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Saving For Your Child’s College
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Saving For Your Child’s College

These days education is one of the most important things a parent can give to their child. Although college used to be the difference between a good job and blue collar work, the widespread nature of enrollment and graduation has somewhat diluted the novelty of the diploma. Nonetheless, getting a good education will open many more doors, which is why it is beneficial to get a degree. Still, it can be very difficult and expensive to save money for a child’s college education. We have included a few ways that you can save for your child’s education in the article below.

Start Early and Aggressively

Many families make their biggest mistake by waiting too long to start saving. Instead of putting away money for their child’s college fund, they wait until the last moment to try to pay for their children's school. This makes it quite difficult for parents to provide the right kind of monetary assistance for their kids.

It is best to start saving for college earlier than later. Create a fund in the bank that is special for this purpose and don't touch it. Then there will be different types of plans that can be used in order to grow the money so you spend even less when the time comes. Start as soon as they are born so that you will pressure yourself and spouse to add money as often as you can.

Keep Finances Separate

Many people try to save money in general. They do not make any specific divisions so that money can be allocated according to what it has been saved for. This brings up a lot of problems because some families save up money for vacations. You should not spend your child’s college money on vacations just because it is saved in the same account. Instead, separate the child’s college fund and you will be much better off.

Also, make sure that you do not have financial problems that will impact whether or not your child can actually afford to go to college. If you are saving money for college then you need to have your credit card and other debts paid off already or down to a minimum. Some people may need help eliminating payday loan debt, while others just need some payday loan consolidation help. Either way, make sure that your family is out of debt so you are not paying more money in interest while college money is sitting idle in the bank.


Street Talk

Pinned!

Reply
  about 7 years ago

Thanks!

Reply
  about 7 years ago

Nice one...pinned it!

Reply
  about 7 years ago

Good picture right?

Reply
  about 7 years ago

yeah I liked it!

  
  about 7 years ago

Good advice, save early and don't touch it!

Reply
  about 7 years ago

That is the key....don't touch it! ;)

Reply
  about 7 years ago

Great advice David, separate accounts are the way to go.

Reply
  about 7 years ago

Thank you again Alfred, when people set up separate accounts for college they can't tough them.

Reply
  about 7 years ago
Joan S  

More smart advice. College tuitions are through the roof. I know someone who took out an insurance policy for her child when he was a baby, specifically to pay for college. I don't know how it works.

Reply
  about 7 years ago

I don't know how taking out an insurance policy can work unless you pass on first.

Reply
  about 7 years ago
Joan S  

I think it was a whole life policy and cheap because he was a baby. I think the idea was that by the time he came of college age, he could withdraw the money.

  
  about 7 years ago

Well I dont have any young children but I could see how that would be a huge benefit!

  
  about 7 years ago

Sound advice David, a little savings adds up faster than we think it will

Reply
  about 7 years ago

It absolutely will even just a little bit. And when you live somewhere inexpensive like you do in Makati ;-) Then you can save a lot!

Reply
  about 7 years ago

Save in advance and spend money wisely. Good post and thanks!

Reply
  about 7 years ago

Thank you very much! A lot of people have trouble saving though

Reply
  about 7 years ago
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