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Getting Started with College Planning
When it comes to saving money to pay for a child's college expenses, there are three basic rules:
Your own financial and retirement security must come first. Many families make the mistake of sacrificing their own long-term financial well-being for the sake of paying for college. Every spare penny is set aside for college, and they pay little heed to funding their own 401(k)s, IRAs, 403(b)s and taxable long-term savings accounts. Remember that while parental contributions are important, they are not the only resources your child will likely have in college. There are many other possibilities as well: