Saving for My Child’s Education
Saving for My Child’s Education
When my son was born, I opened a savings account for him that we use to set aside money for college. I opened it at the same bank that I use so that it is easy to transfer money.
Any time he receives money from birthdays, holidays, or just because, I transfer it to his savings account. I also set up an automatic payment weekly to his account. You can start with whatever amount you are comfortable with and increase from there!
By the time my son is ready for college, our goal is to have at least $10,000 in his savings account for him to put toward his education.
MilSpouse Money
Mission Response:
This is a great tip Brittany, and what a great photo of your son! It looks like he is ready to head out the door to school. Way to go on starting early to save for his college education. Maria, an Army spouse, also shares her tips on the importance of starting early and saving what you can in this short video. A savings account is a good place to start and setting up automatic payments is a great way to stay on track. Check out College Savings Plan Choices for more information on other types of accounts, some of which offer special tax and savings benefits. College is like other major purchases and there are several ways to plan for this expense. Money Ready 301: Paying for College has even more information to help others get started!
