Cross Roads
How to plan for the big expenses in life; whether planned or unexpected.
Saving for Future Expenses
Some purchases can be expected years in advance. You may be young and expect to pay for a college education or a car. You may be in your 20s and expect a wedding or family in the next few years. You may have young kids that you want to send to college one day. You could be any age and saving for retirement. Whatever the eventual goal is, it is important to start saving as soon as possible.
A college education is an important investment, but a very expensive one as well. That is why it is important to create a college fund while your kids are still young. Set a budget and put a certain amount away per month or every few months. When family and friends ask what to get them for a gift, suggest savings bonds. They accumulate value over the years and will be greatly appreciated when your children get older. Consider opening a 529 plan, which is an education savings plan sponsored by the government in order to help families save for college. The plan not only gives tax breaks, but lets the head of the account have control over it the whole time. He can even take the money back if he wants. The plan is simple, too. Just pick a plan, sign up for it and there is little upkeep afterwards. This opportunity is for everyone; there are no income requirements. Let Univest tell you more: http://www.univest.net/investing_investments_fundingforeducation.asp