Saving Up - Mothering Forums

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#1 of 7 Old 07-16-2015, 01:02 AM - Thread Starter
 
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Saving Up

I'm thinking about saving up for my child's education but I'm curious as to the best way to do this. Is it better to just save spare cash in the bank or should I invest and go for stocks or bonds? Any advice?
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#2 of 7 Old 07-16-2015, 10:29 AM
 
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Do you want to save for college or for private school up to college? You should look into a 529 account to save for college. Here's a little article with some of the benefits. If you save money in a savings account you will earn very low interest and it you will have to pay taxes on your earnings. If you open a 529 you don't pay taxes until you take the money out for college. Depending on the state you live in, you may have additional tax savings. 529's invest in mutual funds typically and this will give you more opportunity for your investment to grow which is important because college gets more expensive every year. You can start a 529 with a financial advisor or directly with the fund company. Each state has their own plan but you don't need to use the one for your state unless there is a state tax advantage to doing so.


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#3 of 7 Old 07-16-2015, 02:43 PM
 
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IRAs often allow penalty-free withdrawals for education in addition to being saving vehicles for the parents' retirements.
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#4 of 7 Old 07-19-2015, 01:42 PM
 
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I think that part of the problem with spare money in the bank is that it is too easy to spend it on other things, even if your intentions are really good.


I agree with the other advice given.


One of the things we did was ask my mother, who was over buying toys for our children, to limit herself to one toy per gift giving occasion and buy them savings bonds instead. She needed their SS#s to do this, but now our kids are college age and each have a nice stack of bonds from grandma.
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but everything has pros and consĀ  shrug.gif

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#5 of 7 Old 07-20-2015, 10:46 AM
 
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Good idea, Linda! I have also mentioned to the grandparents that they can contribute to the 529 if they feel so moved. It's a great gift idea that can come in handy later.


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#6 of 7 Old 08-12-2015, 11:34 PM
 
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I signed up for a pre-need plan (educational) payable either cash or installment
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#7 of 7 Old 09-14-2015, 09:37 AM - Thread Starter
 
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My friend used to work for this company and she's suggested that I try them for investing in stocks and bonds. I don't know how to go about it though. I'm thinking maybe I should go to my bank first. Maybe they can give me some advice? Or have you heard of Securities America? Are they reliable and do they have a good reputation? Now that I think about it, I should read some online reviews. Maybe I can get a gist of how they do as a company.

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