With two kids, saving for college is always something we think about, especially when our girls are already talking about what they want to do when they’re older. We’re not rich, far from it and in today’s economy it’s just so hard for us as parents to make sure we save enough for everyday life and emergency’s, sometimes saving for a college fund is just hard to come by.
There’s always some small ways to save just a little though to make sure that our kids have a future to look forward to, lord knows that I don’t want them to be in far more debt when they come out of college like we both have. It’s not a lot, but it’s a small way of saving, think about all of the pennies you can collect in a year, round up all the change you find around the house, in your purse in your pocket, collect them all in a jar and at the end of the year, take that savings and put it into an account just for your kids!
Rebates! Any of you take those mail in rebates, send them out and collect the money? Instead of spending it on something else, why not put them into a savings account for your kids to tuck away.
Saving for kids college can be as simple as stashing away $5 per kid a week makes a dent in an account and a brighter future. Think of that candy you bought them, the ice cream you took them out for, things you didn’t really need to do, you could have put that away for their college education!
There are so many easy ways to stash just a little bit away, saving something is better than saving nothing it all! You can even look into opening a 529 account for each child rather that just a regular savings account. A 529 account will allow you to save for their education and offer a tax advantage as well. Normally with these accounts there’s an age limit to when they can access the money too! If your children decide against college for whatever reason, they can still use the money in the account but will be subject to a 10% tax penalty for not using it for education.
I’ll allow my kids to have a choice, but with the way things are going these days, the more education they can have the better job and money they’ll make in the future!
At their young ages, my one daughter (8) wants to be a fashion designer or a vet, the other (5) wants to be a professional dancer. They’ll both need money for education in any of those careers if they want to succeed, so I might as well start saving now!
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September 20, 2011 – 11:03 AM - | Posted in daily life, Sponsored | Comments Off on Saving for Kids College – Where Do You Get the Money?