How To Save For Education
If the first saving goal is an emergency fund, your second priority must be education. College education can be very expensive. You must consider its cost early on especially if you are starting to build a family so that you will be able to save enough money to pay for your child’s college. By doing so, your child will be one of the few who will get a degree without a loan to worry about. Here are ways you can save for education:
- Scout for tax-advantaged savings plan tailor-made for future college costs. This is a savings plan properly managed by existing laws that allows you to save more. These plans come with minimum taxes and even there are those which are tax-free. When you find one, enroll and start saving at least 10% of your income to this account.
- Put your savings for education in a savings bond. Savings bond allow you to exclude from your gross income all or part of the interest earned on your savings.
- If it’s too late and your child already going to college or perhaps you are paying for your own tuition, then work out with ways to minimize college cost. You have several options to minimize the cost of college. First, you can find grants and scholarships that your child can qualify to. Grants and scholarships are awarded to academic achievers, athletes, and low income families. Second, consider community college rather than top universities. Doing so will prevent your child from taking out large loans for schooling. Finally, if you are the one going to college, work while in school to earn money that will keep your education costs down.
However, if you badly need financial help to finance your child or your education, read on.
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