9 Ways to Save for Your Children’s Future

Unfortunately for your wallet, aid from the government, colleges and private scholarships only covers about
one-third of all college expenses. To help your children get a financial head start, it’s important to have an
education savings plan. The sooner you start saving, the better off you will be in the long run, and even
modest savings can grow into significant investments by the time your child is ready to head off to school.
All in all, it is far less expensive to save ahead of time than it is to borrow money, since you’ll be earning
interest instead of paying it. Here’s how to get started saving:

1. Start saving the day your child is born, and save as much as you can. Compounding interest can help
your savings grow more quickly; for example, putting away $50 a month beginning at your child’s birth
would yield $20,000 by age 17, assuming a 7 percent return on your money. Bump that up to $200 per
month, and you would yield almost $80,000 by age 17.

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