How do I save money for my child's education?

Set a Goal: Decide how much you want to save and what type of education you want to provide for your child. Having a plan makes it 2x more likely that you will meet your goal. Use the America Saves Pledge to help create that plan. Open a 529 Savings Plan: A 529 plan is a tax-advantaged savings plan specifically designed for education expenses.

Should you have a college fund for kids?

Having a college fund for kids is generally a surefire way to help transition your children to a successful adulthood. And college, as we all know, isn’t cheap. According to a U.S. News annual survey, the average tuition for the 2022-2023 school year ranged from $39,723 (for private colleges) to $10,423 (for public, in-state colleges).

How can I help my child get a good education?

Invest in Stocks or Mutual Funds: Consider investing some of your savings in stocks or mutual funds to help grow your savings over time. Encourage Family Contributions: Ask grandparents and other family members to contribute to your child’s education fund instead of buying gifts for birthdays or holidays.