Young professionals juggle ramping up their careers, paying off debt, starting retirement nest eggs, buying homes and potentially building families. There is no shortage of goals for funneling your hard-earned dollars, and we can’t forget to have some fun along the way. It’s time to figure out how to take finances to the next level by supercharging savings and intelligently managing debt, so what do we tackle first?
College tuition ranks among housing and medical expenses as having the highest lifetime costs for many Americans. Making matters worse, planning for college involves a daunting landscape of savings plans, loans, scholarships, and trying to build the foundation for your children’s future. If you would like to help your child pay for college, we recommend saving for costs ahead of time. We’ve already reviewed flexible options for college savings like 529 Plans, Coverdell ESAs and UTMAs. This article covers the financing options you have to supplement those savings when it comes time to actually pay for college.