Having a baby is a remarkable moment for any family, especially if it is your first. You may be over the moon as you look at the tiny person you created. Even though it may seem like they will stay that young forever, your kid will be all grown up before you realize so much time passed.
It is why taking steps to secure their future should begin when they are born. You may think it is a good idea to start a college fund a few years before your child turns 18, but it may be too late by then.
Parents who manage their finances intelligently will begin saving money for their child’s college fund when the kid is born. It gives you 18 to 19 years to save up enough money so your child has many options where their education is concerned.
If you are wondering where to put the money, it is helpful to talk to a local bank. You can visit with a bank in your area, such as Columbia Bank Linden or some of the other top rated banks. Experts at a bank can sit down with you and discuss your college fund options and goals.
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Most of these funds have unique interest rates, as you are putting the money away and not touching it until nearly two decades from now. Being able to accrue a higher interest compared to regular savings accounts will help you grow that nest egg.
If your child is going to attend a private school, you should try and put at least $300,000 aside. That is if you plan on paying for it in entirety. That should take into account some inflation in college tuition prices. Keep in mind that public colleges and state schools are a lot less expensive.