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Instead, he said, first figure out what saving for college means to your family.
What is the target the family is trying to achieve?
Spouses often have different views of this, he said.
These help decide what key in of savings vehicles to use and who should be the owner.
Often, taking those extra payments made on a loan can be redirected towards retirement and/or college savings.
Those savings can earn and be accessible when needed, he said.
She recommended comparing balance-transfer cards to find the lowest balance-transfer fee and longest no-interest period.
Begin by reviewing your recurring expenses and cancelling subscriptions or negotiating rates with current providers, she said.
Next, she suggested you rethink your unlimited data plan.
She said this can be a huge area of savings for families who are trying to manage a budget.
For example, you may want to refrain from working overtime to keep your income within the limit.
Additionally, if you receive any tax refunds, put these toward your childs education, she said.
Your child may be able to take courses that count for high school and college credits.
Additionally, kids with earned income are allowed to contribute to their own Roth IRA, he said.
Theyll also want to work on applying for scholarships as soon as possible.
Theper hour returncan be higher than most jobs a student would get.
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