Posted by Julixa Newman on 9/15/2011 to raising twins

Preparing for college costs is a challenge for any parent, whether it's one child, or several along the way. The rising costs of education, combined with the current recession create a very depressing realization that without prudent decisions, options will be limited without major research and proper planning. When a family has multiples to plan for, those decisions need to be exponentially rational.

It is not out of the question for some major universities to charge upwards of $100,000 for a 4 year undergraduate education. Multiply that by two, and you've got enough for a nice house, depending on your area. What can parents of multiples do to stay on pace? Plan; and plan early.

If you are a parent of multiples, there are a few options for getting ahead. If your multiples are young, and you have some time to work with, you might want to consider a 529 plan. A 529 plan is sort of an "education savings fund." These plans are made up of mutual funds that grow tax free and can be used for any qualified higher education expenses. The longer the investment, the more the fund grows (exponentially, of course). These savings also have tax advantages, and can yield returns for the investor.

One nice feature of a 529 plan is that the funds do not need to be used in the same state they were accumulated, and they can be used to send twins or triplets to schools in different states if they choose to be apart. There are several sites on the internet to research the plans for each state; here is a brief explanation of the plan and its advantages with helpful links to other information: http://www.savingforcollege.com/intro_to_529s/what-is-a-529-plan.php

Another popular savings idea is Upromise. Basically, your debit card earns money every time it is used to purchase any items under the Upromise umbrella. Upromise is quite widespread-there is money to be earned on everyday purchases both in stores and on the internet. Here is a link for more information: http://www.upromise.com/

When choosing an option that is good for you and your family, please take the time to do your research; every plan has advantages and disadvantages. If at all feasible, it is wise to speak with an investment counselor to explain any facts that are unclear. They can also help with other ideas if time is of the essence, and you are further along with the need for more aggressive options.

Join us on Facebook for more tips!