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!