As a mom, we always want the best for our children. We work hard so we can give them the best food, the best toys and the best clothes. We also send them to the best school and we try to save for their future. Bust sometimes, opening up a savings account for them isn’t enough because when the need for money arise, we end up withdrawing the money from those savings account.
This is the reason why a savings plan or college plan is recommended if you want to save safely and easily for your child. But with all the college plans in the market today, how do you determine which is the best and which suits your needs the most? Here are a few things to consider when choosing a college savings plan.
1. Budget – Choose a plan with choices on how much you can contribute monthly and then choose an amount that fits your budget.
I want a provider where I can choose which amount I want to save every month so I can continue it until it matures.
2. Do you prefer something safer but with a lower rate of return or something that would make your money grow faster but is risky to losses?
3. Are their plans flexible? Meaning, Can your child go to the school of his or her choice or there are only schools assigned to your child. Can your child get the money instead if he/she chooses to not go to college?
4. Is he covered by a life insurance protection? A guarantee that he would get full payment whatever happens.