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Savings on Educational Costs!
The resources below provides tips to save money on
education costs!
- Utilize free online educational resources. An excellent
directory of resources is given at
this link.
- If homeschooling, plan your curriculum so you can pass down
materials to younger children. Also, purchase workbooks in advance
for younger children so they will match the current edition text. For
more resources on how to save money homeschooling, go to
this
link.
- Save on college texts by purchasing second-hand texts online.
Click here
to find used college text books.
- One of the best ways to save money for college is to start saving
early, with a little each month saved in a tax-deferred plan which can
lower your current taxable income. Seek a reputable financial
planner to choose the correct plan to save for education.
How Much Money Should One Save to Have $10,000 Available When Your
Child Begins College? |
| |
|
|
Amount Available When
Child Begins College |
| If you start saving when your child
is |
Number of years of saving |
Approximate monthly savings |
Principal |
Interest earned |
Total savings |
| (Assuming a 5 percent
interest rate.) |
| Newborn |
18 |
$29 |
$6,197 |
$3,803 |
$10,000 |
| Age 4 |
14 |
41 |
6,935 |
3,065 |
10,000 |
| Age 8 |
10 |
64 |
7,736 |
2,264 |
10,000 |
| Age 12 |
6 |
119 |
8,601 |
1,399 |
10,000 |
| Age 16 |
2 |
397 |
9,531 |
469 |
10,000 |
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