Gold101 - Never Too Early to Save for School

If you have children who will be entering college

, or if you yourself are thinking of going back to college, it's never too early to start saving. While financial aid in the form of loans and grants is available, it doesn't always cover all the expenses that can be involved with school, including room and board, books, travel expenses, supplies, and so forth.

Even if your child is very young, now is an ideal time to open an interest-bearing savings account specifically for the purpose of setting aside money for college expenses. By setting aside money every week or at least every month, you'll be prepared for the sudden expenses that come with school, including furniture for the dorm room, textbooks, and things like food and other necessities. After all, if you or your child will be going to school full time, the time for a job will be reduced or eliminated, and the money that would normally come from that income needs to be replaced somehow.

School is very expensive. Whether it's community college, public college, or private college, there are considerable expenses involved with every semester, and it's important to be too prepared instead of not prepared enough. That's why saving as early as possible is the key to success. It's inevitable that there will be plenty of surprise expenses; textbooks can get lost, laptops can be stolen, and there may be trips or other activities that arise.

In addition to standard savings accounts, many banks offer special college savings accounts. Look into these, as they typically offer reasonable interest rates. You may wish to look into a 529 plan, which is run by a state-operated or private institution with the sole intent being to save for college. Although entering into such a plan requires financial discipline, the payoff is worth it in the form of an education.

As with anything else, a lot of research needs to be done, and questions need to be asked. After all, this is for a college education, and it's important to know the details. Make sure that the savings account is insured through the FDIC, so that you're protected in the event of a collapse of the financial institution. Make sure to read your statements every month, so that you know exactly where you stand.

Unfortunately, a college education will never be completely free, even with a scholarship package. There will always be expenses that need to be met, and saving as early as possible will help reduce a negative impact on your financial bottom line. If you have more than one child, even greater financial discipline is needed to meet the goals for each child, but a college education is necessary for survival in today's workforce. Don't let yourself or your children fall behind because of poor financial planning.

Because this is such an important decision, it is advisable to speak with an accountant or financial planner so that you can choose the savings plan that is right for you and your family.

Gold101 - Never Too Early to Save for School

By: Gold101.com

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