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Posts tagged ‘college savings tips’

UltimateMama has ranted how you should start saving for college the day your child is born.  UltimateMama should also point out that you should continuously monitor all of your child's college savings accounts and investments. 

Today, UltimateMama closed one of her low interest savings accounts and opened a high-yield savings account from American Express online. Get 1.50% APY with no monthly fees and no minimum balance today by going to today!  Remember, rates are subject to change so be sure to monitor your accounts on a daily or weekly basis in order to maximize your child's college savings.  It is a bit of a pain to open and close accounts but your little one's future is worth it! 

UltimateMama believes parents should start saving for their child's college eduction the day they are born.  If you start immediately, the interest will compound over a longer amount of time. Once you have your child's social security number do the following:

– Open a savings account for your child at your local bank (your name or your partner's name will also be listed on the account)

– Look into 529 prepaid tuition plans as well as college savings plans and ask about the tax advantages

– Enter the stock market.  Either buy a basket of stocks that you select for your child's portfolio or explore the various mutual funds out there. 

However you decide to save for your child's education just remember to be consistent about putting money away.  Whether you set aside money from each bi-weekly paycheck or on a monthly or even annual basis make sure you start to contribute while your child is young so you are not panicking when the teen years approach and they have one foot out the door on their way to a college you cannot afford!