If you are a student who is planning to save for college, you may be a little confused about how to go about with it. To simplify things for you, here are four tips on saving for college for students.

How much to save?
The first thing to do when saving for college is to calculate the amount you will need. College education is expensive and the costs keep rising. Most people only calculate the tuition fee and forget about the living expenses. Always calculate both the expenses.

The average cost of a college education (college and living expenses) is about $25,290 if you plan to study in the same state as you live, and $40,490 if you plan to study in another state. The cost of studying in a private college can go up to $50,900. These are average costs; the actual costs may vary.

Ideally, you need to save 50% of the expenses. The rest can be arranged for through scholarships, you could take some help from your parents, or through work-study. The earlier you start saving, the lesser you’ll need to save.

Start early
A thumb rule college education is to save at least $2,000 every year. If the average expenses is $40,000, you need to save at least $20,000. So, you need to save about $2,000 for 10 years. This roughly assumes that one would need to start saving when they are 8 years old. The earlier you start saving, the lesser is the monthly amount you need to save.

Parents can invest in a 529 plan sponsored by the State. This can help them save money and also get tax breaks. Moreover, they can look for other options, like stock market investments, to save more.

Set a goal
Now that you know how much you need for a college education, you need to set a goal. If you want to save $20,000, parents can consider saving in a mutual fund or 529 plan. Saving around $100 per month, if you start early, can help you save a significant amount of money. However, if you are looking at an expensive private college, you will need to save much more.

Now that you know how much to save, you need to set funds aside every month. For this, you need to make a list of expenses and your income and ensure you set aside the amount, come what may.

Start saving
Making a plan is easy, but implementing it is where the problem arises. You need to take the first step by opening a savings account. While the 529 plan is recommended because of the tax breaks, investing in mutual funds can help you save much more.

Whatever may be the investment, open an account immediately and ensure your money gets debited every month to make contributions. All you need to do now is ensure you have money in your bank account.