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Will Your College Savings Pass the Test?

Asking yourself a few key questions, such as whether your child will attend a public or private institution, or how much of the cost you're willing to take on, will clarify your financial goals.

PRLog - Aug. 28, 2014 - KENTWOOD, Mich. -- It’s back-to-school season again. If you have school-age children, you’re probably bargain hunting with your supplies lists in hand. Before you know it, though, your child will be headed for college – and tuition payments never go on sale.

In fact, college costs on average are rising faster than the rate of inflation, according to the College Board. But don’t let the price tag discourage you – a college education has its benefits. The Bureau of Labor Statistics notes that workers with a bachelor’s degree earn more on average and have a lower unemployment rate than the workforce as a whole.

As a first step, determine how much you’ll need for education expenses: Will your child attend a public or private institution? Do you plan to pay all the costs or simply tuition? Even if you can’t answer these questions yet, it’s important to think about them and understand your options. Setting these goals can greatly influence your “bottom line” number.

How to Save Smarter
Saving for your child’s education doesn’t have to be a daunting task. Consider the following to ramp up your savings strategy:

Save early and often by contributing to your child’s education savings plan on a regular basis.
In lieu of toys as birthday or holiday presents, ask relatives (such as grandparents) to contribute directly to your child’s college savings plan.
After your child reaches school age, shift money used to pay for day care to college savings.
Use your annual tax refund or a bonus as an additional contribution to a college savings plan.

What About Your Other Goals?
You may be tempted to divert all your savings toward a college savings plan – but you most likely have other financial goals, such as saving for retirement. Time is a valuable asset, so don’t delay saving for one goal over the other – view them together. By understanding how your goals interact, you can work to make sure you don’t inadvertently derail one when saving for another.

We can work with you to develop an education savings strategy that takes into account all of your financial goals. For more information, call 616-281-9026, stop by my office, or visit https://www.edwardjones.com/en_US/fa/index.html&CIRN=....

Mark Grooters

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Source:Edward Jones - Mark Grooters: Financial Advisor
Location:Kentwood - Michigan - United States
Industry:Education, Finance
Tags:college savings, edward jones, education savings, college, Savings
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