Save Childcare Money for Your Child’s Future

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By Mark Schanne, State Farm Agent

The cost of childcare for preschool age children can be one of the most significant expenses parents face. While childcare expenses may be unavoidable in two-income households, it can represent a significant increase in discretionary income once the child begins elementary school.

That extra income could be used to pay for a new car or to save for a vacation. However, you may want to consider using that money to save for your child’s future.

A quality education may be one of the most important factors in determining your child’s future. Studies have shown a significant difference in earning potential between college graduates and those with only a high school education.

There are a number of options available that can help build significant assets to be used toward a college education. A financial professional can help you choose one that is appropriate for your goals,and tolerance for certain risks.

Take the time to speak with someone who knows what is available to parents in your state. The earlier you start, the more time you will have in preparing for the education of your child.