When children are asked the question “What do you want to be when you grow up?” they often come up with some ambitious answers: hockey player, doctor or even an astronaut. As a parent, you want to make sure nothing stands in your child’s way – especially the ability to pay for their schooling. But with the rising costs, it can be hard to know where to start.
By doing some homework of your own, you and your Edward Jones advisor can put together a strategy to meet your education savings goals and balance these with your other goals, like retirement.
Costs vary by school, so consider what type of school your child may want to attend. It may be helpful to have a range of options if you don't know the answer right now.
Will you pay all of your child’s expenses? Half of everything? Tuition but not room and board? Remember, there’s no one right answer to this question. You need to decide what works best for your family’s personal and financial situation. After you determine your role in providing for education, you and your Edward Jones advisor can talk about how much you need to save to help get you there.
Time can be one of your biggest assets, so don’t delay. Saving a certain amount every month can make a big difference in reaching your goal. And if you’re starting later, that's OK. Start now – so you can get back on track.
Talk to your Edward Jones advisor today to get started.