“What College Fund?”
Life as a parent is one expense after another, once you’ve managed to pay off the balance of your home, something else crops up and replaces it. As our children get older, the costs seem to get bigger and bigger, and college is, arguably, the biggest cost you will ever spring for with your child. While so many are adamant to get the best possible start in life for their children, what do you need to do right now so that you aren’t working three jobs in 15 years time?
Set A Goal
Is with any financial mountain to climb, it’s far more tangible if you set yourself a realistic goal that you can implement in small increments. While a large sum of money is very intimidating to work towards, there are so many financial calculators online, that you can set a realistic goal.
Research The Best (And Cheapest) Colleges
While saving the finances are half the battle, if you can find a college that has that combination of a good reputation, but also has cheap tuition fees, then you’re onto a winner. Some resources can help you, aside from the research you can undertake, IvySelect is one such organization that can help. And while the emphasis is placed on the higher end colleges, it isn’t the be all and end all when it comes to your child getting an excellent education. Your best bet is to keep your eye on the college ranking tables, to see if there are any underdogs slowly edging their way into the top 10.
Look For The Best Savings Plans
The best savings plans with the highest interest rates vary, it benefits you to do your research, but if you open up a 529, this is a very good option to catch up quickly. The contributions you make will be tax-free, and so it could be the difference between your child just scraping by with the minimal of study resources or getting by soundly.
If you haven’t got a roster of careful investments, now is the time to start. A good entryway is peer to peer lending, because you can work your way up, especially with minimal finances. Beware of cryptocurrency, as it’s everywhere the moment, but the more research will take you to the most beneficial ones, not just Bitcoin, and you’ve got a good chance of making a lot of money quickly, but only if the wind blows in the right direction!
Throw The Book At Your Child!
The smarter your child, the likelihood you will have to pay less for them to go to college. And many colleges pay for high achievers, and this is something to start right away. Of course, if your child isn’t an actual high achiever, this could be a very difficult thing to rectify, but you can lay the groundwork early on in your child’s life, by sending them to a high-ranking local school or consider moving so that they get the benefit early on in life.