Who’s worried about paying for college? I am. But who has time to figure everything out? And even if you do figure it out, will you ever save enough? These are common question for those wondering how to save money for college. This post, sponsored by CollegeBacker, is designed to provide some relief to those working on savings for college. While there is no silver bullet, the experts at CollegeBacker have 3 simple tips to reduce stress when it comes to saving for college.
Plus, Family Focus Blog readers, CollegeBacker wants to jumpstart our college savings with up to $75. Every little bit helps, so take advantage of this offer!
3 Simple Tips For How To Save Money For College And Stress Less
- Save early & often – even with only $25 per month.
Okay, so this is really two tips in one. First, start ASAP – and you can start in 5 minutes with CollegeBacker. “Even my smartest, savviest friends were getting confused by the college savings process,” says Jordan Lee, CEO and lead investment advisor at CollegeBacker. “That’s why we created a seamless signup process that gets you on track, fast.”
Second, stick with it. Over time, even $25 per month will add up – and add up faster by compounding if you follow our next tip.
- Use a 529 College Savings Plan.
We won’t bore you with the gruesome details, but just remember that opening a 529 is the best way to save for college and allow those savings to grow. “If you use a checking or savings account to save for college, you won’t even keep up with inflation,” says Lee. “With CollegeBacker, you’re opening a 529, a tax-advantaged investment account designed for college savings. This means you can make investments that grow over time and save on taxes, since the gains will be tax-free.”
Wow! Double whammy of savings – ensuring your dollars go far.
- Invite family & friends – you’re not alone!
Even though finances feel personal, remember that your child has a whole village of people who want to offer support. For the next birthday party, or the upcoming holidays, why not suggest the gift of college savings instead of another toy?
“We found that many grandparents, aunts & uncles, and friends prefer giving college access instead of giving more stuff,” says Lee. “With CollegeBacker, you can invite others to contribute gifts – and you have both private invitations or a beautiful, personalized webpage to do it.”
So there you have it: 3 quick ways to stop stressing and start saving for college! I know this can be a daunting journey, so feel free to leave comments or consult our friends at CollegeBacker with questions, comments, and your own strategies. And if this was helpful advice for how to save money for college, feel free to share it with your friends!