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Tuesday, July 13, 2010

Saving For Your Kid's Future

Your best bet against rising tuition is to invest in equities while your kids are still young. Try investing wisely, like investing $130 monthly for 18 years at 6% interest gains you $50,000. Avoid spending your college savings into CD's or money market accounts.

Strive to spend and redeem. You might try registering your credit cards with a program, and as you buy items, earn cash rebates towards your child's college fund. Learn more about this at babymint dot com, littlegrad dot com and upromise dot com.

You can try setting up an automatic savings through a 529 plan, where you can save at least $25 a month. Withdrawals have no federal taxes as long as money is used for college expenses.