College Funds

One of the most important savings funds you’ll make in your life, is a college fund for your children, or a loved one. This can shape a future, and make the difference between the very best education, and a high school diploma. If you want someone important in your life to have the future they want, you should create a savings fund just for them.

College funds are well known, but how to go about creating them is a little more elusive. This type of fund is similar to other savings funds, but often has a much longer term to accumulate. College funds can be opened as early as birth, and in some cases, even earlier. This gives you plenty of time to set aside, which can make working it into your budget much easier. For this reason, this type of fund is also on the lowest priority, as paying off debts and an emergency fund should come first. If you find room in your budget to include a savings fund, you can share this information with family and friends, in the event they would like to contribute. But, how much to save? Consider the average tuition as of now, and work towards that goal.

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