tel a better way to save money for my kid?
i have a just born kid, i want to save money for her future which she can use for her education etc.i want to save small amount every month which builds up.
Public Comments
- Your first option should be to fund fully a retirement account. If you do this, and you have extra cash, then one of the best things you can do is open a DRIP Plan. Go to : low-cost-stock-recommendations .com They have a DRIP Section and it is free. These powerful investment plans are seldom talked about because brokers make very little money when they suggest them. Yet, they have proven to be one of the best, if not the best, long-term strategy on Wall Street. They are perfect for small investors, as well as big investors. They are safe and allow you to not care about whether the market is going up or down. They are a must for any serious investor. I strongly recommend looking into it. They are great plans.
- savings account or buy a safe
- I suggest looking into a 529 plan. There are tax advantages to saving for college tuition through these plans and some states even freeze tuition at today's rates.
- Get a 529 plan. It grows tax free, but your baby girl could only use it for educational purposes, otherwise you'd be taxed. But I guess "education" is the whole idea. Congratulations!
- 529 College Savings plan. It's easy to set up. Each state varies, but it's usually a snap. Go to their site and fill out an online form (name, address, social, etc.). Then you give them your checking account and they draft the amount you choose (usually $25/month minimum). Alternatively, you can have your online bill pay mail a check each month.
- Get yourself a high yield savings account that isn't too easy for you to withdraw from. Once you prove to yourself that you can save a little bit each month consistently and your child's nest egg starts to amount to something, then start looking at other avenues of saving such as 529 plans.
