Your parent(s) are considered your primary source of financing
your education. Parents should plan ahead by developing a
savings strategy once their child is born or while attending
elementary school. It is never too late for parents to start
saving for their child’s education. Parent(s) should
consider various sources to help pay for their child’s
education such as 529 College Savings Plan.
Students are also expected to help finance their education.
Since, you are expected to provide some funding, there are
a few saving strategies you should consider such as saving
a certain percentage of your allowance or employment checks.
Once you have started your savings plan, you should discuss
with your parent(s) and consider depositing your money into
an account that would provide you with the highest return
on your money (interest). An example would be a money market
account, which offers compounding interest on a monthly or
quarterly basis. Research the different banking institutions
in your area to learn more about other saving strategies and
accounts.
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