Preparing Financially for College Education

One of the problems of parents now is sustaining enough money to send their children to college. Colleges and universities tend to cost a lot of money. Plus, there are always extra expenses that parents should be prepared for beforehand. Unless you have a lot of money stashed somewhere, saving up for college education can be started as early as possible.

You may wonder how much you would need to put in every year. This depends on you and your estimate of how much college education would cost the moment your child tries to find a college of his or her choice. You can start by taking 5% of your monthly salary to a separate bank account. You can then add money to it every month plus, the interest of the bank will also make the money higher in the right time. Putting it on a separate bank account will work better than trying to keep it at home because you would need to exert extra effort in withdrawing the money just in case you would want to use it.

Remember that college education is important at this day and age when most people who get steady jobs and are financially stable are those who were given a chance to study college. It is your duty as a parent to give this to your child.




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