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Saving and Planning For Your Child's Education Let's face it: High school math wasn't the best experience for most people. Yet, that chapter on percentages may becoming important in adulthood as you deal with interest rates, compound interest, down payments … Today's Saving Challenges Nowadays, your choices are downright baffling. Saving money means choosing from an array of banking and investment plans. In fact, serious savers don't leave money lying in low-interest savings accounts. They buy CDs (Certificates of Deposits), savings bonds and IRAs. They compile a stock portfolio and invest in mutual funds. They also lose sleep wondering if their money's doing as well as it should or fearing that sudden market plunges will wipe out their profits. Meanwhile, those with few funds in savings are scratching their heads at the thousand and one ways they can borrow money. Learning how to save money wisely is important for the young and old alike. For young savers, the act of putting money away sets up a smart pattern for the future. For those who a bit older, knowing how to save money can be key when they are negotiating their first mortgage, getting a student loan or figuring out ways to pay for your child's education. Saving for College Putting a child through college can be an awesome challenge. Consider this fact: Today, the cost of private education per year can be $26,000 or more. Public education is becoming more expensive, too. But there's no cause for panic. How can parents meet this challenge? By planning for it, preferably as early as possible. Start An Investment Plan An education savings plan is essential. Start by estimating how much money you think you'll need to save. Next, open an investment account that's dedicated to your child's education. With the help of a financial consultant put together an appropriate plan. If you plan far enough in advance, it makes sense to put your investment in growth funds. Over 10 years' time that money will really grow. Then, as your child gets closer to college age, reinvest the money in more conservative areas. Open A 529 College Savings Plan Parents who open a 529 education account for their child will pay no taxes on the year-to-year earnings in the account. Plus, these accounts don't have any income limitations to make you ineligible. What's more, if your child ultimately gets a college scholarship and there are unused funds in the 529 account, you can withdraw them without any penalty. (You'll just pay any applicable taxes.) Tips for Saving for College Here are a couple more tips that will help you when saving for college: The IRS Can Be A Big Help Those who are eligible may receive tax credits that can help you recover some of the costs of education. For instance, the Hope Scholarship Tax Credit can result in up to $1,500 per year for each dependent student in your household. Contact the IRS for more information. College Loans, Grants And Scholarships Parents should also consider other options that are probably available directly from the college to which a child applies. College financial aid offices, for instance, can arrange financing from various companies or agencies. Need-Based Aid could provide a grant (which does not have to be paid back) to offset tuition. Also, students who have special talents in sports, arts or academics might be eligible for merit awards in the form of scholarships or grants. Whether your child is just a few years away from college or 18 years away from it, start saving for college and create your college savings plan now. It you will make your burden much easier later.

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