Education savings refer to the funds set aside specifically for future educational expenses, such as tuition, books, and other related costs. Families often use dedicated savings accounts or investment plans to grow these funds over time. Popular options include 529 plans, which offer tax advantages for education savings, and Coverdell Education Savings Accounts.
Starting to save early can significantly ease the financial burden of education. By contributing regularly, families can take advantage of compound interest, allowing their savings to grow. This proactive approach helps ensure that students can access quality education without incurring excessive debt.