One of the best decisions you would ever make it’s to enroll at college, but we know the cost of it doesn’t make it an easy decision. College can be really expensive and out of budget for a lot of people. Some parents work really hard in order to save enough money to be able to afford their children’s college education, but others just don’t have the opportunity to do it because they may not have a steady income or because other money issues.
Luckily, today we have many options to afford college, like savings plans! But what exactly are they and how they will help me? You may ask. Well, they are systems created for saving money for college with great perks, like flexibility, healthy tax breaks and with time they help to reduce debts.
On the internet you can find many websites that advice you on “how to plan your savings for college” and they guide you throughout rates, taxes and all the basics you should know about these plans.
You should always be very careful when choosing your savings plan because some plans may include high fees and commissions.
On the other hand, there are also low cost plans that will allow you to save money for college without charging don’t any extras like annual fees or other expenses
In the low cost plans the plan manager always charges a 2% fee. For example, if you make an investment of $5,000 your money could grow up to $16000 in 18 years.
You can start saving money for your kids’ college even before they’re born! This could be a great investment! Mainly because after several years you’ll get more money out of it.
Are savings plans also useful for a young person without kids who would like to continue studying? Of course, they are! You can start saving now and continue your studies years later.
Savings plans should be your choice today, because they are your “dreams backup”, they represent the opportunity to stay in school with just a little investment that will grow with time, and by the time you or your kids start going to college the debt won’t be high.