Weekly Money Saving Tip from Team Tiry Real Estate!

Weekly Money Tip! Get others involved with saving for your child’s education. This may not save you money now, but it certainly will in the future. Start a college savings plan and involve grandparents. Let’s say you start saving for your child’s college expenses from the first year they are born and you chip in $30 per month and each set of grandparents chip in $25 per month. That’s $80 per month going into a savings plan. If the market gives you an average of 6% return, over 18 years that adds up to $30,991 by the time they graduate. Now I realize not everyone can do this and many couples have multiple children so grandparents might not be able to do this for each child, but it’s thinking outside the box. We asked our parents to do this and not to buy all the extra little things throughout the year that just tend to get thrown away anyway (a child doesn’t need a toy everytime that they see grandma). What do you think? Has anyone else tried this? Below is a calculator that you can play around with and see the results. Even if each grandparent chipped in $10 per month, with your $30 (now $50) you would have almost $20,000 saved.http://www.bankrate.com/calculators/savings/simple-savings-calculator.aspx

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