Those looking for a “formula” to pay for college might want to consider this one.  Of course, everyone’s circumstances are different and being able to save more and borrow less is generally better.

In particular, when it comes to savings, financial advisor Kevin McKinley suggests reviewing your credit or debit card statement monthly and asking yourself, “Would I rather help my kid go to college or would I prefer to keep buying or doing those things on my bill that add up to the number I need to save each month?”