One of the most important things you can do for your children is to invest in their future. Part of that is making sure that you take care of yourself so you don’t become a financial burden to them later down the road. Here, we’ll offer a few tips on how to pad your own nest egg while stashing away cash for college and other major expenses.

Know Where the Money Will Be Used

When you’re saving for your child’s future, consider whether the money should be spent only on education or if you’d like to offer some flexibility. This will help you determine the right savings strategy. For example, if you want your child to have options, you don’t want to put funds into a 529 plan. If college is your main concern, prepaid tuition may be an option. read more