens throughout the country have made thousands of reports to media outlets and government agencies indicating that fake medical companies are encouraging them to install a free medical alert system.

These telemarketers are posing as a company offering a product similar to the one in the well known “I’ve fallen and can’t get up” commercial. Developed to foster the independence of aging men and women, medical alert systems provide a fast and easy way for seniors to receive immediate medical attention. Individuals that install the alert program wear a bracelet equipped with a button that, upon activation, signals the response center and if necessary, 911.

A representative of counterfeit medical companies with generic names such as “Medical Alert Systems” or “Senior Medical Labs” begins each call by inquiring about the best time to set up a medical alert-type system. After explaining that they never ordered any alarm system, confused victims are falsely informed that they were recommended by a family member or friend. Some are told that they were chosen by the government to receive this “grant.” Others are told that the alarm system has been fully paid for and installation would mean accepting an anonymous “gift” and only future payments will be due monthly.

Don’t be fooled by the local number showing up on your phone; the masters behind this telemarketing scam have spoofed the caller identification system to appear local and sincere. If you receive one of these calls, you’ll likely hear, “Press 1 to schedule an installation date or press 5 to be removed from this list.” At that point, pressing 5 may seemingly get you off the hook, but doing so will actually just validate your phone number, in which case you can expect many similar calls in the near future. It’s best to simply hang up the phone.

These calls are predatory because they mask a hoax behind friendly voices and legitimate-sounding circumstances. If the call isn’t made by a real person, it is a robot accompanied by the sound of shuffling papers and background voices to make them seem live. While the phone number may be local, calls are being traced to cities all over the country as well as locations overseas. The company headquarters is said to be in upstate New York, but the given street address doesn’t exist. If you try to call the phone number back, it may say it is disconnected. If you happened to press 1 to schedule an installation date, you’ll receive a follow-up call asking for valuable details such as credit card numbers, bank account information, and social security number.

A national warning has been issued by the Better Business Bureau (BBB) that advises anyone who receives one of these calls to hang up immediately. The BBB implores that the public remember the importance of never giving out personal information over the phone and to remain skeptical of offers for free merchandise. The Federal Trade Commission urges all victims to file a complaint by calling 877-FTC-HELP.

If you are in need of a medical alert system, Connect America, a sister company of Quicken Loans, is available seven days a week to answer your questions and offer products and services that makes sense for you and on your terms.

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A clinical psychologist with nearly 30 years of experience, Dr. Shapiro is ready to answer questions, offer advice and share strategies to help you alleviate the mental stresses of money management. Send your question to GoodCentsDr@gmail.com and it may be answered in an upcoming column! Read more at Quizzle!

One of the costs of being financially responsible is that you cannot buy “the best,” which presumably means you won’t enjoy your purchases as much as if you could spend big amounts of money—right? Actually, wrong, at least much of the time.

Wine Tasting, Anyone?

It’s hard to think of a product with a bigger price range than wine. You can buy a cheap bottle for a few bucks, but if you want the best, the prices go over $1,000, and of course there are bottles for every price in between. The wine industry is populated with connoisseurs who analyze flavors down to the molecular level and wax eloquent about bouquets, hints of cassis, subtle earthiness and so forth.

Wine connoisseurs undoubtedly know a lot, but regular people can’t taste what they’re talking about. Numerous experiments have consistently shown that, in blind taste tests, people cannot tell the difference between cheap and expensive wines. This can be shown in two ways: People cannot tell which wine is more expensive, and they do not like expensive wines more than cheap ones—except if they’re told which wine is more expensive.

That’s a big “if.” When people are told the true prices of wines, they consistently say the more expensive ones are better. But when people are told false prices, they do the same thing. Psychologically, when we believe something is expensive, we perceive it to be higher quality—even when it’s not.

The connoisseurs can be fooled, too. Frédéric Brochet, a researcher from Bordeaux, asked 57 experts to evaluate the contents of two bottles—which had the same wine poured into them, prior to the experiment. The bottles were different. One bore a prestigious label, and one an ordinary one. The experts described the supposedly expensive wine as “agreeable, woody, complex, balanced and rounded.” They said the the supposedly cheaper one was “weak, short, light, flat and faulty.”

It doesn’t seem worth it to pay real money for an illusion like this.

Will I Use All These Options?

A less spectacular but equally important way to waste money happens when we buy features that exist, and we can tell they are there, but the features don’t add anything of value to our experience of the product. In these cases, we have bought something real, but it doesn’t do us any good.

When marketing professors Debora Thompson, Rebecca Hamilton and Roland Rust offered consumers choices among digital devices (various types of video players, PDAs, etc.), most people selected the option with the most features. Also, when consumers had an opportunity to customize their devices, they chose an average of 20 out of a possible 25 features. In the product selection phase, people like lots of bells and whistles.

Things changed when the consumers took their purchases home and used them. Many people never figured out how to use most of the extras they had chosen. Others did learn how but got tired of most of the extras over time so that, after a while, most were using just the basic features of their devices. The professors coined the term “feature fatigue” to describe the usual fate of fancy options in our products.

Keep It Simple

Market research has found that we have different priorities when we buy products and when we use them. In the buying stage, people emphasize the capability of devices; we want things that can do as much as possible, because this makes us feel we have bought something great. The ownership stage, however, is all about the usability of products; the important thing is whether the device enables us to do what we want to do. Our priorities in these two stages are quite different, and sometimes the priorities are in conflict, because maximizing capability often requires so many complications that the product’s usability suffers.

And that’s before money is even brought into the equation! Frequently, our desire to have “the best” causes us to spend money we can’t afford on gizmos we won’t use. How many settings do you really need on that gas grill?

Everyone’s eyes get big when we’re in the buying mode, but once we bring the stuff home we want to get things done in the easiest, most convenient way possible, and the way to do that is to keep things simple. Putting ourselves in the mindset of a user while in the buying stage helps us make better decisions in two ways: We’ll acquire products that are easier to use, and we’ll save money for the priorities that matter.

Read more at Quizzle.com!

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Stephanie Halligan is a blogger at The Empowered Dollar. Her mission: saving teens and twenty-somethings from financial disaster, one conversation at a time.

Next to paying for a roof over your head and keeping the lights on, a cell phone bill (and the cell phone that comes with it) is probably at the top of your list as a “necessary” monthly expense.

Whether you just have a cell phone plan for yourself or you’re paying for the entire family, you’re probably one of the 82% of Americans paying for the privilege to talk, text and even surf the web from where ever you want, whenever you want.

But not all bills are created equal – especially when it comes to affecting your credit score. Unlike some monthly expenses, like your mortgage or a car payment, paying your cell phone bill can affect your credit in not-so-intuitive ways. The irony? You likely need good credit to get a cell phone in the first place, but depending on how you pay your cell phone bill, you could either be hurting or harming your credit (or not affecting it at all).

So when exactly does paying your cell phone bill affect your credit score?

Missing a Cell Phone Bill Payment: Hurts Your Credit Score

Like most bills, if you miss a payment or you’re extremely delinquent on settling your bill, you can damage your credit score. Some cell phone companies will switch off your service if you fall behind on your payments; but just because you no longer have a working cell phone, it doesn’t mean you’re off the hook for an outstanding cell phone bill.

In addition to shutting off your service, your cell phone company will likely report your missing payments to the credit bureaus and may turn your debt over to a collections agency – both of which will harm your credit score. And a delinquent account that’s made it to collections can linger on your credit report for up to seven years. The takeaway? Pay your bills on time – otherwise you may find yourself without a working cell phone and a lower credit score.

Paying a Cell Phone Bill on Time: Doesn’t Affect Your Credit Score

So if missing a cell phone bill payment could damage your credit score, paying your bill on time should improve your credit score, right? Not exactly. Unfortunately, if you’re simply paying your cell phone bill each month with cash, by check or by having it automatically deducted from your bank account, it’s not on impacting your credit score. Since the cell phone company hasn’t extended you a line of credit, your on-time payments aren’t on the credit bureaus’ radar.

However, there is one payment method that could actually boost your credit score…

Paying a Cell Phone Bill with a Secured Credit Card: Helps Your Credit Score

If you don’t want to charge your cell phone bill to a credit card (or you don’t have good enough credit to open a card), there is an alternative that will help you build your credit score. It’s called a secured credit card. Similar to a debit card, the amount you can charge to a secured credit card is limited to the amount of money you put down on the card. If you don’t qualify for a traditional credit card, don’t worry – it’s significantly easier to qualify for a secured credit card at a bank or credit union. And the issuer will report your secured credit card to the credit card bureaus, which means you’re building credit history by paying your cell phone bill.

Regardless of how you decide to pay your cell phone bill, remember to pay your bill on time and in full to avoid fees, charges and damage to your credit score.

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It’s May 20 and that means it’s Be a Millionaire Day. How’s that for some Monday motivation?

From the first time you turned on the television and watched the movie “Richie Rich,” to the day you actually had to start paying the cable bill, chances are the dream of becoming a millionaire hasn’t faded. Now the dream may or may not have come true, yet, but the fact that the guy at the gas station who prints the Mega Millions tickets knows you on a first-name basis says you’re still trying.  Now don’t worry, this is a non-judgment zone and you’re free to do whatever you want. However, there is an alternative way to join the millionaire’s club. Instead of paying the guy behind the counter every day, you should be paying yourself. Here are five ways you can save like a millionaire.

Pay Yourself First

Saving your money is one of the most cost-effective ways you could become a millionaire. Whether it’s a normal bank account or it’s the shoe box in the back of the closet, it all adds up. Before you spend a dime of the money you make, always pay yourself first, that way no matter what happens you’ll always have money for unexpected events.

Spend Less Than What You Earn

Be aware of your income at all times. Monitor what you have coming in and going out so that you’re putting yourself in the best position to be in the positive at the end of every month.  Put yourself on a budget and make sure you aren’t going over that budget. With advances in technology there are some pretty amazing applications you can download onto your cell phone that will allow you to check your finances on the go.

Change Your Mindset

In order to save like a millionaire, you have to change your mindset.  This action is obviously easier said than done but it’s a key component to being financially successful. Before anything is achieved you must believe in yourself and know that you can make it happen. You’ve got to believe it before you see it.  Meaning once you believe, you will likely realize your vision. Although it may not happen overnight, you need to be steadfast, diligent and willing to put in the work. When you apply yourself, you can achieve almost anything.

401(k)

If you’re not the kind of person who can save money on their own, then this money-saving alternate may be for you. A 401(k) is a personal retirement account that your employer gives you the option of obtaining. You deduct a percentage of your salary and hold it in this account until the day you retire. There are even some companies that will match the amount you put in up to a certain amount. So not only are you saving money, but your employer is also giving you free money to increase that investment.

Come Up With a Plan

Just like anything else in life, planning is always recommended. It’s important to know your end goal and it’s even more important to plan the steps that you think are necessary for you to take to reach that goal. Everyone’s road to success is different, find the route that works for you. Becoming a millionaire may take a while, but through planning you can see exactly what it will take to achieve our dream. Seeking a financial consultant may be an excellent option as well. A financial consultant will work to help you develop your plan and with their experience in investing and saving they could prove to be very beneficial. Most if not all millionaires and billionaires have financial consultants who help manage their finances in the best way possible.

Any soon-to-be millionaires want to share tips? Please leave your two cents in the section below.

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Stephanie Diaz is a former public relations specialist. Stephanie is a blogger who shares tips on saving money and getting ahead in any economy.

The next time you withdraw or deposit money from an ATM, be aware that saboteurs may have installed information-stealing devices known as skimmers. For the less discerning ATM user, these skimmers, often in the form of ersatz card readers, may go unnoticed. By educating yourself on oft-used criminal methods of theft, you can detect counterfeit ATM devices, prevent compromised financial accounts and safeguard your identity.

There are many ways to protect against ID theft and ATM fraud. Having an awareness of the ATM’s location, your banking activity and using identity protection services will give you a leg up against theft. Here are a few things to keep in mind when using an ATM to help keep you safe from criminal activity.

Identity Theft

If ATM skimming does occur, your identity is at risk of being stolen. A proactive identity protection service will immediately alert you when suspicious activity is detected. By monitoring your bank account activity and scanning for threats, these services ensure your identity remains solely yours.

Bank Activity

If you don’t use the service of an identity protection service like LifeLock, keep a watchful eye over your banking activity. ATM larcenists who commit skimming crimes are skilled at stealing their victim’s cash. Oftentimes, thieves will subtract small dollar amounts ($50 to $100) at one time in an attempt to avoid detection. Get in the habit of checking and tracking your purchases every day.

Location

The safest ATMs are located inside bank lobbies; they’re more secure and restrict access to only card holders after closing. Tourist areas or ATMs in a large public space are often targets of thieves due to the heavy traffic of users.

Detection

Software expert Tahir Mehmood suggests searching for tapes, threads, thin films or wires along the card slot’s edges. Most skimmers don’t match the ATM’s color scheme and texture. Be cognizant of these other stealthy devices used to steal financial information from right under your nose.

Card Slot

False card slots are often installed in a rush, so they’re not well secured. Tug on the slot; if it seems loose or moves, the ATM is most likely compromised. Remove the skimmer to prevent other ATM users from falling prey. Then report the ATM to the bank or authorities.

Cameras

Installing clandestine cameras on the light above the keypad is another technique executed by thieves. The camera will record card information and your PIN number. To avoid having your sensitive information recorded, use your hand as a visual shield when entering the PIN number from the prying eye of the camera — which will only work if the next method of sabotage is not present.

Keypad

Thieves can install a false plate over the real keypad. Entering your PIN on a fake keypad will sneakily record the keystrokes of your private, four-digit PIN. Thoroughly investigate the keypad for any signs of foul play. If it seems loose or suspicious, leave and report the ATM to the proper authorities.

Always use an ATM with caution. There are some out there who are trying to steal the identities of others so they can profit off of these innocent folks. Have any other suggestions for staying safe at the ATM? Feel free to share with other readers in the comments below!

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Adjectives are a double-edged sword for any writer. On one hand they can be overstated and ridiculous like calling snack food “x-treme” or calling a movie “an edge-of-your-seat thrill ride,” but if used with a restrained hand they can be a useful tool. A chilled glass of lemonade sounds more appealing than a regular one and a juicy steak is superior to a non-descriptive slab of meat. With every adjective, you have to search for the reason why it’s there: is the steak juicy because it was cooked to perfection or because it’s raw and bloody? Every adjective needs clarification, which is why this week’s Know Your Mortgage will focus on a loan with a hefty adjective in front of it: Jumbo Loans.

What Is a Jumbo Loan?

A jumbo loan is a loan that is over the conforming loan limit set by government-sponsored mortgage groups, which are Freddie Mac and Fannie Mae.

What’s a Conforming Loan Limit?

I figured that would be the next question. Freddie Mac and Fannie Mae are allowed to set the cap of how high any individual mortgage can be. In 2010, it was decided the conforming loan limit at which they would buy mortgages up to would be $417,000; if you live in Alaska, Guam, Hawaii or the U.S. Virgin Islands the limit is $625,000. If your mortgage amount is higher than either of these amounts, then it becomes a jumbo loan.

What Do I Need to Know About Jumbo Loans?

As said before, jumbo loans do not meet the requirements set by Freddie Mac and Fannie Mae, so higher payments can be expected because of the risk involved. A larger down payment, for example, might be required because more of a risk is taken by the lender with jumbo loans. If a house with a jumbo loan goes under and there haven’t been significant payments on it, the lender is hung out to dry in order to cover the costs lost.

In a nutshell, everything is jumbo about the jumbo loan: the size of the loan, the down payment and the monthly payments. This may sound alarming, but it’s normal in comparison to the size of an average loan. If you’re truly looking for that dream house and it falls into that range, don’t let the adjective “jumbo” deter you. All loan types are available in jumbo form: fixed, adjustable, VA, even FHA.

See? Adjectives aren’t that intimidating if you find the implied meaning behind them, and don’t let the “jumbo” of jumbo loan frighten you from getting one. If you have any lingering questions about the topic, please fire away below.

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You’d be surprised to know how many different styles you can choose from in the world of windows. From picture and bay to casement, double-hung, and awning, there’s a type of window that fits your home-style. So where do you start on this journey to finding the perfect windows? You start with learning more about the different styles and weighing the pros and cons of each.

Let’s take a look at five popular window styles so you can get a better idea of how they might fit your home.

Picture Windows

If you are fortunate to live in an area that comes with an amazing view or you just really enjoy watching your kids play with the dog in the backyard, then this style of window is for you.

Pros: The picture window gives you an unrestricted view with the intention of capturing the outside canvas as if you were framing a picture – hence, the name picture window. For a long time, the downside of owning this style fell on the fact that it couldn’t open, but now there are a few manufacturers stepping out and removing that hang-up. That’s right. You can enjoy the view and a breeze too.

Cons: Be aware of the amount of light you are letting into your home. Picture windows can cause rooms to get extremely hot and stuffy, which may cause an increase in your energy bill because you’ll have to use the air conditioner to cool it off.

Bay Windows

A bay window may be a great addition to your home. There are many variations beyond the usual inside angles of 90, 135, or 150 degrees, which opens the window of possibility on where you can install it.

Pros: A great feature of the bay is that it may actually increase the square footage in your home due to the fact that it projects outwardly. With the extra space, you could build a reading nook or maybe an arts and crafts area for the kids. However you decide to use the space, you’re allowed to add your personality to the room with something that speaks to who you are.

Cons: A disadvantage of the bay is usually found when trying to add window treatments. With the bay being a unique frame, you want to avoid damaging it or compromising the style when trying to add window treatments, so hiring a professional is highly recommended. Due to the uniqueness in this style, replacement windows could cost upwards of several hundred dollars.

Casement Windows

If the view isn’t the reason you’re getting a window, then chances are you’re a fan of the cool summer breeze. If this is the case, then the casement window is the window for you.

Pros: Built almost like a door, using vertical hinges, the casement opens outwardly, which allows you to receive more ventilation than most styles. There is even a crank used to open and shut the window, making it very easy to maneuver.

Cons: Even though the window is easy to maneuver, some consumers find the appearance of the crank a little unpleasant. Other reasons casement windows are often passed over are due to the lack of functionality in the style. Storm screens aren’t able to be placed on the outside of the window because it opens outwardly (the screen would have to be installed on the inside of the window). This also makes installing an air conditioner challenging as you would be required to purchase a special mounting system to make sure your air conditioner is secure within the window.

Double Hung Windows

A double hung window is one of the more popular styles on the market and one of the easiest to identify.

Pros: A double hung window has two sashes that slide up and down. They come in a variety of sizes and are compatible with many home styles. This window is air conditioner and storm screen friendly, easy to clean, as well as energy efficient. However, the efficiency is usually only found in higher quality styles because they have the ability of quadruple weather stripping, which makes it virtually impossible for heat to escape or cool air to enter.

Cons: On the flip side, if you’re not purchasing a higher quality style then you run the risk of having a window that does the complete opposite. Also, double hung windows only have the ability of opening half of the entire structure so you aren’t receiving the amount of air you would with another style such as the casement.

Awning Windows

Awning windows have many benefits aside from providing natural light and breezes.

Pros: What separates this window from others is the ability you have to place it higher than most. This design allows you to obtain the light and ventilation you want, but also maintain a level of privacy. A typical awning style window remains intact at the top and opens outwardly from the bottom. Making this the perfect window for those, like me, who enjoy keeping the window open during a rain storm and catching the nice, cool breeze.

Cons: If you live near a public walkway, awning windows may not be permitted by your city’s local-council. Also, the height and design may make it hard for you to keep clean or escape in the event of an emergency. These are definitely concerns that should be taken into consideration before making a decision.

These are just five of the many style windows available on the market. But before making a final decision, it’s important to talk to a professional window consultant who can recommend the right type of window for your home, climate and desired functionality. Have you recently purchased new windows? Which style did you choose?

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This guest post comes from the editors of the The Allstate Blog, which helps people prepare for the unpredictability of life.

When my twin girls were first born, I was so busy thinking about nap times, baby formulas and feeding schedules that the thought of saving for their education hadn’t even crossed my mind yet. I’d always dreamed they would one day attend college and receive a good education, but I hadn’t gotten around to thinking about how to fund it.

Now that my kids are in first grade, I realize that while college may seem far away, my girls will be leaving the nest before I know it — so it’s time to start saving now. Whether you’ve thought about it or not, now is the time to save for your child’s education fund. In the blink of an eye, your baby will go from wearing diapers to donning a high school graduation cap and gown.

Save Early, Save Smart

According to the National Center for Education Statistics, the cost of undergraduate tuition continues to rise. In fact, between 2001 and 2010, tuition and room and board costs rose 42% at public colleges and 31% at private institutions. As a new parent, if you want your child to attend college without being saddled with a lifetime of student loans, then making a college savings plan early may be a big help.

If you want to watch your money grow with your child, consider a realistic savings plan. It’s important not to get discouraged and to remember that every little bit counts. While the weekly or monthly deposit into a savings account you open for your child at a local bank might not look like much, it can build up over time. For example, if you were to save $7 a week ($1 a day), you would have $6,188 at the end of 17 years — not including any interest you may earn on the account. Now, imagine if you were able to double or triple that number. Seven dollars a week is less than the cost of two lattes at your local coffee shop.

Investment Plans and Financial Aid

Shop around for college savings programs. For example, 529 college savings plans offer the opportunity for your money to accumulate tax-free, which means that you won’t pay tax on the interest it earns. While most 529 plans are state-sponsored, if you have a 529 plan in your home state and your son or daughter chooses a university on the opposite coast, your funds may still apply.

When the time draws closer for your child to apply to college, student financial aid is another course of action you may want to consider. Grants, scholarships and work-study programs can help pay college bills. Loans are another option, but, of course, your son or daughter will have to pay them back. So, if the best college graduation present you’d like to give your child is a debt-free education, then exploring the other options first may be a good plan.

Saving early and saving smart can be one strategy to help you afford a college education for your child. The years can go by quickly, so picturing your baby in that cap and gown now might make paying for all those university classes a little easier in the future.

Read more from The Allstate Blog here.

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