This week we opened an Educational Savings Account (ESA) for the kids. Hopefully throughout the years we will be able to continue to add to it. ESA are a great way to save for your kids college, as they grow tax free. However, you shouldn't put saving for your child's education above becoming debt free and saving for retirement. It is very important to work the financial baby steps (see to the right of blog) in order. There are grants and scholarships available for college but not for retirement!
1 comment:
Sound advice, parents should definitely pay themselves first with debt reduction and retirement savings. One of the reasons I started my company was to help families make the smart choice with their savings while still saving something for college.
Freshman Fund is a college savings gift registry that lets friends and family gift directly into your college fund. It's great for baby showers and any gift-giving occasion.
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