With the right guidance, most families can build a financially secure future. One way to do that is having a clear plan on how to meet looming college bills. Here are some suggestions to help you save for college.
Determine specific savings goals
Consider the number of children you have, how many years until they start college and where they may attend college. Review your current savings and your projected needs to determine how much you will need to save each month to reach your target.
Having a plan is a great start, but plans mean nothing without follow through. Set up an automatic investment plan to add to your savings on a regular basis. The sooner you start saving, the more time your money has to grow. Be sure to diversify your portfolio among investments to seek the best returns while reducing overall risk.
Seek the help of a financial professional
Financial professionals can be your best allies in saving for college. A professional can assist you in estimating the costs for college. In addition, a professional can help you evaluate which college savings vehicles are best for you and can explain tax-advantaged savings accounts, such as 529 college savings plans or Coverdell education savings accounts.
Let me help
Backed by a team of experts, I’ll lay out your choices for funding a child’s future education. Working with you one-on-one, we'll determine the best way for you to reach your education funding needs, no matter where you’re starting from. Give me a call to find out more.
This article was prepared by COUNTRY Financial®.
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