2007-10-05 04:06:02 · 4 answers · asked by michigan man-74 1 in Education & Reference ➔ Financial Aid
Best way to save money is to save weekly or daily. at the end of the day you will notice that you have saved enough of money . I would suggest for every 10 bucks you spend keep aside 1 buck and save it. So if you monthly expenditure is 2000$ you will save 200$ monthly yearly 2400$ in 10 years 24000$ + interest. Quite a big sum .
2007-10-09 01:28:18 · answer #1 · answered by crazee_fellow 3 · 0⤊ 0⤋
I recommend using a 529 plan. Most states have them, and they grow tax free at least on the state level, and I think the federal level up to 2010. Some plans let you start with as little as $25, and in my state, it only takes $50. I recommend saving an automatic amount each month withdrawn from your checking account and deposited to the 529 plan. Also utilize a part of the birthday and holiday money to be saved for college. I know in my state that the money grows tax free. It is also tax free to withdraw the money for educational purposes, too if you follow the proper procedures. I also recommend joining Upromise, to save extra money. You can find your state's college savings plan by searching Google.com or Yahoo.com with your state's name and 529 savings plan. I have included some free readings on it. Good luck!
2007-10-05 11:41:59 · answer #2 · answered by dawncs 7 · 1⤊ 0⤋
Begin saving when hey are young. Put aside a certain amount of money each month. Most states have a college savings fund which is advantageous. Some states funds are better than others and you need not use the fund from your own state.
Clark Howard has an excellent article about the 529 or savings funds. http://clarkhoward.com/topics/529_guide.html. He not only rates the funds but also describes them. It is a must for you tor read, save, and study,
2007-10-05 11:18:22 · answer #3 · answered by DrIG 7 · 0⤊ 0⤋
Depending on your financial situation. I would recommend starting an Education IRA or if your state offers it, 529 Plan. Both allows you to save toward your child's education tax free and get you an immediate tax saving for the short term.
Additionally, some state schools offer pre-payment plans where you can lock in today's tuition rate by pre-paying for the education over the years. However, even if your child doesn't end up attending a state school, I believe they will refund your money.
Best wishes.
2007-10-05 11:20:25 · answer #4 · answered by amorde 3 · 0⤊ 0⤋