Does the thought of paying for your child's college education ever keep you up at night? When it comes to higher education, the more you can prepare for it, the better. With nearly 45 million Americans dealing with crippling student debt, the need to invest for higher education becomes even more of a priority.

Related post: Preparing for College: A Golden Opportunity for Financial Lessons and Setting Clear Expectations

Consider Savings Plans 

The most common choice people make when investing for higher education is putting money into a savings account for their child. However, interest rates are far from what they used to be!

Saving a set amount of money each year allows parents to know how much they have for their child to go to college and how much more they need to contribute so their child can get their education debt-free. With a solid savings plan, a great savings account, and some research, it’s entirely possible for families with an average income to pay for their child’s e...

Back to school used to mean a Target run for crayons and a new lunchbox.

Now it means dorm furniture, laptop upgrades, activity fees, a car on your insurance, maybe a first apartment. The list got shorter. The price tag did not.

I work with women every day who are doing the math on their own financial goals while also trying to launch their kids into the world. You want to show up for your family. You also need to protect your financial future. Both things are true at the same time.

Here are five ways to approach back to school spending at this stage of life.

1. Separate Needs From Wants Before You Open Your Wallet

Walk through the list before you buy anything.

Does your kid actually need a new laptop, or does last year's model still run fine? Do they need a full dorm refresh, or do they just want one? These are different questions with different answers.

College students especially should wait until syllabi are posted before buying supplies. You find out exactly what is require...