This is a sponsored post for Future Advisor, all opinions are my own.
From the moment a child enters the world, the expenses start rolling in. From hospital expenses, to diapers, to doctor visits, shots, school, sports and then…the dreaded college expense. It seems like it never stops!
My oldest child is four, the youngest is just two, but my husband and I are already talking about what we want to save for the futures. It’s crazy that this is already something we have to think about, but I don’t want to be stressed when they are 18, wondering where the money for college is going to come from, or have them have to turn down their dream school, because we didn’t save enough.
We’re still deciding how much we will save for each child and when they will be eligible to receive the money. I did come across this amazing savings calculator tool that helps a lot with planning! It’s a free college savings tool from Future Advisor, and it helps you figure out how much you need to save for each child! They also have an app!
One thing I know for sure, putting aside a bit of money now will help make things easier and less stressful as the kids grow up! Future Advisor helps you understand the different types of savings accounts you can create for your child and they manage them for you! It takes a lot of the guess-work and worry out of it all!
We will try to put a bit aside each year, hopefully increasing in amount as the kids get older. We also hope to teach them how to save and contribute to their own futures through Summer jobs and possibly even part time positions throughout the school year. I want them to go out into life with little (or no) debt (#debtfreediplomas would be awesome!!!) and some work experience. Even if they have old had jobs during the Summer or holiday seasons, at least this will show on future job applications that they are hard workers and know how to balance time and responsibilities.
I knew the student debt in our country was crazy, but I just found out that in 2014, the average college graduate owed $33,000 in student loans and 70 percent of all students carry some debt when they graduate. I just don’t want that for my kids! For them to start out their lives owing money, especially not tens of thousands of dollars.
Future Advisor helps people save and invest in special, tax-advantaged college savings accounts to give their children a head start. They also charge no management fee, and provide the service at-cost. By using a tax-advantaged college savings account, families can grow their wealth faster and ease the burden of student debt for their children.
I am a firm believer that there are many ways to sneak money away into savings, and I’m excited that the future advisor app helps make the most of every cent saved!
Are you saving for college yet? How do you do it?
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