It’s summer and the invites for high school graduation parties have been flowing in. For many of these high school graduates, the next step is college. A college degree, despite the rising cost of tuition, remains a major achievement in the modern economy. You are more likely to have a job and earn a decent salary the more education you receive.

 

Here are some great ways to start preparing for these costs:

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• Open a savings account

• Open a Roth IRA

• Look into 529 college plans

• Opt for a Coverdell education savings account

• Consider prepaid tuition plans

• Open an UGMA or UTMA account

• Set up an educational trust

• Invest in treasury bonds

 

Even if you have not started saving and your child or loved one is nearing high school or later, there’s still value in opening an account. Vanguard reports that by choosing an account with tax benefits, you’ll still have time to take advantage of them. If you are interested in developing a financial plan for education, Webb Financial Group is here to help!

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Based on

https://www.bankrate.com/banking/savings/how -to-save-for-childs-future/