Should you have a college fund for kids?

Having a college fund for kids is generally a surefire way to help transition your children to a successful adulthood. And college, as we all know, isn’t cheap. According to a U.S. News annual survey, the average tuition for the 2022-2023 school year ranged from $39,723 (for private colleges) to $10,423 (for public, in-state colleges).

How do I save money for my Baby's college savings account?

Automate your saving as much as possible, such as setting up automatic investment options and contributions to your 529 plan. Minimize your tax by taking advantage of all possible tax advantages associated with your baby’s college savings account, and speak to a tax account if in doubt.

Should I start my child's college fund early?

Starting a college fund for your child at least 10 years before they'll need it is beneficial. A Coverdell ESA, also known as an Education Savings Account, is an investment account intended for educational expenses, which can include expenses for college, or kindergarten through 12th grade.