What is the best way to save money for my child to go to college?

Answer 1

A good start to saving money for your child's college would be to invest in some savings bonds when they are born. Purchase additional savings bonds throughout the first eight years of the child's life and they will mature in ten years. You cannot cash savings bonds in until they mature. Therefore, you should not be tempted to cash them out early and use them..

Answer 2

After the tuition and fees, room and board (if living on campus) have been satisfied, you can then estimate the students living expenses. Colleges and universities typically post estimated living expenses. How and how much money you dispense to the student should be based on a number of factors to include the following.

* College or university estimated living expenses for students * Transportation

* perceived or factual knowledge of students level of responsibility. * other expenses particular to a specific student need. Once you have that estimate, you can then decide on the appropriate way to allot the money based on the above. I would recommend you do not give the money on a semester bases. You can also use a joint debit card, and deposit money on a set time based schedule. In this way, you will know exactly how the money is being spent, where it is being spent, and the amount of cash withdrawals. You might want to do it on a biweekly or monthly bases. Again, it will depend on the student, his/her level of responsibility, organizational and management skills, level of maturity etc. First semester students go through a transition phase, especially if they have never been away from home before. Until they adjust, you should keep a close eye on how they handle themselves, yet without making them feel you are hovering over them, or showing lack of trust in them. The transition is hard enough on them without parental issues they may perceive as negative. Thus, always show support, and trust, however I would not be blind to what's going on either.