There are several different ways to save for your children’s college education. You can do it old-fashioned and open a bank account designed for college savings.
This generally applies to college expenses such as tuition, books, and other fees, though it can also be used for K-12 school tuition.
For now, here are a few reasons why we chose to open 529 plans for our kids.
It shows that you are serious about saving for your child’s education. It also reassures that you aren’t planning to take that money and spend it on something different.
Most 529 plans also allow for direct deposit payroll deductions from your employer. As a result, we put $50 every paycheck into each of our kids’ college funds.
Be sure to have a conversation with an accredited financial advisor or do your research to find out which will provide the most benefit to you.