Toddler or teen, your little angel will inevitably have to attend college sooner or later for his/her own good. No, don’t take out money from your retirement savings to pay college fees! We are here to tell you how you can save money without taking out money from other funds.
1. Avoid debt and start saving now.
Start saving early to ensure neither you nor your child is faced with the compulsion of borrowing money due to no other alternative. Start saving now! Every drop contributes to the ocean so go on saving.
2. Be pragmatic about monetary assistance
Even if your child is likely to receive financial aid, you have to understand that all of that is nothing but loans again (refer to the 1st point). Be prudent about this.
3. Teach your kid how to save money and what an education loan is
Your kid has to know fundamentals of money at least. Train them to be more responsible in money matters. Tell them that there are various ways they can themselves save money. You and your child can save money together. Whenever someone wants to give your child a gift, ask that person to give money instead so that the amount could be deposited in the college savings of the kid.
4. Save for your retirement too
It’s vital to save for your retirement too, while you save for your kid’s college education. Don’t neglect your retirement savings. Chances are that when you retire, your kid would possibly be away from you and be unable to finance your needs.
5. It’s neither too early nor too late to save
This applies to everybody!! You can and have to start saving this very instant. It’s neither beforehand nor last minute to save and invest. If not now, when?