January 28, 2021

Best Way to Save for College

Four key considerations when setting up a college savings plan.

Best Ways to Save Money for College

One of the most common questions we get is, “Hey, I know it’s important to be saving for college, but what are some of the best ways to be doing that?”

Speaking of college, we have to think about where our own children want to go to school and what they want to be when they grow up.

Kate said that she would like to own a Panera Bread franchise, and Will said he wants to be a professional golfer and a professional football player. Both require college, so we’re planning for those costs now.

The Sooner You Start Saving, the Better

So to answer the question what are the best ways to save for college, the sooner you start saving if you’re able to, the better. It will make your overall costs for college savings that much less.

A 529 Changes the Tax Treatment of the Growth

Using a 529 plan, as an example, a 529 plan changes the tax treatment of the growth of those investments. It actually reduces your costs for college in the future for your children.

A Florida Prepaid Versus A 529 Plan

The other thing people ask is Florida prepaid versus 529 plans. Florida prepaid used to be a terrific deal. They changed some of the math and the calculations in that recently.

Add to 529 Plan Monthly

We find that 529 plans give a lot of flexibility and we have a 529 plan for Will, and we have a 529 plan for Kate and we are adding to each one of those monthly.

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