The time to start investing for your child’s college education is now. The longer you wait the more difficult and stressful it can be. With that in mind, CresCom Bank wants to share some insight on how to save for college and how to start your saving today.
The first thing you will need to determine is how much you want to save. Take into consideration how much you earn and determine what percentage of that you’ll need to set aside for your child’s college education each year. You’ll also need to consider whether you will want your child to attend a public or private university, in state or out-of-state college, etc. to make sure you’re adequately prepared. Inflation and cost of living will also need to be factored into your final number.
Once you’ve confirmed your financial goal for college, you’ll need to determine the right mix of savings products to achieve your education goal. CresCom Bank’s team of customer service representatives can help guide you in the right direction.
We offer savings accounts, money market accounts to certificates of deposit; there are a variety of products to choose from. Coverdell Education Savings accounts, and Traditional and Roth IRAs also offer opportunities for individuals to maximize the amount saved for college education.
Connect with us today for assistance with all of your college savings needs and questions.
For more information, visit a branch location near you or call 843-723-7700 (Charleston) or 843-626-2200 (Myrtle Beach).