If you have, or plan on having kids, how are you preparing for their education? College tuition continues to rise faster than the rate of inflation so parents need to plan ahead more than ever. How are you preparing to pay for their college education? Are you saving any money to help them out or will you let them rely on student loans and working to pay for school? If you are saving, are you using a special college savings vehicle or just setting money aside at the bank?
College savings was never a major priority for us for the longest time because we didn’t have children. But with the birth of our daughter, an 18 year clock started ticking. It may seem like a long time, but when you think about what college might cost 20 years from now and the many changes that are bound to happen to borrowing money for college, it makes you stop and think about how important it might be to try and set some money aside.
While our daughter is only a few months old, I made sure to get a 529 plan established right out of the gate. So far we aren’t aggressively funding it or reducing our retirement contributions or anything, I know that the sooner we can start putting some money to work, the better off we’ll be.
So, that brings us to today’s poll. How are you saving for your child’s education, if at all? Even if you don’t have children yet, have you thought about whether or not you’ll save?
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About the Author: Jeremy Vohwinkle is a Chartered Retirement Planning Counselor® and spent a few years working as a financial planner. Today, he helps people make the most of their money by writing about personal finance here and elsewhere on the web. Jeremy is also Coach at Adaptu and a regular contributor for other publications such as Intuit, and American Express. Be sure to follow Jeremy on Twitter or Google+.