Whether you haven’t started saving for your kids’ college tuition yet or if you have just realized that you haven’t saved enough, St Anne Credit Union in New Bedford can help. We have a lot of financial tools that you can use to your advantage to start boosting your savings today. It all begins with a New Bedford Share Savings account, which is used to join our credit union. This savings can be used for anything that you want to put money away for, such as significant purchases or emergency funds. For college savings, your best bet is to take advantage of other tools, like a New Bedford money market account or certificate of deposit investment. Both can help you to increase the interest earned on your savings and help grow your money even faster.
How Late is Too Late?
The truth is, it’s never too late to start saving for college. Even if your child has already started high school and has expressed an interest in furthering their education, you can get started today. There are lots of great ways to build a simple college funding plan that you can use to your advantage and help take some of the weight off your shoulders. If your child is older, consider getting them involved in your savings plan. Have them visit your credit union in New Bedford with you as you discuss savings options and investments that can be used to pay for their education.
Discuss ways that a child can also contribute toward their education by investing a little each month from an after-school or weekend job. Too many young adults don’t appreciate the sacrifices that their parents make to send them to school. This is a great way to create a positive appreciation for the cost of education, which can encourage your teen to work harder and make the most out of this opportunity. Even if you have already started a college savings plan, getting your child involved in discussions about college savings at an age when they will understand it best can help to motivate and encourage them about their options for the future.
Many Parents Need Help
The truth is, the cost for college grows each year. Studies show that more than 80 percent of parents who have saved for their child’s college education stated that they felt they hadn’t saved enough. It is essential to set realistic goals and adjust expectations based on what you will be able to pay. Approximately 87 percent of high school students have already discussed taking on some of the costs associated with higher learning, in the form of part-time jobs or work-study programs. This can help them get to the school that they want even if the savings set aside won’t cover it completely.
Another option is for the student to take what is known as a “gap year” between high school and college. This is not to “backpack across Europe,” but to work a full year to save extra money to go toward college expenses. There are now many learning institutions that support deferred entry for a single year, so it pays to inquire ahead of time to know what you can expect. When a young adult commits to helping to pay for their own education, people take notice. You might even have grandparents or aunts and uncles offer to contribute a little as well to help make up the difference when they see how hard everyone is working.
Visit St Anne Credit Union in New Bedford
Start your journey by visiting your local credit union in New Bedford. If you are already a member of St Anne Credit Union, speak with a representative about getting into a New Bedford money market account or any other type of investment and savings program. Take advantage of credit union online banking to increase your savings whenever you have extra money from a bonus, overtime, or tax refund. You can use our credit union tools to your advantage to help boost your savings on a daily, weekly, and monthly basis. Look for new ways to cut costs and put money away that will help to increase your balance.
In addition, consider grants, scholarships, two-year community college for basic courses, and financial aid, if you qualify. You might be surprised to discover all of the ways that you can stretch the money you socked away in your New Bedford Share Savings to apply toward your child’s college education. Work with school counselors, financial advisors, and make sure to speak with your representative at St Anne Credit Union in New Bedford about your savings goals. We can help you find new ways to boost your savings and put your money to work for you through one of our savings and investment programs. Give us a call at 508-993-0011 or stop by our location on Union Street in New Bedford, MA.