Preparing for Your Child’s College Education

Posted on by Ink Well Mag

A group of college kidsCollege is expensive. Ask the thousands of parents encouraging their children to do better in school to graduate with an acceptable grade that will land them a full scholarship. Ask the thousands of graduates who still need to pay back their student loans. If you’re not a millionaire, you’ll need to start early to have enough for your child’s college education.

Here’s how you can do it:

Save

Set aside a portion of your income for your child’s college fund. Look for a bank in Connecticut with a good reputation, so you’re sure that the money will be there when your child needs it. A 10% savings per month should be enough to help your child along during college, but if you can save more, that will be even better. You can also make it a joint effort between you and your child, so they can be proud of their achievement when they graduate.

Invest

Saving in a bank means your money earns interests, but you can also earn some profit if you choose to invest a fraction of your funds. Choose a low-risk business to invest in. If you’re investing in a friend’s business, make sure they are trustworthy and have a good track record. You don’t want them disappearing with your money.

Change

This doesn’t mean changing as a person, but rather, just changing some habits that are causing you to lose money. A gambling addiction, for instance, can drain your finances if you don’t control it. The amount you spend on smoking and drinking can also be saved in your child’s college fund. You can also make small changes, such as switching from one brand to another and getting significant savings in the long run.

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As a parent, you want to help your child get a good future. Preparing for their college expenses is one way to show them you care.