The thought of college tuition can evoke shivers even in the warmest parental hearts. But fear not! Early planning and smart saving can help you weather any financial storm and ensure your child’s academic dreams take flight. Here’s your roadmap to success:

Start Early, Grow Steadily: Time is your greatest asset. Even small, regular contributions invested in tax-advantaged accounts like 529 plans can snowball into impressive sums thanks to compound interest.

Explore Smart Options: 529 plans offer tax benefits and flexibility, letting you use funds for a variety of qualified educational expenses at any accredited institution. Brokerage accounts are also a great option for anticipated college savings, and also provide greater flexibility should your child’s outlook toward college change.

Harness the Power of Automation: Set up automatic transfers from your paycheck or checking account to your chosen savings vehicles. This “out of sight, out of mind” approach ensures consistent growth without relying on willpower.

Embrace Free Money: Don’t forget about scholarships, grants, and financial aid! Encourage your child to excel academically and research merit-based opportunities.

Communicate Openly: Talk to your child about college costs and your saving goals. Involving them in the process fosters responsibility and encourages them to value their future education.

Seek Professional Guidance: Navigating the financial landscape can be daunting. Consider consulting a financial advisor who can tailor a personalized savings plan based on your family’s specific needs and risk tolerance.

Saving for college is a marathon, not a sprint. By taking consistent steps and making informed choices, you can build a secure foundation for your child’s educational journey.

Hendricks Wealth & Estate Management will speak in greater depth about this topic at D.C. Cobb’s in East Dundee on March 13, 2024 starting at 5:30 p.m. To reserve your spot or learn about future “Don’t Do Dumb” financial sessions, visit www.jghfs.com/events. Questions? Call us at 847-428-3997.

Hendricks Wealth & Estate Management

650 Spring Hill Ring Rd., Ste. 2000

West Dundee, IL 60118

(847) 428-3997

www.jghfs.com