No matter where you are in the college prep process, saving for college and paying for college is on every parent’s mind. Depending on your situation and the amount of time you have to save, here are some excellent resources that will help you understand college savings plans and give you some resources to help you in the process.
Here are some resources to start with:
This site offers a free Family Guide to College Savings, available in either Kindle, Nook, or PDF format. The guide advises parents on when to start saving, how to start saving, and college savings alternatives. It also gives a brief explanation of the tax savings you can expect and how to maximize savings.
Here you can find a 529 Savings Plan Guidebook which can be easily printed from your browser. By using this guide, you will gain a better understanding of:
- How 529 savings plans work and how to establish one
- The pros and cons of other types of college savings vehicles
- How much may be contributed to a 529 plan
- The tax advantages associated with 529 plans
On U.S. News Education: Saving for College you can read articles like:
- 4 Steps to Choosing Age-Based 529 Plans
- 5 Steps for Utilizing 529 College Savings Plan Funds
- 12 Questions to Ask Before Investing in a Prepaid College Savings Plan
- 4 Costly Mistakes Parents Make When Saving Money for College
Small Steps, Big Dreams engages kids and teens of all ages in a series of interactive games and financial lessons, designed to teach money smarts.
This app allows you to earn money back on purchases you and your family have made that you can then put towards college payments, student loans, or savings plans.
With this app, you can plan how much you need in your college savings account by inputting various information such as current annual college cost, current savings, how much you plan to save annually, etc.
An app that shows a visual projection of the cost of college in the future and how much you should save to cover the cost.
If your college-bound teen is young, you have plenty of time to start saving. If you have a student in high school, you should read the information about aggressive portfolios and how to maximize your investment. The above resources should help you decide how much and where to invest your savings. It’s never too early or too late to start saving for college.