Being parents, you’re always concerned about your children’s future, and it’s quite normal for you to be worried about your child’s higher education.
But if you want to give your child the best education you must begin saving money so that you can afford the college fees.
It’s best to begin saving money for your child’s college education as early as possible, so that you don’t feel the burden of it later when your child is ready to attend the college.
There are a number of ways in which you can save money for your child’s education, and saving money in the regular savings account doesn’t really have to be the only option. You need to save money in such a way that it grows, so as to meet the needs of tomorrow’s education, which will definitely be higher than the current fees at most colleges.
State college funds
In the United States most of the states have a state college fund program, which can be of tremendous service to the parents who are worried about their children’s future education. You begin putting money into these funds while your child is still in school, and the money keeps growing continuously with the interest getting added.
Furthermore, by opting in for a state college fund you are able to lock in the fee at the state colleges or universities at the present rate. It means that even if the fee rises significantly by the time your child is ready for college, you will still have to pay the same fee amount as was locked in at the time of the starting of the fund.
Later, even if your child decides to attend some private institution these funds can still be used to pay off the fees of these private institutions, although the locked in rates won’t work in this case.
This is another facility available in certain states, where you can set aside money for your child’s education and get higher interest rates on the savings.
The regular savings bonds are another way you could save money for your child’s education while at the same time allowing your money to grow at a faster rate. You can also set up automatic deductions from your pay or savings account, so that investing in these bonds becomes a more regular feature.