June 3rd, 2011
College tuition is increasingly getting more expensive. Moreover, the funds for education has exponentially decreased these past years. Therefore, the financial aid available for students have slowly dwindled. Parents are now often forced to bear the whole load of paying for their child’s college tuition. However, there are things we can do right now in order to lessen the burden of sending our children in college. Parents should start a college fund during the early stages of their child’s life, probably as early as their first year. This will allow time for the savings to pile up and hopefully save up enough money by the time their children reach their college years. One easy trick to start saving for a child’s college tuition is to do an automatic deposit to a college savings fund from your weekly pay check. By doing this, you won’t have to think about depositing money to the savings fund every week, as the bank will automatically do it for you. Another easy way to start planning for your child’s college tuition is to open up a CD bank account. Just open an account, deposit your desired money, and leave it there for 5years or longer, and watch it increase. This has the added benefit of having a higher interest rate than simply a savings account.