From our friends at Mamiverse!
For many parents, the thought of paying for their children’s college education can bring about feelings of pressure and anxiety. And with some schools costing more than $200,000 for a four-year degree, it’s certainly understandable. Whether or not you’ve already started a college education fund, here are some guidelines to get you through.
As with most financial goals, the sooner you start, the more likely you are to reach them. There are two main reasons for this. First, the more years you have to save, obviously, the less you’ll have to save each year. Second, and more importantly, for every year you put off setting money aside, you’ll forego years of investment earnings. For example, if your child is 15 years away from college, whatever money you set aside today will have the potential to sit in an account and earn interest during those 15 years.
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