It appears more parents are saving to prevent their kids from having to carry so much college debt.

A recent survey by Fidelity Investments shows that 74% of parents were saving for college for their kids in 2024. That’s compared to 58% in 2007 when the survey was first conducted.

Parents who have children often want to help pay for their students’ college and Steven Warren, a local CPA with Schechter Dokken Kanter, says to “think long term.”

Long term for the kids but long term for yourself too.

“Make sure you are not sacrificing your own retirement for other needs in life,” Warren said.

In the early years, when your kids are young, get creative.

Of course, there is the 529 college savings plan, where you start a fund to pay for college and let it grow. Then your student can use that money tax free.

Warren also thinks you should look into a Roth IRA. While it is a retirement account, he says the money can be used for college. “You can take out funds tax-free if your children go to college and use that,” said Warren.

When your student reaches near sophomore level of high school, have them talk to the guidance counselor — a good resource for learning about different options.

“Low interest loans, scholarships, grants, work opportunities,” Warren added.

It’s all a way to pay for the ballooning costs of higher education today.

The Department of Education’s website has a special section with a list of resources for parents hoping to help their students pay for college.