Horizon Wealth Advisors Partner and President, Larry Maddox, recently contributed to a U.S. News & World Report article titled “How to Give Yourself a Midyear Financial Checkup” which covers nine things you can do now to increase your savings over the long-term. Maddox specifically addresses why it is necessary for any anyone who hopes to pay for his/her child’s college tuition to have a savings plan in place, saying “We expect inflation to continue to run at 5% and with this level of inflation, a child born on August 1 will need around $58,000 for public university to begin college in 2036.” According to the article, a 2018 survey from Varo Money concluded that 30% of consumers are perpetually stressed about money in large part due to their lack of savings. The study found that 66% of adults reported not having enough money set aside in case of an emergency and 46% reported having no savings. Read the full article to learn key tips for saving, including Maddox’s recommended monthly savings amount for college tuition.
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