The longer the term of saving, the more useful the savings would be. Nonetheless, it is never too late to start saving for the college education of your child. It is better to save late than to never save at all.
Take advantage of the state-sponsored college saving plan called 529 Plan. The account you open is your account, not your child’s. This account is not taxed that’s why it has the ability to compound faster. Withdrawals are also not taxed if used for qualified school-related expenses.
You can also opt to open an Educational Savings Account (ESA).You own the ESA. You can use the funds to invest in whatever you are comfortable with, like stocks or forex. When your child reaches the age of 18, you can hand over the management of the account to your child.
It is important to secure your child’s college education. It is like taking care of the future now. Surely you will never regret saving for something no one can take away from your child – education.