Today's Parent | Parenting Resources… Articles, Advice, Help & Tips

If your primary occupation over the last few months (or years) required more bedtimes than deadlines, you’re not alone. According to the U.S. Census Bureau, an estimated 5 million women classified themselves as stay-at-home moms in 2010. Yet, that figure is down from just two years earlier as more mothers return to the workforce.

For any mom taking on new 9 to 5 with duties that go beyond diapers and dinner, your wardrobe will likely need a makeover. However, sprucing up your business style doesn’t have to drain your kids’ college funds nor limit your options.

Here are 8 tips to help you update your wardrobe with fashionable work-wear on a budget.

1. Scope Out Consignment Stores

Back when you were expecting, consignment shops were goldmines for inexpensive maternity wear. Lucky for you, they’re also a great resource for professional attire. Sell some of your gently-used maternity wear and stock up on business basics including blazers, slacks and pencil skirts. For tips on navigating consignment racks, check out this article from Woman’s Day.

2. Shop for Shoes Online

Ultimately, footwear is one of the most important parts of a professional wardrobe. Despite the sheer joy of finding that perfect pair of black-patent pumps, shopping with a toddler is often a trying experience. Avoid the department-store drama and shop online at e-retailers like Endless or Piperlime, who offer free shipping both ways. Alternatively, find free shipping codes for Macy’s and other popular retailers from sites like FreeShipping.org to avoid delivery charges.

3. Think Simplicity

You obviously can’t afford a series of tailor-made suits, but you can afford a few simple pieces you can dress up or down, as the situation requires. Button-up blouses are a must and can be found on the cheap at Target, Old Navy and other discount retailers. And don’t forget cardigans – find a few in your most flattering colors to wear all year long.

4. Avoid Trendy

Keeping up the trends is expensive and you’ll often end up with a closet full of unwearable items from last season. Go for the classics and use accessories to showcase your inner trendsetter — think freshwater pearls, stud earrings and a tangerine handbag. For more inspiration, consult the 12 Jewelry Trends for 2012 from JCK Magazine. Read More

Remember all those tips saying you should cook rather than eat out? Well the USDA says we might just be wrong about that in the near future. A recent study by the government agency estimated the price gap between eating at home and dining out will narrow even further in 2012. Grocery prices are expected to rise 3 percent to 4 percent, while menu prices will likely go up 2 percent to 3 percent.

That doesn’t mean you have to resort to the McDonald’s Dollar Menu, however. It’s still cheaper to eat at home, but amateur chefs will have to cut even more corners this year. Here are a few tips on dining at home frugally in a dine-out world.

1. Shop on Tuesdays

Wednesdays are the heaviest shopping day for supermarkets as that’s when they publish their weekly newspaper ads. (Manufacturer ads are usually distributed with the Sunday paper.) That means grocery stores are interested in ditching last week’s produce and meats on Tuesday night. Talk to the butcher and produce clerks about slapping a better price on those products they’re about to toss.

2. Use Mobile Coupons

Shopping on Tuesday means you can’t take advantage of Wednesday coupons. Happily, you can access mobile coupons right there in the store from the Coupon Sherpa app. This fab app allows you to search for your favorite local store, access desirable coupons, then download them to your store loyalty card.

3. Plan Your Meals Around Ads

If you plan on shopping after newspaper inserts are printed, plan your menu around featured items and build a list before you hit the store. You can use apps like Grocery Gadget (Apple) and Grocery IQ (Android) to create lists based on your supermarket’s layout.

4. Shop Stores That Double Coupons

Not all supermarkets are willing to double-up on coupons, and not all maintain such a policy continuously. The acceptance rate has gone down since the advent of “Extreme Couponers,” so check before you start clipping. This practice is usually limited to specific days and allows you to double the face value of a coupon, up to a certain amount.

5. Don’t Overbuy Bulk

It may be tempting to buy the super-sized box of Cheerios, but you have to consider whether you’ll actually eat all those little oat donuts before they turn into rocks. Buy just enough to last until the next sale.

6. Limit Produce Purchases

Americans throw away roughly one quarter of the food we buy. For a family of four, that figures out to $2,200 a year in food, according to “American Wasteland” author Jonathan Bloom. Rather than grab fruits and vegetables that look appealing, stick to your list and avoid spoilage. You’re also more likely to use produce if you don’t hide it away in your refrigerator’s bins. Keep it in plain site or make a list of contents that you stick on the fridge drawer as a reminder.

7. Avoid Temptation

King Soopers (owned by Krogers) has launched new “Marketplace” stores in the west, with layouts similar to Whole Foods. Walk in the door and you’re immediately assaulted by the smell of stunning flower arrangements, fresh deli items, and beautifully arranged produce. It’s tempting to fill your cart in this section, so be on your guard. Also beware of the non-food items for sale, including everything from furniture to high-end jewelry.

8. Don’t Use a Cart

Ditch the carry-all cart and carry a basket for quick trips. The less room you have to fill, the less likely you are to make impulse purchases.

Andrea Woroch is a consumer and money-saving expert for Kinoli Inc., and has been featured among top news outlets such as Good Morning America, NBC’s Today, MSNBC, New York Times, Kiplinger Personal Finance, CNNMoney and many more. She is available for in-studio, satellite or skype interviews and to write guest posts or articles.

In an increasingly competitive global market, education is becoming more important. But many families find the cost of education to be outside their grasp. According to a study commissioned by the US Department of Education, from the 2001-02 to the 2010-11 academic year, the cost of attending a 4-year undergraduate in-state school rose by 47.3 percent.

With ever-increasing education expenses, many families are accumulating significant debt, putting students further behind. However, with planning and financial management, students can control their finances. Here are some tips for parents of soon-to-be college students.

Start the conversation. Talk with other parents, teachers and guidance counselors about the cost of education. Make contact with the student financial aid offices of the colleges on your child’s list and get an accurate estimate of the cost of each institute. Most importantly, talk with your child. It is imperative your child learns the budgeting process as they will soon be managing their finances away from home.

Set the budget and stick to it. Once you have a set budget, add wiggle room for other unforeseeable expenses. Make sure you set this budget realistically. Calculating the cost of pens and pencils may seem ludicrous, but if you’re on a tight budget, every expense counts.

Get connected. Tracking your financial spending is easier than ever. From smart phone apps to free financial planning software, you can get an accurate financial report at any time. Research banks to determine which ones offer services to help you can stay on top of your budget. Also, consider linking your banking account with your child’s, to easily transfer funds online.

Make a plan. When taking on debt, it is important to have a plan for paying it off. Calculate the monthly payments and time it will take your child to pay off the debt. Research salary ranges for the field in which your child plans to pursue a career to understand the debt they can realistically carry. Find more information and calculators to help determine payment schedules and interest rates at www.direct.ed.gov.

Do your research. Before taking out a student loan, look to other options, such as financial aid and scholarships. While some scholarships are awarded on academic merit, others are given based upon both academic performance and community service. Foresters, a life insurance provider committed to the well-being of families and their communities, is one organization that provides a competitive scholarship program open to eligible members or their dependent children, including grandchildren, worth up to $8,000.

Recipients can use the scholarship to attend accredited universities, colleges and vocational schools, as long as they are pursuing their first post-secondary degree or diploma. There are up to 350 Foresters Competitive Scholarships available, in the US and Canada including five Ken Peterson Awards for Community Service. These awards are worth up to $11,000.

Learn more about the scholarship opportunities awarded by Foresters at www.foresters.com/membership/scholarships.asp.

The allure of traveling abroad to study and experience other cultures continues to grow for teens across the country. U.S. student participation in study abroad programs has more than doubled over the last decade, according to the Institute of International Education.

While traveling abroad is an exciting opportunity for students, parents often have concerns over safety.

“As travel safety experts with nearly 50 years of experience, we work diligently to ensure the safety of every student and leader in every program,” said Mike Bowers, Senior Health and Safety Director for People to People Ambassador Programs. “We understand the concerns and we are committed to providing a safe and enjoyable educational experience for all program participants.”

Bowers has reviewed years of travel data to understand the most common safety issues as a leader in travel safety. Learn more at www.peopletopeople.com/safety.

Pack Common Sense

• Ask yourself – would I do this at home? If the answer is no, rethink your actions.

• Get some rest. You can have a good time without staying out too late – the more rested you are, the more likely you are to be aware of and safe in your surroundings.

• Always travel with a buddy – traveling alone can make you a mark for thieves.

Scope Out Your Surroundings

• Be knowledgeable about your destination. Visit Centers for Disease Control travel websites and other online resources before you travel. Check out hotels and inns before you decide to stay there.

• Go ahead, travel like a native, but be cautious when using public transportation. Crowds make it easier for pick-pocketers. Always keep your money and identification on your person in multiple locations.

• If you see the same person three times in different locations it could mean you are being targeted, and you should find a safer place. Read More

From the time children drop their first few coins into a piggy bank, they are ready to learn about setting savings goals and making smart spending decisions. While kids may struggle with giving up a candy bar today in order to save for a video game purchase next month, the lesson of saving becomes directly applicable to them.

But the bite of inflation? The wisdom of diversifying savings? Can a third grader understand these concepts?

The experts say yes, and the sooner parents start imparting these lessons, the more effective they will be in helping children grow into financially responsible young adults. The trick is to take advantage of teachable “money moments” that happen every day – such as when you go to the bank or the grocery store – to help children understand complex concepts in kid-friendly terms.

When a son questions his mother’s refusal to buy a toy she says the family cannot afford, the mother has the perfect opportunity to teach the son a money lesson about making choices. She can explain that purchasing that specific toy means there is less money to be used for future purchases, such as buying a bicycle or a video game the son has on his wish list.

Another example would be if a daughter asks her father why the family can’t fly instead of driving a great distance for the family vacation. This question presents an opportunity to explain spending tradeoffs the daughter can understand. For example, the amount required for airline tickets may mean the vacation budget can’t allow for swimming with dolphins or a visit to the amusement park.

“If children are included in family financial discussions, such as planning for a fun vacation or purchasing a high-cost toy, then parents can begin to place daily spending decisions in a context their child will understand,” says Stuart Ritter, CFP, a family financial expert with T. Rowe Price, and father of three. “Teaching children to set savings goals and make decisions about money that align with those goals is much easier when the discussion is concrete rather than abstract.”

Inflation and diversification may be more difficult for children to grasp. In fact, some adults may have trouble defining these concepts. Simple explanations may work, such as explaining that college will cost a lot more several years from today, which means saving and investing differently for that goal than one would for a smaller item, such as a skateboard to be purchased in six months.

A complementary approach is to introduce children to games that teach basic money lessons. One example is the game “The Great Piggy Bank Adventure” at www.GreatPiggyBankAdventure.com. T. Rowe Price collaborated with Walt Disney Parks and Resorts Online to produce this free online board game, which conveys basic financial concepts in a way that is fun and easy for kids to understand.

To extend the lessons from the game, parents can also download a free “Journey to Your Dream Goal” activity book from www.FamilyFinancialHub.com. Puzzles, games, and tricky challenges help guide kids through the process of making smart financial decisions.

To get your child started with saving and money lessons, visit www.FamilyFinancialHub.com.

High school seniors who excel in the classroom, on the field and in the community – who start their day off right with nutrient-rich milk – could be eligible to win college scholarship money.

The National Milk Mustache “got milk?” Campaign, in partnership with USA TODAY, is calling for entries in the 15th annual Scholar Athlete Milk Mustache of the Year (SAMMY) Award program. The SAMMY Awards recognize 25 outstanding high school senior student athletes who represent excellence in academics, athletics, community service and leadership who make the most of their days by grabbing nutrient-rich milk with breakfast.

The scholarship helps educate teens and families on the value of making smart choices – like starting their day with a nutrient rich breakfast, drinking lowfat milk, and maximizing their potential to achieving great things both on and off the sports field.

Twenty-five accomplished teens will receive a $7,500 college scholarship, attend an awards ceremony with celebrity guests at Disney World, and be pictured in a special Milk Mustache ad in USA TODAY.

“Students who start every morning with milk truly reap the rewards all day long,” said Vivien Godfrey, chief executive officer of the National Milk Mustache “got milk?” campaign. “That’s why we are excited to reward these students for their successes in academics, athletics and community service. Breakfast with milk helps set the tone for the day and is a healthy habit that provides much needed nutrients.”

This year’s winners will be selected by a celebrity panel of Milk Mustache role models, including Dara Torres, Chauncey Billups and other Milk Mustache alumni.

“As a judge I’m looking for exceptional students that have formed healthy habits to help fuel their successes. Starting the day with milk is one healthy habit I know I can count on,” said mother, Milk Mustache athlete and gold-medal winner Dara Torres. “Whether it’s a glass of white milk to nourish at breakfast or chocolate milk to help refuel their bodies after a tough workout, no other beverage plays so many roles.”

To date, the National Milk Mustache “got milk?” Campaign has supported 350 talented high school seniors with nearly $2.5 million in scholarships over the program’s 15 year history.

High school seniors who are interested in applying for the 2012 SAMMY Awards program should visit www.facebook.com/MilkMustache. All applicants are asked to describe in 250 words or less how milk with breakfast helps them reach their fullest potential in academics, athletics, community service and leadership. Entries must be submitted no later than March 9, 2012.

Before you hit the road this winter, make sure your car and car insurance are ready for the journey. Planning ahead can help avoid mishaps that could ruin your vacation.

Whether you are traveling near or far, you will likely be lugging some valuable items such as skis, a laptop or a video camera — none of which are covered by a car insurance policy.

According to an April 2011 survey released by the National Association of Insurance Commissioners (NAIC), 40 percent of Americans incorrectly believe their car insurance will cover the replacement of personal items stolen from their vehicle.

“The truth is that these items must be covered by your homeowners or renters insurance policy to be reimbursed if they are stolen or damaged,” NAIC president Susan E. Voss said.

One-third of Americans also believe their auto insurance automatically covers a rental car, according to the NAIC survey. However, this is not true, and the NAIC recommends checking with your auto insurance agent to make sure you have adequate car insurance whether driving your own car or a rental.

Top 5 Auto Insurance Tips

• Confirm your car insurance is active and premiums are up-to-date. Have a current copy of your insurance card in the car.

• Select liability limits that are appropriate to your financial circumstances. People with more assets generally need to select higher limits of liability than those with fewer assets. If you are found to be at-fault in an accident and purchased insufficient limits, your personal assets are at risk for the remaining financial obligation.

• If renting a car for the trip, check your policy to see if it includes coverage. Verify potential coverage limitations with your agent, and make sure you are not duplicating benefits from your existing auto, health or home insurance policy. (See sidebar for more tips.)

• Verify your homeowners or renters insurance covers the theft of personal items from a car, especially if you are planning to carry expensive items in your car.

• Check to see if your policy includes roadside assistance. You can be covered for towing, fuel delivery, lockout service, jump-starts and more.

If you are unclear about your car insurance coverage or would like to learn how to lower car insurance costs, visit www.InsureUonline.org or contact your state insurance commissioner. Find your state commissioner at www.naic.org.

Rental Insurance — Do You Need It?

Car rental companies typically offer these products at the counter. Check to see if they duplicate existing coverage before purchasing.

• Collision Damage Waiver (CDW) is also referred to as a Loss Damage Waiver (LDW). If you have comprehensive and collision coverage on your own car, you will likely not need this additional protection. Collision insurance covers the cost of repairs or the actual cash value of the vehicle, if damaged in a crash or rollover.

• Liability Insurance covers medical expenses and damages to another person’s property as a result of a car accident caused by the insured’s negligence. If you are adequately insured on your own car, you may consider forgoing this.

• Personal Accident Insurance offers coverage to the renter and passengers for medical bills resulting from a car crash. If you have adequate health insurance and disability income insurance, or are covered by personal injury protection under your own car insurance, you will likely not need this additional insurance. Personal Effects Coverage provides for the theft of personal items inside the rental car. If you have a homeowners or renters insurance policy, it generally covers this already. If you frequently travel with expensive jewelry or sports equipment, it may be more cost-effective to purchase a floater under your home or renters insurance policies so the items are fully protected when you travel. Read More

Moms and Dads, you have fewer than twelve days to wrap up that Christmas shopping. You can’t afford that iPad 2 any more than twelve lords ‘a leaping, but you don’t want to disappoint Junior when he unwraps Santa’s offerings. Just how much is this day going to cost you?

In 2009, Christmas gift shopping averaged nearly $700 per person, according to the National Retail Federation — and numbers have only increased since then. In short, this holiday can send us into serious debt if we’re not realistic with our budgets. We’d all like to be that person who thoughtfully buys gifts on sale throughout the year, but most of us are staring dumbly at our checking account a week and a half out wondering what to do.

Take comfort in knowing you’re not alone. Get to work with these eight thrifty shopping (and swapping) tips and start a new Christmas tradition this year: staying in-budget.

1. Comb Craigslist.

If you’re new to Christmas with kids, I’ll let you in on a little secret: the preschool crowd doesn’t know a new toy from a used one. You’ll need to assemble all bikes, doll houses and train tables the night before anyway, so just find the beloved, sought after toy and buy it for less than half the cost on Craigslist from someone across town. Princess will love it just as much.

2. Check out online buys with free shipping.

Your favorite retailers have banded together–much like they do on the ominous Black Friday and Cyber Monday frenzies–to push Free Shipping Day, one of the last days to order online for delivery by Christmas Eve. So you’ll not only be treated to a host of free shipping offers, but many sales to go along with them.

3. Make your spending equitable.

Whatever amount you allocated for gifts, try to divide it appropriately for each child. Maybe one child receives two smaller gifts as opposed to the more expensive gift her brother got. Even if the dollar amount isn’t fair, the coolness factor needs to be equal. Younger children don’t analyze the amount spent as much as older children do.

4. Sell some older toys first.

It goes without saying that most children in the U.S. have too much stuff to start with. Add eighteen Christmas and birthday extravaganzas to the mix and you’ve got a packrat on your hands. Have your children select at least three or four playthings they don’t use anymore and try to get cash for them at a children’s resale store. Use the cash to buy one or two new gifts.

5. Focus on family fun activities rather than gifts.

Maybe your Christmas morning needs to be focused away from wrapped presents under the tree. Have several family-fun activities lined up for the day, not only to make great Christmas memories, but also to detract from opening presents. If money is tight this year, you can still make and decorate cookies on a dime, as well as craft some awesome ornaments.

6. Make this Christmas a service holiday.

Pull all the stops and radically transform your Christmas! Whether you are financially able to buy gifts for your family this Christmas or not, take your family out to serve meals or volunteer for a local organization. You will make some of the best, lasting memories by giving rather than getting.

7. Wrap “unconventional” toys.

Ever wonder why Junior gets a brand new toy and just wants to play with the box? John Rosemond, psychologist and author of “Making the Terrible Twos Terrific,” has strong opinions about it. “Generally speaking, many store-bought toys are fairly worthless,” he says in a Baby Zone article, and most seasoned parents would agree. Junior is playing with the box because it truly is the most interesting part of the gift. Find as many odd boxes, containers and utensils from your house and wrap them up for your littlest ones.

8. Find a parent in your same situation and toy swap.

Package up three of your child’s better toys and exchange the same number with a like-minded friend. Make sure the toys are fairly newish looking to avert any suspicion. Since Junior wants that train set at his friend’s house, it’s exactly what he’ll see under the tree. Check out other organized sites with more variety like Toy Swap.

Ashley Grimaldo comes from a long line of penny pinchers and enjoys blogging on money-saving tips and advice for frugal-minded parents. She lives with her husband and three children in Bryan, Texas. Ashley has been featured among such media outlets as Redbook, The Chicago Tribune, Time.com, and CBS News-Houston.

One of the great privileges we have as parents is giving to our children. Seeing the elated look on our children’s faces when they open a present gives us a rush. But an even bigger thrill comes when our children get that same rush watching others enjoy gifts, especially ones they gave.

Maybe this is the Christmas your family decides that it truly is more rewarding to give than to get, and you put your money where your mouth is. Just how will you do that when it hasn’t been a priority in the past? According to Dr. Marilynn Price-Mitchell Ph. D. of Psychology Today, “It is the act of thinking about and choosing gifts that is of high value to the giver.” Kids, she says, “can prepare for gift giving, some with needed parental help.”

You don’t want to raise a crop of bratty I-deserve-it children. This Christmas is a great time to steer your family in the right direction, and here are a few tips to help you along the way.

1. Prepare your child for the experience.
Dragging your kid through Toys ‘R Us without buying him something is like parading a starving man through the buffet line and telling him not to eat. The first step to shopping for others with your children is talking about it. Start the dialogue with, “Isn’t it great you have so many toys to play with? I wonder if there are other kids who don’t have any toys.” When the time comes to go shopping, first remind your child of the reason for going to the store–it’s not about them this time!

2. Shop sales and use coupons.
What happens to your financially dull child when he turns 25? He moves back in with you and his lump of debt. Start now–even within the context of gift shopping–by finding deals and using coupon promotions. Take a modern approach by finding coupon codes for Target and other favorites on such sites as CouponSherpa — toys hit rock-bottom prices around the holidays.

3. Brainstorm ways to personalize the gift.
Younger kids can draw a picture inside a blank Christmas card and have you write down what they’d like to say in the card. Older kids can make their own colorful wrapping paper with a cut paper bag and stamps. Also talk about matching gifts to people. If Grandma is a diabetic, don’t give her sugar cookies–find recipes that fit within her diet. Gift giving is a great time to really think about what others would appreciate.

4. Consider homemade presents.
But only if your little one is old enough to do most of the work herself! Nothing is more disgusting than a parent who does his kid’s third grade science project, and the same goes for gifts. Pick homemade presents Junior can make mostly on his own, like the beauty and baking DIY projects at Kidz World, or don’t do them at all.

5. Select a wish list request from a reputable organization.
You may be a bit leery of picking a random child to gift during the Christmas season, and I don’t blame you. When Tommy two-year-old requests a pair of Nike shocks, I’m not convinced he’s exactly “needy”. But many organizations like Angel Tree, who give gifts to children of incarcerated parents, have targeted recipients who truly need a helping hand. The Salvation Army has partnered with JCPenney to gift underprivileged children with necessities in their Angel Giving Tree program.

6. Gift services instead of material items.
Maybe your tween has a gift for babysitting. Encourage her to give free babysitting coupons to a family on a tight budget. Or Junior is a pro at shoveling snow and makes homemade coupons for the neighbors to do the chore for three mornings. Make your own coupon book and print it out on cardstock for a professional look. Don’t forget to remind your little one that gifting a service is a great idea, but it’s only complete when they finish said service.

7. Don’t buy a gift for your child while shopping for others.
Other centeredness–that’s the goal in shopping for other people. The best way to turn it right back to Junior’s wants is to buy something for him at the same time. Make sure your “shopping for others” trip is just that. It may be tempting to buy for him too, but resist the urge. He needs to abstain from getting what he wants to make a lasting impression.

8. Consider shopping online for others with your child to save more money.
Depending on the age and maturity of your little shopper, they can learn the basics of shopping online. Yes, there are huge dangers of stumbling on unsavory content. And, no, you don’t want to give Junior the laptop so he can get the job done himself. But since online shopping is quickly becoming the standard, help your child learn what sites are beneficial (especially ones that save money) and how to avoid going down a dark rabbit hole of advertising links. With Free shipping, many popular vendors like Melissa and Doug, and Barnes & Noble will offer complimentary delivery. Turn online shopping into a math lesson, comparing prices in newspaper inserts to those online.

Ashley Grimaldo comes from a long line of penny pinchers and enjoys blogging on money-saving tips and advice for frugal-minded parents. She lives with her husband and three children in Bryan, Texas. Ashley has been featured among such media outlets as Redbook, The Chicago Tribune, Time.com, and CBS News-Houston.

College is expensive! For example, tuition, room and board at Harvard College cost $52,652 in 2011-12. Add books and other expenses and four years can top a quarter of a million dollars, and Harvard doesn’t even make it onto the top ten of Forbes’ list of the most expensive colleges in the US. Few will go to Harvard, but the cost of attending more modestly priced institutions can cripple the budget of many American families. Fortunately, you can take steps to mitigate the damage.

Focus on Academic Performance in High School – Bill put a lot of time, effort and money into helping Bill, Jr. become a better youth baseball player. He expects that a baseball scholarship will pay for his son’s college. In the same way, Bill’s preparation for retirement consists of the semiweekly purchase of lottery tickets. The probability of a happy conclusion with either strategy is small.

Less than 2 percent of high school athletes will earn athletic scholarships. Yet, at many schools, more than 50 percent of students earn financial aid based, at least in part, on academic ability. Students and their parents hoping to defray college costs through scholarships should focus on academics not athletics.

Most colleges consider academic ability when determining financial aid packages. They will look at things like high school GPA, class rank, and SAT scores. Other factors include the academic rigor of the high school and the caliber of the courses attempted (an “A” in calculus means more than an “A” in interpretive dance).

Our best advice is to focus on academic performance. If there is a choice, attend the best high school possible. Take academically rigorous classes―advanced placement or college-prep courses. Put effort into your studies rather than learning to hit a curveball. Money invested in a math tutor will yield a higher ROI than money spent on a private pitching coach.

Pass on Your Stretch School – All colleges are not equal. A student who receives significant merit-based aid at one school may receive much less from another. Often, students have “stretch” schools (where they are a marginal admit) and “safe” schools (where they are reasonably sure to get in). A stretch school is often a dream for the student. Unfortunately, if the school is truly a stretch, he or she will probably be at the bottom of the academic pecking order and will receive little or no merit-based aid.

Conversely, the same student could be much more attractive to the safe school. This might mean significant merit-based aid. It’s always difficult to pass on your dream school, but doing so could be worth tens of thousands of dollars over four years.

Maximize Need Based Aid – Think you won’t qualify for need-based aid―you may be pleasantly surprised. Think Ahead, LLC reports that, depending on the school’s sticker price and how many people in your household are in college, even families with incomes that exceed $300,000 annually may qualify for some need-based aid. It’s worth spending a couple of hours to complete the FAFSA (Free Application for Federal Student Aid). The Federal Government will calculate your EFC (Expected Family Contribution) based on this submission. The sticker price of your school less your EFC is your demonstrated need. Schools are not always able to meet 100 percent of demonstrated need, but it’s worth a try.

Prior to completing the FAFSA, you can lower your EFC. For example, pay off credit card debt, prepay your mortgage, or accelerate necessary expenses such as buying a new car to reduce available cash. Maximize contributions to your retirement account. You can borrow for college, but you can’t borrow for retirement. If Mom plans to pursue an Executive MBA, doing so while the children are in college will increase demonstrated need. FinAid.org lists several tips to maximize your ability to qualify for need-based aid. Read More