College Savings Plan
Filed in archive Education , Finances by Melissa Petri on May 4, 2006
As young as my kids still are (one in pre-school and another still in my stomach), I already have their University education in mind particularly, the hows of saving for their college education. After all, just like any investment, the earlier one starts the better.
Several financing methods for saving for our children's college education are available. Some are even tax-deductible.
529 College Savings Plans lets us earn stock-market returns on college savings. Our contributions or investments are set aside and can even grow tax-free. Apparently, this is a popular option.
Pre-Paid Tuition Plans let us "buy" education plans for future use, using today's prices.
For more information, read Saving for College: A Complete Guide for New Parents over at Baby Center. Other options mentioned are Custodial Accounts and IRA Accounts.
In addition, we can also slowly teach our children how to help us save. A piggy bank where we can put extra change, some of the money our children received as gifts is a good idea. And when our children are old enough to earn a bit (Babysitting
, summer job) then, they could also add a little bit more to the pot. Education is an important part of our children's future. Unfortunately, it does not come cheap. Start saving now to help ensure our children's success.
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