Tips on Saving For College

Here are some tips that might make it easier for you to start saving for your child's future college education:

• Talk to your bank or credit union about other savings investments for your money than just a regular savings account.
• Start saving money as soon as you are able.
• Set a regular schedule when you'll put money into the account.
• Figure out how much you will realistically be able to save. Do a budget for your family's expenses to find out how much you can afford to save. Learn how.
• If you are able to, try to increase the amount you save each year.
• If you receive a large sum of money at one time such as your tax refund, EITC (or Earned Income Tax Credit), or a bonus from work, try to put at least some of it into the savings account. This is hard to do but, in the long run, it is a better investment than just spending all at one time.
• Get your kids involved in the savings plan. This is a great way to teach them now about how to save.
• The college savings account should be in the parent's name, not the child's name. By doing this, there are more benefits in the future when applying for financial aid. Also, if the account is in the child's name, that money legally belongs to the child-instead of using it for college, your child may end of doing whatever she wants with it.