Planning for a Child's Education
Getting a head start on saving.
Our two cents
While it may seem a bit early to think about college, rising education costs are a fact of life. And it's never too soon to start saving and taking advantage of the power of compounding.
How it can pay to invest early
Investing $100 per month at 5% growth rate
Source: Schwab Center for Financial Research. These are general guidelines for informational purposes only. Individual circumstances should be taken into account when actual decisions are made.
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Here are some ideas to help you get started:
- Estimate how much you need to save for college.
- Learn about and compare tax-advantaged college savings accounts.
- Once you've opened an account, set up monthly deposits and add extra funds when possible. Contributing regularly through an automatic investment plan can make it easier.