With tuition prices steadily increasing, it’s a good idea to start saving for your kid’s college tuition as soon as you can. Unless you’re planning on your child graduating with a massive debt load, opening a college fund for your child and investing in a term share, also known as a certificate of deposit (CD), should be a priority.

You might think you’ll have time to save down the line, but with other savings goals like retirement, waiting until your child is in high school could mean you’ll end up borrowing more or derailing your retirement. Instead, take every opportunity to save every penny. Take any cash gifts from baby showers, birthdays, special occasions and add to your savings now and over time.

If you’re thinking, “I’d love to start saving, but I don’t know where I can free up cash” talk to a financial advisor. Getting a good idea of what your finances looks like now will help you build a path for what you’d like your finances to look like tomorrow. A financial advisor will look over your cash flow and create a savings plan to help you reach your goals.

Moral of the story: it’s never too early to start saving. Don’t have much to start? Hughes Federal Credit Union offers Youth Term Share Accounts with a minimum balance of just $100. Visit HughesFCU.org/Kids or stop by a Hughes branch near you. Get your financial questions answered and start saving for your future today.

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