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January 7, 2021

Planning for College as a Mom and for Our Son's Future

"An investment in knowledge pays the best interest". - Benjamin Franklin 
This is a sponsored post in collaboration with Nancy Etz, all opinions and experiences expressed are my own.
Anyone else have Student loan debt?? I want to share some of my experiences with going back to school as a Mom and the WHOLE financial process. After the Holiday Season is a great time to start your investment strategies. I have already planned out our budget for 2021 and that includes College. 
Does that last sentence scare you? 
Where will you get the money with your budget already stretched so thin? 


These are the questions my spouse and I asked ourselves too. I strongly urge you to take some time and really plan ahead! I want to share some of our reasons behind saving for our son's college experience NOW after my experience going back to college. Maybe some of these reasons might resonate with you! I wish my parents had set up some sort of college fund because it took years for me to afford that luxury. The idea of of scrambling at the last minute for his education scared me! As a working Mom, going back to college was HARD! Check out Nancy Etz' "Helps College Women Discover Empowering Scholarships" article if you are in the same situation ( or thinking about going back to college). 
Try to find College Scholarships or plans that offer these:
1. Beneficiaries can attend college in any state, not just the state sponsoring the plan.
2. There is no age limit for beneficiaries (perfect if you are saving for your kids).
3. A beneficiary can have more than one account. For example, parents can open an account for a child and grandparents can open an account for the same child.
4. They offer tax deductions, tax-deferred growth, and tax-free withdrawals.
Anytime you are putting money into something it is helpful to know exactly what you are getting into! 

As parents we never realize just how fast time flies. Ever since I had our son his life has flown by in a blink of an eye. I don't want to worry about his college tuition because I waited to save for it. 
What are your thoughts on Saving for the future? 
Have you started to plan your child's college, yet?
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