Saving for Higher Education
Saving for a higher education takes planning. If you are in high school, you should already be following a plan. Hopefully, you have a special savings account or a Coverdell Education Savings Account established for this purpose. If you do not have a plan, speak with your parents to determine the best way to achieve your educational goals BEFORE it is too late.
Planning Strategy
Don't Wait: Start saving today; even small deposits will add up to huge savings
- Remember to record your deposits and withdrawals in your register immediately
- Accurately record all your transactions and balance them to your credit union statement
Pay Yourself First: Teach your children to set a percentage of their earnings aside
- Always deposit at least part of your allowance or paycheck
- Cash gifts from relatives? Save at least part of it for your future
- If you receive cash from the sale of an item, deposit part of the cash to savings
Certificates: Earn higher dividends (interest) than with regular savings
- Certificates help resist the temptation to withdraw from your savings
Communicate: Speak with your children regularly about educational needs
- Spend time with your children and educate them in financial matters
Parents
