Assuring that your child receives a quality education when he or she is older often requires setting a budget. Investing in your child’s future is something that can take time. With a budget, you don’t have to make large sacrifices — just a few dollars here and there can add up in the end. Here are some ways you can save for your child’s education:
Invest in a college fund. You can set aside a portion of your pre-tax income or look at other savings alternatives.
Open a separate savings account for your child. You can have the bank deduct a set amount from your checking account each paycheck or on a monthly basis.
Have your child help. Teaching your children to save money is an important lesson. The sooner you start, the more they can accumulate.
Ask family members to help. Sometimes family members want to help with education expenses, and many may appreciate having the option to invest a little at a time.
Once your kids get older, start asking whether they would like to attend college physically or find online classes at eLearners. Make sure your child is old enough to understand the differences between the two. By looking into online college, your child may save thousands of dollars in education expenses.
Paying for college will only get harder as universities continue to raise the price per credit hour; however, saving now will give you a better chance of achieving your goal.