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Tips for Saving Money for College

Are you starting to save for your child's college education?  I'm five years away from sending my first child to college. I have decided there is no better time than today to start saving.

Taking early action is the way to go, scrambling last minute isn't going to be an option.  Here are some helpful tips.

Planning for College

  • Financial advisers are a great resource to learn about your options.
  • Take a look at some potential colleges and universities and get a ballpark figure of current tuition costs.
  • Find out the best savings plan for your family, like a traditional savings account, 529 Plan, Coverdell Education Savings account.

Start Saving Now!

  • Try and allot money from each paycheck to the college fund.  Try automatic deposit.
  • Add more and more money each year to the fund.
  • Family members can help.  Special occasion money form birthdays and holidays can be saved.
  • Have your child open their own savings account for college.  Match their contributions.
  • Unexpected windfalls of money should make it into the college savings account.
  • Never use these funds for anything else but college tuition if you can help it.

Creative Ideas

  • Does your child have a talent in sports, music or academic achievement?  Look into scholarships.
  • Check out Financial Aid Programs.
  • The military offers many incentives.
  • Communicate with colleges and universities. They may be willing to work with you.

Web Resources for Additional Support

  1. U Promise Earn money while your shop!
  2. IRS Education Tax Benefits Center is worthy of your time to read and bookmark for future reference.
  3. Smarty Pig A place to save money for specific saving goals.

Do you have any more tips to add?  Leave your thoughts in the comment section.  We would enjoy hearing from you.

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