Save as much as you can for your college education. Here are some strategies.
Put money aside. Create a specific savings account dedicated to college expenses. If you receive cash for birthdays or holidays, save a portion of that money for college. Also, get a part-time job and save half of your earnings.
Open a 529 College Savings Plan Account. A great college savings option is the Nebraska Educational Savings Trust or NEST. With this type of account, you can:
- Earn tax-deferred growth on a wide range of investment options.
- Use the funds at most post-secondary institutions.
- Change which family member is the account beneficiary.
Friends and family can easily contribute to your account, which makes it an excellent gift. Find details at nest529.com.
Talk to a financial advisor. There are many ways to invest money. Meet with a financial advisor to discuss what strategies are best for your specific circumstance.