Saving on College

by j V, posted on 2009-03-24 23:41:28

By JV

 

First Comes love  . . .

then comes marriage . . .

then comes the baby in the baby carriage.

But where is the line that says: “then goes the baby to college costing you an average 90,000 dollars”? Ok maybe not the best line to add to the puppy love crush song, but parents to be… be aware of the rising costs of the average 4-year- university tuition and fee expenses. With this, brings questions to mind… where are we going to get this kind of money? Is it even possible? Of course it is, con paciencia, anything is possible. Here are some ideas to jump start your child’s college fund:

• Purchase government issued savings bonds. They gain interest at a low rate, but are stable and reliable interest bearing notes; and after 18 years of gaining interest depending on its denomination can earn anywhere from 50 to 100 dollars. (They are also tax free when used for educational expenses only).

• Another idea is instead of asking your guest to bring gifts for your baby shower, ask them to make contributions to your baby’s college fund. Set up a savings account for your child (where the teen will only be able to take it out at the age of 18) and jump start the account with the contributions of your guests.

• On the subject of savings account, my grandfather set up a savings account for all his grandchildren and made the initial deposit. As we grew up, we had the option of depositing money into our account. Every time I made a deposit into my savings account, my father would match the amount. Your child with thank you once they grow up and turn 18 (I know I did J)

No matter what method you use, get creative, engage your child and let them know at an early age what you have set up for them. With rising prices in our economy, any little bit helps.  

 

 

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	Saving on College published about 1 month ago by j V, posted on 2009-03-24 23:41:28