Have you noticed how quickly the cost of college education is rising? You may not have. Between work, soccer and band practice and everything you have on your plate, you may not have time to worry about it. However, the sooner you address the issue the better.
For starters, take a look at the different ways you can save for your child's education:
529 plans can be used to save and invest on a tax-advantaged basis to fund future higher education expenses of a child or other beneficiary.
Coverdell Education Savings Accounts
Coverdell Education Savings Accounts (ESAs) can be used by individuals within certain income limits who want to set aside dollars on a tax-advantaged basis for K-12 and postsecondary education expenses.
Custodial accounts can be used by investors wishing to make a gift, in the form of securities or cash, to a minor.
Custodial 529 Accounts
Custodial 529 accounts can be used to make irrevocable gifts of cash to a specific minor for higher education expenses.
Zero Coupon Bonds
Zero coupon treasury bonds can be used for any situation where the goal is to accumulate a specific amount of money by a certain date.
Personal investments can be used for any purpose, such as college funding.