There are many ways now you can save for your child’s college education. You can also prepay his/her tuition now to lock in today’s rates, though there are rumors of this changing in the future.
Any bank can help you open a college savings account. There are several different kinds that have various methods of accruing interest. So you can choose the one that is right for you.
There are other programs that enable you to earn money towards you child’s college education simply by earning credit on purchases you already make. Upromise is such a program. You register with grocery stores, gas stations, car companies, and many other vendors, and each time you use your registered credit card at the store, a percentage of your purchase is deposited in your child’s account. Then quarterly, you choose how you would like to invest the money. These programs are small dollar amounts, but things can add up if you remember to fill the right paper with the program after you purchase a car or another high-dollar item from an approved vendor.
You can also have your child help! Have them save half their allowance each week and put in into their college fund. Let them help you make the deposits so they feel like they are really paying for their own education!
