New York – Saving for college education is a challenge. Most individuals are also saving for their own retirement at exactly the same. Saving for college expense is manageable but you need to develop an overall financial strategy. Consider the following points:
- Start Early – By beginning your investing program early, you will gain the benefits of compound interest and will have more money when your child is closer to enrolment. Develop a long-term systematic approach.
- Calculate Need – It is impossible to know where your child will go to college in the future; hence, you want to use estimates for several colleges. Many colleges will provide you with a list of current costs, but also projected costs. The idea of your child going to a Harvard or Stanford is highly alluring; however, you may want to make sure you can afford to help them should they actually get in.
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