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College preparation

With the cost of college tuition climbing year after year, it is best that parents have a sound financial plan that would reduce the monetary hurdles of sending your kids to college when they reach college enrollment age. In fact, parents can start saving up for the best and highest form of education for their children as soon as their child is born.

Aside from the cash that you have saved yourself, there are additional methods that can be employed to further your money-saving goals and we have shared, in the following paragraphs, a few sources you can look into for getting your kids through college.

To begin with…

Scholarships – Academic & Athletic

Grants – Government & Private

Financial Aid

Part-time Jobs

Work-Study Programs

Student Loans

These are some good alternative sources for your children to utilize before and during their college education; but as a parent, you would not want to be put in those long lines for financial aid or let your child work himself to death just to have money for tuition and other expenses. So you might want to get a jump start at shaving off those hard-earned bucks for your child’s college education.

The earlier, the better

Start investing your money as soon as your child is born. First, put the savings or investments under your name. Later on, decide whether you want to transfer the account to your child’s name by the time he or she turns 15. This way, you will have minimal taxes, if any at all.

However, you need to be careful when transferring account names. Some states require a total turnover of funds once your child turns 18 or 21. This is also ineffective if, in the future, you apply for financial aid. Also remember that tuition fees 10 or 15 years from now may double or even triple the current rates.

Trust fund

Establishing a trust fund for your child is a very wise plan for a child’s parents or relatives to invest in. A trust fund is similar to a time-deposit where the money will be given to your child after a certain number of years. After the designated time, this fund may be received in one lump sum or in accordance with an installment plan.

When building up a trust fund, check out details like interest rates, taxes and withdrawal restrictions. All in all, you need to approximate the costs of tuition and fees, dorm room expenses, meals, books, and other costs that may arise.

Low-risk bonds

Make sure that you invest money wisely as your child grows so that by the time that there are only two or three years before you send your son or daughter off to college, you would have “locked” sufficient enough amount funds in by investing them in low-risk bonds. This way you will ensure that you will get to have enough for them to start their college education.

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FDIC protected

Do you think, as many people do, that putting your money in a bank is the most safe and secure way to save? If your answer is yes, then you are absolutely right if for no other reason than the $250,000 insurance policy put in place by FDIC to protect you against loss. Yes, your money is safe and secure while on deposit in a bank, but you must be wise in your interaction with the bank in order to make sure you get the most out of this relationship.

Banks are not charitable institutions, they are profit-driven entities that charge a variety of fees and costs for all sorts of schemes to take away some of your money. That having been said, the amount savings you can derive just by utilizing some awareness in making bank transactions can really add up after a period of time and let you use your money where you want to. So included in the following paragraphs are some proven techniques you can utilize in your bank dealings and saving objectives.

Check the opportunity cost

Think about the factors that are affecting your money in the bank. Are there fees that the bank is asking you to pay for keeping and using your own money? How much? Are they requiring a minimum balance for holding an account? You might be interested in other alternatives which are available and simply awaiting your investment.

You should always factor in the opportunities that you are deprived of because your money is being held in a bank. Just sitting there and doing nothing else for you! You might also be interested in taking a look into the policies and terms of other banks. Probably the bank that can best suit your needs is out there waiting for you to discover it.

Checkbook balancing, ATM taming

Always keep in mind that you should have your checkbooks balanced at the end of every month. Issuing bounced checks can cost you a lot. The average fee for issuing checks with insufficient funds is $35. If you are not aware of the problem, you can easily issue several bounced checks in a certain period of time and this is very costly indeed.

The best practice in using ATM machines is to avoid using ATM machines at other banks, supermarkets, casinos? (definitely not those at casinos), restaurants, malls or any location other than your bank or any of its branches. Why? Because the cost of ATM fees has increased just like any other cost and can range from 1.50 to $3.50, depending on where you are. Of course it would help if to know other banks which do not charge fees.

Embrace ebanking

With the advent of globalization, everything is becoming electronic. This is also true in the banking world, and technology is quickly becoming a benchmark of competition. E-banking can save you some money from transportation costs and more importantly, it will save you time. The time you spend waiting at the bank can be used for some other productive activities.

Truly, putting your money in the bank is a safe and secure method of saving money, but only if you are smart and wise enough to prevent the bank from chipping away your wealth. In saving, it is not only the benefits such as annual returns which you should consider, you should always think about the costs involved in the process.

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