In most lines of work, you read about “best practices”. Well, let’s take a moment to apply best practices to your finances. You may be just beginning your financial journey, fresh out of college. You may have children or grandchildren that are starting their first real job.
Perhaps, you just want to get serious about your finances. This savings guide is designed to help organize cash flows, so that money is being used in the most efficient manner possible.
We wrap up our three-part college savings series by taking a look at how to utilize a 529 plan to save for college. We’ve already addressed whether college savings can fit into your financial plan and how much college is going to cost.
Once it’s clear that you can save for college (because your own retirement is taken care of) and have figured out how much you need to put away, we can begin funding a 529 plan.
Last week, I asked you to take a hard look at your current financial situation and decide whether or not savings for your child’s college is the best use of your resources. This week our focus is on how much college costs and what it will take to get you there.
We want the best for our children. One of the most important goals for a parent is ensuring that our children are as well-equipped as possible for the challenges of their adult lives. Saving for college is a massive financial undertaking for a parent. In order to be successful, you need to use the right strategies to get there.