Saving for college for just one kid can be challenging enough. Saving for college for multiple kids can be completely overwhelming, especially if you do not have a proper system in place right from the outset.
Personal Savings Accounts
There are two paths you can choose when it comes to saving for college if you have multiple kids. One way is to save your own money and fund their higher education out of pocket. This may work depending on how many kids you have and your monthly salary.
529 Savings Plans
The second way is by making use of a 529 savings account. Many parents use a 529 savings account when they want to save for college for one child but they balk at the using the same strategy when it applies to multiple kids. This is because of the hassle involved with dealing with multiple accounts. Instead, it seems easier to deposit the money into their own savings account to be used as and when necessary. This could be an expensive mistake. The 529 is a dedicated education savings account and is one of the best savings tools available, whether you are saving for college for one or more than one kid.