If you need to save for your childs college education… you should consider a 529 Savings Plan.
The government allows you to contribute to a 529 savings plan with “after tax” money… and when the student withdraws the money for qualifying education expenses, the student does not pay any taxes at all on the funds withdrawn…
A 529 college savings plan is a great way to start saving for your childs college education.
Mandrake
The easiest and smartest way that I have seen to save for your childs education is to start by signing up for a UPROMISE.com account…
UPromise.com is a company that allows you to sign up all your credit cards to their site… and when you make a qualified purchase with thousands of stores, restaurants, and online merchants… they (the merchants) give you a tiny cash bonus that goes directly into your UPROMISE account. Over time, just by purchasing normal things like gas for your car, groceries, and eating out… you can build up large FREE amounts of cash that goes right into your childs COLLEGE EDUCATION FUND.
Now, the greatest thing about this is that ANYONE can sign up… so, your Aunts, Uncles, and GrandParents and friends can also sign up, and designate any child as the beneficiary of the bonus money… and the money can be split up between children.
Additionally, UPROMISE provides a convenient way to sign up for a 529 Plan. This is a college savings plan that you should contact your Financial Advisor about.
Mandrake