All responsible parents want nothing less than the well-being and good future of their children. This means that they will do whatever they can to give their children a good future and the big factor for that is having a good college education.
As ealy as now, while my Matthew, my first born, is just turning 3 years old and Sean, my youngest is barely a year old, I am thinking of ways of saving money for their college education.
Here’s what I did for them (or for Matt at least). I got him an educational plan with Coco Plans. This is payable for 5 years to be matured 18 years after, not sure but it is when he will be using the fund for his college education.
For Sean, I have been saving money for his college fund, but I haven’t invested it yet on any educational/pre-need plans. I will though as soon as I get back home from Vancouver. I will get him one before his first birthday (February 26, 2009).
Ways Saving For College (Saving for College in the Philippines)
There is no such thing as free money for college. I see two ways of preparing for collage education… but I’m sure there are tons of ways.
- College Education Insurance
- Savings / Funds / Investments
There are a number of ways you can save money for college education. It really depends on your lifestyle.
College Education Insurance
The key to college saving basics is starting early. There is not time like too early. Take myself for example, as I mentioned before, I have 2 sons, one 3 year old and youngest will turn 1 year. As early as zero age, I got them their own college education plan.
Getting a college insurance plan is fairly much like savings. If you put a little money away each month, or every payday, you’ll have enough money to pay for annual contribution to your sons’ college fund (assuming you got yourself an annual scheme).
I got my Matthew a 5-year plan,
College Savings / College Funds and Investments
This is pretty much like getting a college savings insurance mention above. But instead of giving the savings to an insurance company, you save your small percentage of your salary and put it in and investment firm.
Place your savings or invest it in funds and stocks and other investment wheel (futures trading) and let it grow over time. With this tidbits of savings you’ll have amassed quite a bit by the time college rolls around.