- Installment Plans
- Prepayment Discount
- Quick and Not So Quick Solutions
- How to Stash Away Extra Cash
If you've been counting on winning the lottery to send your kids to school, your college fund is probably pretty bare. Don't panic, here are six ideas to help fund it.
- Give money to your children on their birthdays or holidays. Make it $100 the first year, $200 the second, and so on. When they are old enough to understand, explain that this money is for their education.
- Encourage grandparents and others to also give financial gifts that have the potential to grow—savings bonds, cash, stocks, and bonds, CDs.
- Assign yourself a "rent hike." If your monthly housing bill was raised by $50 or $100 a month, you'd have to pay it. So, pretend that you just got a rent hike on your college fund and save this "phantom" increase. When you write out your regular monthly rent or mortgage check, make out another check for the "phantom" increase for your child's college fund.
- Set aside raises and bonuses—try banking at least half the dollar amount.
- Pay off a loan, such as a car loan, and continue saving the monthly payment—but put it into the college fund.
- Have your children pitch in. Encourage them to save half the money they earn doing odd jobs. Reward them by making a matching grant of your own.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Franklin Mint Federal Credit Union and Mint Wealth Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mint Wealth Advisors, and may also be employees of Franklin Mint Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Franklin Mint Federal Credit Union or Mint Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
|Not NCUA Insuredor Any Other Government Agency||No Credit Union Guarantee||Not Credit Union Deposits||May Lose Value|
The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: NJ, PA, NY, DE, AZ, MI, FL, MD, TX, VA, GA, NC.
Financial Learning Center content created by TrueBridge, Inc. The information provided is based upon sources and data believed to be accurate and reliable. The content contained herein is intended for information and illustrative purposes only, should not in any way be construed as a personal recommendation, and should be used in conjunction with individual professional advice.