HONOLULU (KHON2) -- National College Financial Prep Week runs from January 13-18, and it's an important time to reflect on the financial strategies needed to prepare for the cost of higher education. As tuition rates rise and financial aid becomes more competitive, it’s crucial for families to start planning early for college expenses. Get Hawaii's latest morning news delivered to your inbox, sign up for News 2 You David Rasak, a certified financial planner with Honolulu’s Northwestern Mutual, shared his insights on how families can prepare for these costs and take control of their financial future. Rasak, who accidentally found his way into the financial planning field, has spent years helping clients prepare for life’s biggest financial moments. He emphasized that financial planning should be a long-term strategy, especially when it comes to saving for college. “It’s important to be intentional,” he said, urging families to begin thinking about their future financial needs early on. “Whether it’s saving for college or retirement, you have to start somewhere.” He highlighted the importance of starting early, particularly when it comes to saving for college. “One of the issues that I think a lot of our clients have faced is just that life is busy; and life is expensive,” Rasak explained. “We’ve got mortgages, student loans and day-to-day expenses. But you have to prioritize, and you have to start.” He pointed out that even small steps can lead to big results; and the earlier families start, the more they can accumulate over time. A key strategy that Rasak recommends is opening a Section 529 plan. This college savings plan is designed to help families save for education expenses while offering tax advantages. “The great news about it is that anyone can contribute to the plan,” he said. “Grandparents, uncles and aunts and even friends can add funds. Plus, the money grows tax-free as long as it’s used for educational expenses.” Rasak also noted that these funds are flexible. If a child doesn’t end up going to college or gets a scholarship, the funds can be used by another child or even rolled over into a Roth IRA, a retirement savings plan. This makes the 529 plan an excellent long-term financial tool. Another essential point Rasak made is involving children in the financial conversation early. “The earlier that children are exposed to financial matters and the implications of those matters, the better habits they will have,” he said. “The more they understand about saving and the cost of college, the better prepared they will be when the time comes.” He compared it to chores, saying that teaching kids about earning money through responsibilities helps them develop an understanding of work, saving and planning for the future. Even if families haven’t started saving for college at an early age, Rasak believes it’s never too late to begin. “One of the advantages of the 529 plan is that it can be rolled over into a Roth IRA if it’s not used for college,” he explained. This option, part of the SECURE Act 2.0, allows families to save for both education and retirement in one plan that offers a lot of flexibility. While Rasak emphasizes early planning, he also understands that many families, particularly those in rural areas, may not be able to start saving until later. Rasak acknowledged that some families, particularly those in rural areas, might have less experience or fewer resources when it comes to saving for college. “But it’s never too late to start,” he said as he urged families to take the first step, even if it’s only a small one. He shared that there are situations in which rural families may not always be aware of the best savings strategies or financial tools available. “The most important thing is to be consistent,” he said. “Small amounts over a long period of time can lead to big results. It’s all about getting started.” He also advised families to work with professionals who specialize in financial planning and noted that while people may be experts in their own jobs, they might not have the knowledge needed to plan for the future. “It’s very important to work with someone who has expertise in this area,” Rasak advised. Ultimately, Rasak believes that a successful financial plan for college begins with a willingness to start early, be consistent and work with a financial expert. “Failing to plan is planning to fail,” he said, referencing an old saying. “It’s crucial to start thinking about the future and setting up a strategy to achieve your goals.” National College Financial Prep Week offers a chance for families to take action toward preparing for their children’s education, whether they’re starting at the beginning of their financial journey or looking for ways to maximize their savings. With planning, consistency and guidance, any family can take control of their financial future. You can click here to learn more. Get news on the go with KHON 2GO, KHON's morning podcast, every morning at 8 Rasak’s advice serves as a reminder that the sooner you start, the more prepared you’ll be to handle the costs of college and beyond.