If you have a baby, it is time to start thinking about saving for their future! With rising living and college costs, it is never too early to start saving for your child's future. When my daughter was born, my husband and I set up a savings account for her and established a monthly transfer to automatically save. It is crazy how fast the money adds up. There are several different types of savings account for children. The one that is best for you depends on your situation and how much you can afford to save every month.
Here are some links to check out for more information on types of savings accounts:
http://www.babycenter.com/saving-for-college
http://www.savingforcollege.com/college_savings_101/
http://www.bankrate.com/finance/savings/3-ways-to-save-for-your-child-s-future-1.aspx
Leave a comment about how you save for your child's future.
Friday, October 2, 2009
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2 comments:
Good post. It is so important to start saving as soon as you possibly can. My husband and I both really wish our parents had thought to do the same thing.
We are poised to start saving for our little one when she's about a year old, which will be when we will have my husband's loans paid off (mine won't be paid off yet, but we know we need to get started helping her out!).
We have a little savers account for both kids that was started at birth--both have money put in twice a month. I was thinking about the college saver one (not sure what it is called) but I don't want to do investments with the money right now with the market the way it is. The kids aren't earning high interest but it amazes me how much Tyler has in there. That along with the savings bonds my dad sends for every birthday and Christmas my kids should have college paid for in full which is the goal.
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