Start strategy to save for your children college education isn’t a simple task. Everyone once to start to save as soon as their children are born, but over things seem to get in the way. Purchasing a home, establishing a career or even finishing your own education, are just a few detours you encounter through out your life journey.
The average tuition cost to attend a state university in the 2020 is around 200,000 or more for the four years. Don’t give up or not start as soon as you can. Opening a college account and put something away weekly will help no matter when you start. A college savings calculator can be discouraging when you see how much it will cost for four years of college.
Take 10 to 15 percent of your pay per month and deposit it into the college saving account per child. Make sure you make this deposit every month, then when it time for your child to start college neither you or your child will be panicking about the cost of he’s education. In the short period of 10 years you would have saved around $44,000, a nice start. In another five years you’ll have saved approxily, $80,000, well on your way in paying for the education you child will need for his life to be successful.
Opening a dedicated college fund, a plan 529 is your best bet. The 529 are named for the tax code on the federal tax form. The 529 are available in two varieties: college savings plan or prepaid tuition plan. The prepaid plan will allow you get the current tuition rate at the college of your choice now, remember under this plan you’re committing your child to a certain college. The other plan is less restrictive on the choice of schools, is a general savings plan that is invested.
Looking for find scholarships for your child as he get older and closer to entering college will help you pay for his education too.