Finance
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Saving for College Checklist
Whether your child is in diapers or driving a car, it’s important to be prepared for the cost of college tuition. Financial experts agree that knowing your options and taking action early can help you avoid the stress of scrambling to make payments later.
If planning for college seems like a daunting task, and let’s admit that it is, then use this checklist to get started:
- PLANNING AHEAD
- Speak with a financial advisor about your options
- Estimate your savings goal: check out tuition at a variety of schools
- Determine the best savings plan: traditional savings account, 529 plan, Coverdell Education Savings account, or something else entirely
- GENERAL SAVINGS TIPS
- Put away money from each paycheck using automatic deposit
- Increase the amount you save each year
- Ask family members to help by sending checks for birthdays, holidays, and special occasions
- Get children involved: open savings accounts for them and match their deposits
- Add tax refunds and other large amounts of unexpected money to your college savings
- Don't raid college savings for other expenses unless absolutely necessary
- ALTERNATIVES TO PAYING FULL TUITION
- Look into prepaid tuition plans: most states have them and there are plans for private schools as well
- Pursue scholarships for sports, talents or academic achievements
- Encourage your child to take classes during high school to earn college credit, if possible
- Research federal financial aid programs
- Consider the military which offers to pay for college as an incentive for enlisting in one of their services
- Don't hesitate to ask the college or university for more aid - they may work with you
- MORE WEB RESOURCES TO HELP WITH SAVING FOR COLLEGE
- Discover financial aid resources at www.FinAid.org
- Earn money on everyday spending at www.upromise.com
- Learn about tax benefits at the IRS Education Tax Benefits Center
- Use social networking resources to raise money like GreenNote and SmartyPig
- Open a 529 College Savings Plan at www.price529.com
See more shopping and to do lists in the Cozi List Library.
Michele Johansen is a writer in Bellevue, WA. She is the co-creator of the Ruby Slipper Guide, a website that lists activities and events for families living east of Seattle and blog that delves into the foils of parenting.
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