Collecting and saving money for child’s education is one of the most important responsibilities of a parent. To ensure that reasonable amount is saved for securing the child’s future, a parent can go through these methods.
There are various states in the U.S. where parents can submit tuition fees in advance at the present day rates to prevent the impact of inflation and rising tuition fees each year. This way parents can secure the child’s education directly in an efficient manner.
In order to invest more securely to ensure better returns which can aid in child’s education, people can take advice of professional financial advisers which have multiple plans and schemes for the better return of investment (ROI). Try to make that the adviser is a certified professional and not some fraud.
Dedicated Savings Account for Child
There are various perks of having a savings account in the name of your children. First of all, even depositing small amount of money each month will make it a large sum when there is requirement of heavy amount for tuition fees.
529 College Savings Plan
It is one of the most important savings plan for parents which comes with multiple benefits. The earnings from the account are prevented from federal taxes which enhances the amount. Also, the parent and not the child have control over the account which prevents misuse. It also has the privilege through which anyone can make a payment in the account. These and various other perks make it the most important way to secure the child’s future.
Investment in Small Properties
A family can invest in a small land or new real estate projects as per their budget (installments can also be chosen) when a child is born in the family. Selling of this property can provide a good sum when the child is ready to join the college making it another important method of saving money for child’s education.
Part Time Jobs by Students
Students can themselves help parents for tuition fee submission by working part time in places like restaurants or stores etc. In order to get more time for working in these places, students can take support of external agencies like EssayCorp which provides homework writing for small fees.
So, these methods will definitely add required amount to ensure that child is getting best education that he/she deserves.