Every parents want their child to get the very best start in life so it’s imperative that you plan ahead now for big future expenses such as the cost of going to college in order to lessen the financial pressures later on.
Your child’s education is probably the greatest expense that you will face as a parent so it’s a good idea to begin saving early on. It’s also important to explore your savings and investment options:
There are two main options open to you:
Regular Savings account: With a competitive rate where you put money aside each month
These accounts can vary depending on:
- The frequency you want to deposit money
- The level of access you want to your money
- How much interest you want to earn
The advantage of a regular savings account is that you can plan for big expenditure items (such as college fees) as well as smaller expenses that will have to be met regularly (new school uniforms each August or Christmas presents).
An investment product: Where there could be an aspect of risk in return for a higher possible growth on your money.
