As homeschooling parents we often spend so much of our time focusing on getting through our busy weeks of teaching, extra-curricular activities, errands, work and home management “stuff” that we don’t often think about about our children’s long-term educational future and how to fund “the college years”. If you’re a single income family on a limited budget with many mouths to feed, it is all the more important to think about these things now rather than later. Your little ones will grow up fast and you need to be ready!
In one of the recent editions of World Magazine, financial advisor David Bahnsen contributed a brief article entitled, “The old college try“, which spoke to the benefits of saving for college education using an IRS 529 College Plan. Rather than repeat what he said, I commend the article to your reading.
One thing that Mr. Bahnsen didn’t speak to, but which I which I think is worth mentioning, is the Upromise program, which allows you to earn small but frequent contributions to a 529 account while making everyday purchases at grocery and drug stores, gas stations, restaurants, retail stores and online shopping sites. Of course, you should do your homework before you enroll in a 529 account.
Overall, I think Upromise is worth a look, especially if want to set aside as much as possible for your children’s college education fund(s) even when you aren’t thinking about it. It’s free to join and you can enroll online.