Allan Oulate shares a presentation discussing 3 tips for saving for your kids' college fund.

1. 3 Tips For
Saving For Your
Kids’ College
Fund

2. There’s a reason you often hear
parents saying “They grow up
so fast.” It can sometimes feel
like your child goes from a
toddler to a college student in
the blink of an eye.

3. When you’re having a baby, the
last thing you want to think
about is saving for your child’s
college, but it truly is smartest
to save as early as possible.

4. Thanks to the phenomenon of
compounding, in which your
turns earn more returns, your
money can grow exponentially if
you start saving early. Try to
give your money as much time
to grow as possible.

5. If you start saving for college
before your child is born, you’ll
be able to save much more than
if you wait 9 years. Here are a
few tips for saving up for your
kid’s college.

6. Plan for
retirement,
too

7. Before you start saving, make
sure you’re taking your
retirement plans into account as
well. Many experts feel that
equal if not greater importance
should be placed on your
retirement plans.

8. Paying for college can be done
through other options such as
scholarships, grants and loan
programs, but your options
without any retirement savings
are limited. You can either
continue to work to get by on
small social security payments.

9. If you put your kids through
college without planning for
retirement, this could become a
burden on them when your
retirement savings run out later.
Planning for retirement doesn’t
just help you. It can also save
your children financial strain in
the future.

10. Choose the
right
savings
plan

11. When it comes to choosing a
savings plan you have a few
options. In most states, there are
529 savings plans that come
with tax benefits. These benefits
are especially helpful in states
that have an income tax.

12. If you won’t need access to your
child’s college fund until you are
older than 59 and a half, then
you can consider an IRA. This is
beneficial if you want higher
interest rates than the average
529 or savings account.

13. If you’d prefer to use a standard
savings account, you can set up
the amount in your child’s name,
but there’s a catch. Having too
much money in child’s name
could have a negative effect on
his or her eligibility for financial
aid in the future.

14. Remember
that the
investment
is worth it.

15. College is getting more and more
expensive, but it pays off. The
U.S. Census Bureau states that
education has a greater impact
on earnings throughout a 40-
year career than any other other
factor.

16. A study conducted by the Census
Bureau examined the
relationship between education
and earnings using data
collected monthly from 2006 to
2008. The study’s author
estimated that a person with a
professional degree earns about
$72,000 more a year than a
person with an eighth-grade
education.

17. Saving for your kid’s college is
well worth it, because that
degree could help your child
make more money in the future.

18. It’s crucial that you start saving
for your childrens’ college as
early as possible. The earlier you
start saving the more time your
savings will have to grow.
Saving for college can have a
huge impact not only on your
child’s education but on your
child’s life way down the line.