Earning a college degree is a significant achievement for many individuals, but it often comes with a high cost. While some students receive financial aid, it may not cover all college expenses. Saving for your college education, whether you are a high school student or a working professional considering further education, can help alleviate financial burdens later on.

The costs of higher education can vary, and the amount you need to save before attending college depends on factors like expected financial aid and your living arrangements.

The latest data from the CollegeBoard indicates that attending a four-year public university as an in-state student costs an average of $11,610 for tuition and fees, while out-of-state students pay around $30,780. Students at private nonprofit institutions paid an average of $43,350 in tuition and fees for the same academic year.

When determining how much to save for college, it's important to consider factors like anticipated financial aid, family contributions, and potential income from working during college. Following the "one-third rule" – allocating one-third from savings, one-third from current income, and one-third from other sources like scholarships and loans – can help in covering college expenses.

To save for college, establish a timeline, create a sinking fund specifically for college savings, automate contributions, use budgeting tools to track progress, and maintain savings habits even after starting school. Building an emergency fund to cover several months’ worth of expenses is also recommended to ensure financial stability during and after college.