3 Considerations When Planning to Save for College

One of the most foundational items, especially for young families, that we look at here is the insurmountable cost of planning for college. When planning for college, there are many factors that play a part in the decision-making process. Do you have more than one child; will you pay for some or all of their college expenses; what will the cost of college be in the future; the list goes on. Not to mention the factors you can’t control like will your child choose a private university, trade school, in-state, out-of-state, and again, the list goes on. Here are a few things to think about when starting to plan for your child’s future.

Don’t get frustrated.

The numbers are huge and they get bigger every year. Look for a real goal. Something that is attainable for you and your financial space. Create a reasonable target within your budget.

Take a look at different options.

At North Main Financial we recommend this to folks with some regularity. Yes, we focus more on the four year or more traditional kind of colleges but recognize there are other options. There are two-year programs, vocational programs, and there are opportunities to do what are called split programs where you start at a community college and finish at a more traditional university. Take a look at all the options that are out there because that can reduce the amount of financial impact significantly.

Look at college savings plans.

Consider things like 529 accounts, custodial accounts, and education savings accounts, there are a lot of options sitting out there. Look at some of the options that may be good for you in a tax advantaged way to be able to save for college for your loved ones.

You may also be interested in the following links:

Should You Pay Off Your Student Loan Debt?

How Tax-Deferred Accounts Can Help Increase Your Wealth

If you have questions about your financial goals or would like to talk with us further about our services, give us a call at (704) 987-1425 or visit us at www.northmainfinancial.com. If you wish to schedule an introductory meeting, we would be happy to meet with you at no cost or obligation to you.

These Blogs are provided for informational purposes only and should not be construed as investment advice. Any opinions or forecasts contained herein reflect the subjective judgments and assumptions of the authors only and do not necessarily reflect the views of SagePoint Financial.