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10 Tips for Saving Up for Your Child's College Expenses - Finnegan Pierson - Blog

10 Tips for Saving Up for Your Child's College Expenses

Once a child enters your life, it's time to start saving for college. Unfortunately, this tends to be a confusing process. So, here are ten tips for saving up for your child's college expenses.

1. Reexamine Your Mortgage

Your housing costs may not be the first thing that comes to mind when considering college savings, but reexamining your mortgage could be helpful. By looking into mortgage refinance rates, you may be able to change the interest rate on your home. This could save you thousands of dollars for years, which would help substantially in saving up for college.

2. Open a 529 Plan

A great way to save for college is to open a 529 plan. These are plans that are specifically meant for future educational purposes, and most don't have any income requirements or taxes with growth. 529s are also beneficial since there's often no annual contribution limit. Just try to find one that can be transferred between children.

3. Talk With an Advisor

Sometimes the best thing to do is talk with an expert. Financial advisors can look at your finances and determine the best ways for you to save money. Even if you don't like what you hear, take the given advice seriously and make changes accordingly.

4. Secure a Roth IRA

While Roth IRAs are known as retirement accounts, securing one can be beneficial for your child's educational future. Essentially, those who've had a Roth IRA account for over five years can use it for specified educational purposes. This is particularly beneficial since you won't be penalized if your child doesn't use the money - it can just go towards your retirement.

5. Make an ESA

Another method you can use is making an education savings account (ESA). This allows you to invest up to two thousand dollars every year for each child, specifically after taxes. Similar to a 529 plan, it grows tax free. Unfortunately, there's usually an income limit, and the money must be used up by the time the beneficiary is thirty years-old.

6. Get a UTMA

If you trust your child with money, you may want to use the Uniform Transfer to Minors Act (UTMA). Trustworthiness is key since a UTMA can be used by your child once the student turns eighteen. On the bright side, UTMAs can hold practically any type of asset, and there generally isn't a limit for how much you can put in.

7. Make Your Savings Mandatory

It can be difficult to stick with a savings plan. In order to prevent incorrect monetary spending, just think of your savings as another necessary expenditure. Write it on your budget as a cost that can't be avoided, such as utilities. This can help you prepare for immediate life without expecting any benefit from that money.

8. Stay Consistent

When you're trying to make any change in life, it's vital to stay consistent. Otherwise, it becomes second nature to continually cheat. So, when it comes to saving for your kid's education, it's important to stick to your budget. Unless an emergency occurs, don't stray from your plan for any reason.

9. Evaluate Your Spending

In a world where shopping has become easier than ever, it's hard to avoid making purchases. However, saving for college requires you to be more careful. Go over your recent expenditures. If you spent an exorbitant amount on nonessentials (such as dining out and clothes shopping), it's time to make a change.

10. Encourage Your Child To Apply for Scholarships

While your child should by no means have to pay for college alone, it's important to have your kid be proactive. By simply displaying talent, your child can pay for a large percentage of the tuition. You may even end up securing a full ride. This is too lucrative an option to miss, even if your kid is extremely busy.

Saving is rarely easy, but giving your child the ability to attend college is essential. Stick to your plan and keep the future in sight.

Publish Date: February 22, 2021 11:39 PM

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