They Grow Up So Fast!
This little guy graduated from Middle School this year. How did that happen so fast? Before we know it, he will be college-bound. Unfortunately, we did not start saving for college right from the start, but we did get started during elementary school. It’s really never too early to start saving for college.
Benefits of Saving Early
College is an investment so it’s important to start saving as soon as possible especially with tuition rates rising 51% over the past 10 years. While it’s never too late to start saving, here is a chart showing the benefits of starting early with your college investment plan.
Image source – mefa.org – based on 7% return rate
According to many financial experts, if you are putting away enough for retirement, you should start saving for your child’s college education. My husband and I started a 529 plan about 10 years ago. We started with a lump sum and add funds each month. We hope to minimize the need for student loans when our kids reach college age.
Visit a U.Fund Dreams Tour Event
The folks from the Massachusetts Education Financial Authority (MEFA) have once again partnered with Fidelity for their U.Fund Dreams Tour. My daughter and I attended last year and it was a fun learning experience for both of us. This year, we’ll be back with the entire family.
The Dreams Tour allows children to participate in fun activities that teach them about investment concepts. They will be able to imagine themselves in different occupations. Even the very young can participate. Parents learn important facts about saving for college too. It’s a great environment to help parents dream along with their children about future educational and financial goals.
Attending the U.Fund Dreams Tour last year.
Find a Dreams Tour Event Near You!
To find out about a Dream Tour event near you, check out their calendar to see the schedule of all upcoming events. There is something for families with children of all ages. We will be at the Wachusett Mountain KidsFest this year. Hope to see you there!
What are your thoughts about saving for college? Have any tips to share?