Chess and College Savings: Strategic Moves for Success

By Vicki Vollweiler, MBA, CDC, CEO of College Financial Prep

Navigating the journey of saving for college can feel like a game of chess. Both require careful planning, strategic moves, and foresight to ensure a victorious outcome. Here, we will explore how the principles of chess can be applied to saving money on college costs, helping you stay a few steps ahead in the financial game.

1. Opening Moves: Early Preparation

In chess, the opening moves set the stage for the entire game. Similarly, starting early in your college savings plan can significantly impact the final outcome.

• 529 Plans: Just as a chess player establishes control over the center of the board, opening a 529 savings plan early can set a solid foundation. These tax-advantaged accounts grow over time, giving you a head start.
• Developing Your College List: The colleges that you apply to should include Reach schools, Target schools, Safety schools and also Financially friendly schools. It is important to have an understanding, based on your financial circumstances and household dynamics, what each college will likely cost.
• Scholarships and Grants: Identifying and applying for scholarships and grants early can be akin to capturing your opponent’s pieces right from the beginning. These funds do not require repayment and can significantly reduce the overall cost of college.  Also consider applying to Honors programs which typically come with lots of merit aid.

2. Middle Game: Strategic Planning

As the game progresses, the middle game is where strategy becomes crucial. This stage in college savings involves making informed decisions and leveraging available resources.

• Saving Money: Community College, In State Universities and AP Credits… Just as a chess player anticipates future moves, considering lower cost options for either all four years or for the first two years. Taking Advanced Placement (AP) courses in high school can lower costs and shorten the time needed to complete a degree. 
• Financial Aid: Filling out the Free Application for Federal Student Aid (FAFSA) is essential. It’s like positioning your pieces to gain the best advantage, opening up opportunities for federal aid, loans, and work-study programs.

3. Endgame: Execution and Adaptability

The endgame in chess requires careful execution and adaptability. Similarly, the final steps in the college savings journey involve making the most out of your accumulated resources and being prepared to adjust your strategy.

• Choosing the Right College: Evaluating the cost-benefit ratio of potential colleges is critical. Just as a player decides which pieces to sacrifice for the greater good, choosing a school that offers the best financial aid packages or in-state tuition rates can be a wise decision. The lowest cost decision is not always the best decision, depending on your possible career path.
• Work-Study and Part-Time Jobs: Encourage your student to engage in work-study programs or part-time jobs. This strategy can help cover ongoing expenses without accruing additional debt, similar to carefully planned moves that secure a checkmate.

4. Anticipating Opponent’s Moves: Financial Pitfalls

In both chess and saving for college, anticipating potential obstacles is key. Being aware of and preparing for financial pitfalls can prevent costly mistakes.

• Avoiding High-Interest Loans: Steer clear of high-interest private loans unless absolutely necessary. They can be as detrimental as losing a key piece in chess.
• Budgeting and Spending: Students should learn about budgeting and responsible spending to prevent them from unnecessary debt, much like protecting your king from unexpected threats.

Conclusion: Checkmate Your College Costs

By applying the strategic thinking required in chess to the process of saving for college, you can navigate paying for college with confidence. Start early, plan wisely, and stay adaptable to ensure that when it comes time for your student to attend college, you have positioned yourself for a winning endgame.

Chess and college savings might seem worlds apart, but the strategic thinking and analysis behind both can lead to successful outcomes. With College Financial Prep, you can start your planning today, and remember, every move counts! 

Vicki Vollweiler, MBA, CDC, the founder and CEO of College Financial Prep, provides a full range of college funding and college admissions services for families as both parents and students prepare to enter college.  Vicki is both a College Planning Expert and a Divorce Financial Coach helping parents to  navigate financial aid, scholarships, student loans and college planning.  The goal is for each client to be fully informed of options and opportunities so that both the student and the parent can make the best decisions for themselves and their family. Vicki, a divorced parent, is the proud Mom of two children, one who is now in a PhD program and one who will be preparing for college shortly.  Her fur baby, Maggie, provides joy to all who meet her.