I am not a parent yet. But most parents, I believe, would want the best education possible for their children. Paying for your child’s education is far from being cheap. Even if you plan on sending your kids to public school, just the expenses, like books, school supplies, and school activities, on public school alone can be costly. Starting to save early and growing your money in a high online savings account are two of the best ways to save for your children’s education.
Save Early and Regularly
The earlier you start saving for your children, the better off you will be. Saving for your children’s education should be a long term goal. As with other investments, time will be on your side when you start early. The earliest to start saving would be as soon as the child is born. Getting advice from a professional to learn the gains and risks involved.
Grow Your Money
Saving for your children’s education should be risk free. Therefore, a good place to put that money should be in a high online savings account. One reason is that this type of account is risk-free and it’s really designed to help your savings faster. Usually, they offer a higher interest rate than the typically basic, traditional account. Another reason is that this account is very convenient because it allows you to make automatic payment every month from your checking account.
These are just two ways to save money for your children’s education.
Do you think saving money for your children’s education is important? Why or why not? Share your thoughts in the comments below.