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Have you ever asked yourself this question: “When should I start saving for my child’s college?” If so, then the standard advice given is to start early. And with the rising costs of college tuition and fees, the sooner you can start, the better.

However, it’s never too late to start saving for your child’s college education now.

Getting a Late Start With College Savings

According to data presented by US News and World Report , the average cost of college tuition and fees for the 2022-2023 school year for in-state, public universities was $10,423, with the cost of private universities averaging $39,723 per year.

And that doesn’t include housing expenses, transportation costs, books, supplies, or anything else needed during that time.

So, what do you do if you’re late getting started?

Use the One-Third Rule

When figuring out how to pay for college, consider the one-third rule. This strategy involves saving enough money to cover one-third of the total cost of college expenses, planning to pay another third out of your current income, and relying on student financial aid for the final third. If you can save more than one-third, go for it. But if you can’t, at least you have this one-third plan as a baseline strategy.

Explore Scholarships

Another strategy could be to get the entire family to participate in this savings quest. Your child can play a big part, in fact, by performing well academically and then exploring which schools offer scholarships. Your child could also ask family members to donate to their college fund as a birthday or holiday gift.

Save With a 529 Plan

One way to save for college expenses is with a 529 plan, which is a qualified tuition plan that is sponsored by state governments, state agencies, and educational institutions. The two types of 529 plans are prepaid tuition plans and education savings plans. At least one type of 529 plan is available in each of the 50 states, plus in the District of Columbia.

Prepaid tuition plans allow you to prepay tuition at participating colleges and universities at today’s rates. These credits can then be used for tuition payments in the future, but usually do not cover additional college expenses, such as housing.

If your child ends up attending a college or university that isn’t part of the prepaid tuition plan, the money you’ve invested will transfer over to the chosen college, but you’ll have to pay tuition at today’s rates.

Education savings plans involve opening an investment account with funds available for college expenses.

When you withdraw funds from a traditional 529 savings plan, they can be put toward college tuition, fees, room and board, textbooks, and more. You can even use the funds to pay for K-12 tuition, if needed. Investment choices can include mutual funds, exchange-traded fund portfolios (ETFs), bonds, CDs, and short-term reserves.

What if you have a financial windfall, perhaps through an inheritance or large bonus? You can actually contribute up to five years’ worth of contributions in year one of your 529 plan, which would give you the opportunity to front-load your savings and take greater advantage of tax-free growth of your account.

Finally, here’s a question that’s sometimes asked about this strategy: When is it too late to start a 529 plan? The answer: If your child hasn’t yet started college, it’s not too late to take advantage of this type of plan.

Recommended: Benefits of Using a 529 College Savings Plan

More Tips for Parents Starting Late

If you’re getting a late start to saving for your child’s college education and want to make college more affordable, and here are four tips to consider:

•   Encourage your child to take advantage of advanced placement (AP) credits during their junior and senior years of high school, as many colleges will count those as college credit hours. The more credits your child starts with in college, the fewer they may need to take and pay for during college years.

•   Explore what grants are available for your child. Grants are funds that don’t need to be paid back.

•   Help your child apply for scholarships. School counselors can often help with this endeavor and, by doing so, your child can go after opportunities that may be lesser known.

•   Consider using digital options for expensive textbooks. If your child rented all their textbooks from a library in digital form, you could potentially save thousands over a four-year period.

And finally, if you haven’t saved enough but don’t want to burden your child with debt, you could consider a private parent student loan to help with the ever-increasing expenses of college.

Private Parent Student Loans With SoFi

SoFi® offers private parent student loans to help you pay for your child’s tuition. The application process is quick and easy, and SoFi® offers competitive rates, flexible terms and zero fees.

In the spirit of transparency, SoFi® strongly believes you should exhaust all of your federal grant, loan, and other student aid options before you consider SoFi® as your private loan lender.

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Sure, there are lots of ways to get rid of your unwanted but still usable stuff. You could sell it online, haul it to a consignment shop…or maybe you’d just rather hold a garage or stoop sale and let people pay on the spot and walk away with their purchases.

No shipping, no schlepping, just a good old-fashioned transaction. You pick what you want to sell, you spruce it up, price it, publicize it, and then set up for your sale and staff it.

Whether you call it a “garage sale,” “yard sale,” or “tag sale,” you can boost the odds of success at an outdoor sale by following these tips and tactics.

1. Planning Your Garage Sale In Advance

Is it possible to pull together everything you need in a couple of days and hold a decent garage sale? Maybe. But your chances of success are likely to improve substantially if you put in some time planning your event.

Here are some things to consider ahead of time:

Knowing Your Goals

You’re probably hoping to make a profit and clear out some clutter. But knowing your top priority could help as you choose which items in your home you’re willing to part with and how you’ll price those goods.

Researching the Rules

Before you organize a sale, it’s a wise idea to check out how they’re handled in your community.

Some cities and counties require citizens who want to hold a garage sale to obtain a permit online or in person. There may or may not be a fee involved, but, either way, you could face a fine if a permit is required and you fail to get one.

There also may be limits on how early the sale can start, how late it can go, how many days it can last, the number of signs you can post, as well as the type of merchandise you can sell.

If you belong to a homeowners association (HOA), you might have to seek permission there as well. Some HOAs may allow only one or two neighborhood-wide sales a year (especially if you live in a community with a gate that would have to remain open all day).

2. Setting Your Garage Sale Date

Once you know you’re able to have a sale, you can set a date and get the necessary permits.

Even if your schedule is pretty flexible, you may want to keep a few things in mind when you’re looking at your calendar:

•   Consider choosing a day that falls just after a common payday (the first or the 15th of the month).

•   You may want to avoid holding a sale on a holiday weekend, when many people will be away or have other plans.

•   The most popular sale days are Fridays, Saturdays, and Sundays because most people are off from work. Keep in mind, though, that many families have activities or church on those days, so you may want to start early and end in the afternoon to attract the most shoppers. Or you could choose a weekday to avoid the weekend competition.

•   You may want to hold a two-day sale and use the second day as an “everything must go” event.

•   Mother Nature might not cooperate no matter when you hold your sale. Still, you can improve your chances of having better weather if you consider the season (not too hot, not too cold, not too rainy, not too windy) in your planning.

3. Stockpiling Garage Sale Items

A good strategy is to move through each room of your house (the attic, basement, garage, and sheds, too), and start boxing up items you might want to sell.

You might want to make a list of larger items you don’t want to move until you’re closer to the actual sale date, such as old furniture, artwork, or exercise equipment.

Kids who are reluctant to part with old toys, bikes, or sports equipment might be more willing if you offer to cut them in on the action. Consider negotiating a percentage of the profits, or offering to replace all the gently used toys they sell with one new one.

If you aren’t sure you have enough to grab shoppers’ interest on your own, you can ask friends and neighbors if they want to join in, or offer to sell their items on consignment.

4. Going All in With Publicity

It’s probably not the best idea to count on word of mouth to bring bargain hunters to your door. Consider advertising your garage sale at least a week in advance — and tempting shoppers with a list of desirable items.

Some places to consider publicizing your sale:

Newspapers

You may want to list your garage sale in the old-school print classifieds. You could see if your local newspaper charges a reasonable rate (and get a digital ad while you’re at it). You may want to keep the wording tight — you’ll likely pay more if you go over a pre-set maximum word count.

Online

You can typically advertise your sale for free on a growing number of websites, such as Facebook
Marketplace , Garage Sale Finder , yardsales.net , Craigslist, or Yard Sale Search.

Many of these sites allow you to post a photo or photos with your ad, so it can help to have that ready, along with the wording you want to use.

Community Bulletin Boards

Some grocery stores, gyms, community centers and schools have bulletin boards where you can post a flyer. Consider making yours stand out with bold lettering, and including the sale date, hours, and address.

Signs for the Neighborhood

If signs are allowed in your area, consider putting out at least five or six on the day before the sale. You may want to make them easy to read from the road, with the address in bold print and an arrow pointing the way.

Also consider tying balloons and a big sign to your mailbox on sale day to make your home more visible.

💡 Quick Tip: If you’re saving for a short-term goal — whether it’s a vacation, a wedding, or the down payment on a house — consider opening a high-yield savings account. The higher APY that you’ll earn will help your money grow faster, but the funds stay liquid, so they are easy to access when you reach your goal.

5. Preparing What You’ll Need for the Sale

A week before the sale, you may want to start considering, and gathering, everything you’ll need. This may include:

Sale-Day Supplies

It’s a smart idea to make sure you have as many folding tables as you’ll need to properly display your sale items, and enough chairs so you and your “staff” can sit comfortably. (It could be a long day.)

A payment station

You may want to set up a main payment station that’s easy for shoppers to get to when they’re ready to buy.

You could make or buy a box to hold the money you collect and for change. (It’s wise to start out with plenty of ones, fives, and quarters in case early shoppers show up with bigger bills.)

Or, you can wear a vendor apron with pockets for the money. You also may want to give family, friends and neighbors you know the option of using a P2P app to make their purchases.

Keeping some old boxes and plastic grocery store bags near the checkout table can be useful for customers who have a lot to carry home.

6. Setting Your Prices

One option is to set up a color-coded sticker system, with items grouped by cost. If you go that route, keep in mind that you’ll want to let those who are assisting at the sale know the code, as well as put up a sign for customers.

A simpler option might be to just tag most of the items individually with a roll of painter’s tape (which is typically easier to remove than masking tape). Larger signs can point out bundled prices, such as “5 CDs for $2” or “3 paperbacks for $1.”

It’s a good idea to remember your main goal when setting prices. If you want to get rid of everything, you may want to keep prices reasonably low.

To avoid cheating yourself, however, you may want to do some research ahead of time so you can get the best price for special items (antiques, collectibles, or anything that might be in high demand with garage sale regulars).

If possible, it’s wise to keep sentimentality from getting in the way of a solid sale.

Also, if several people will be working the sale, you may want to set ground rules for how low prices on certain items should go — and on haggling in general.

If someone offers a low price at the start of the day, and you think you can do better, you may want to exchange contact info, and agree to connect again later when the sale is over.

💡 Quick Tip: An emergency fund or rainy day fund is an important financial safety net. Aim to have at least three to six months’ worth of basic living expenses saved in case you get a major unexpected bill or lose income.

7. Making Your Garage Sale Appealing to Shoppers

You’ll likely want to give some thought to the presentation of your items. Organization can make the day go better for you and your customers. And a little extra effort could make a difference in how much you can get for your goods. Some ideas:

Cleaning Old Items

You can start washing, dusting, and polishing things as soon as you decide they’ll be included in your sale.

This might include Inflating balls and bicycle tires, putting light bulbs in lamps, and trying to have batteries and a power source available for customers who want to test an item before purchasing. (If something doesn’t work, it’s a good idea to mark it clearly.)

Arranging Things in a Way that Makes Sense

Consider making it as easy as possible for customers to find things using signs and a system.

For example, books, CDs, DVDs, and videogames could be grouped together. Toys, board games and puzzles might be another section.

You may want to place the biggest sale items out in front of the yard, if you can–both to attract attention, and so customers can get them to their cars without disturbing others.

If possible, hang clothing on a garment rack near hats, shoes, and purses, and set up a mirror close by.

If your sale goes well, you may have to rearrange your display several times during the day.

8. Being a Good Host

One way to keep garage sale shoppers from walking away without really looking is to make it fun to stick around.

Consider playing some energetic music and greeting customers as they arrive. You also may want to sell water, lemonade, and maybe even baked goods. (It can be nice to have snacks and beverages ready for helpers, too.)

You might also want to have some bottles of hand sanitizer available for customers to use.

If you know your neighbors, they may pop by for a chat. While you may want to be polite and chat, you may also want to remind them that you need to pay attention to your customers — and the money box.

9. Remembering Sale Day Safety

Early birds sometimes show up long before a garage sale is scheduled to start. The more you have ready ahead of time, the more you’ll be able to stay focused on keeping everything and everyone (people, pets, breakables, and the money you make) safe.

Here are some security tips:

Locking Your Doors

It’s wise to keep the doors to your home and your car locked, and to avoid letting strangers use your bathroom.

Getting a Sitter

A sitter can keep an eye on young children and pets so you don’t have to.

Stashing Excess Cash

As profits start to pile up, it’s a good idea to have a method for how you’ll transfer excess cash to a safe spot in your home. It’s also wise to avoid talking about how much you’ve made.

💡 Quick Tip: If you’re faced with debt and wondering which kind to pay off first, it can be smart to prioritize high-interest debt first. For many people, this means their credit card debt; rates have recently been climbing into the double-digit range, so try to eliminate that ASAP.

10. Having a Plan for Unsold Items

When your sale ends, you’ll likely have at least a few unsold items to deal with.

If your primary goal was to clear the clutter, you may want to donate those leftovers to Goodwill, the Salvation Army, or some other nonprofit group that takes used goods. (If you itemize deductions, you may be able to include your donation on your tax return. Just be sure to keep a list of everything you gave and an estimate of the value.)

If the charitable organization you choose offers a pickup service, you may want to schedule the truck for the first available day after your sale. If not, you can arrange to drop off your items as soon as possible. (It’s a good idea to understand beforehand what the charity will and won’t accept.)

If you want to try to squeeze a little more money out of what’s left over — or there are some high-ticket items you aren’t willing to give away — you may want to move on to the online marketplace and sites like Offerup , Facebook Marketplace , Varage Sale , or Swap.com .

Consider taking the time to include a photo with anything you list online. At the very least, it could save you from having to answer a lot of questions about your item.

11. Making the Most of Your Garage Sale Profits

One of the perks of holding a garage sale vs. a virtual sale is that you’ll be holding your profits in your hands (mostly in cash) when you’re finished.

That also could be a problem, though, because it might be tempting to spend it. (And maybe even buy more stuff!)

Instead, consider planning ahead what you’d like to do with your profits. This may also help keep you motivated while you’re putting in the work to plan and host your sale. If you don’t have a specific plan, consider putting the money you earned towards an emergency fund.

The Takeaway

Hosting a garage sale can be a great way to clear the clutter in your home and sell a large number of unwanted items all in one fell swoop.

A successful sale, however, requires some upfront work, as well a day (or two) or working the sale.

The process typically requires gathering and preparing your items, getting a permit, picking up sale supplies, advertising your event, and then setting everything up in an organized and appealing way early on the day of the sale.

The payoff? Newfound space in your home and (hopefully) a nice pile of cash you can take to the bank.

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