There’s a lot that goes into saving for your child’s education. And though every parent has the best of intentions, life happens, and sometimes we can get behind on our savings goals. If that is the case, I would be happy to re-evaluate your financial plan with you, but you might also be looking for ways to supplement it. Below are some “creative” ways to reach your education savings goals:
Do you know all the options available through a 529 savings plan? Not everyone knows that you can open 529 plans in multiple states, not just your state of residency. You also have the option to change beneficiaries down the line if plans change, and other people (such as grandparents) can contribute to it too.
If your child is interested in military service, the ROTC (Reserve Officer Training Corps) is a great option. The military could pay for all or part of their college education in exchange for a commitment to serve for a set number of years after they graduate. If this is the right course for your child, there are many benefits, such as additional training and a guaranteed job after college.
Have you heard of house hacking? Basically, it’s finding a way to have other people make your house payment. Such as buying a house for your child to live in while at college and renting out the rest of the rooms to other students. This rent could pay the room and board for your child while they are going to school – and after they graduate, you can decide if you want to sell, continue to rent out the property, or perhaps your new graduate will want to take it off your hands.
There are also several options to get your child involved with paying for their own education. After school jobs are, of course, a standard answer, but you can also start a side hustle together. With no limit to the options available, there’s a good chance you can find something profitable, that will provide valuable experience for your child in the realm of starting and running a business, and that will also be a life-changing bonding experience for your family.
https://www.moneycrashers.com/ways-save-pay-kids-college-education/
*content prepared by Bill Good