Personal Savings

Whether your child is a day old or has lived a decade, now is the best time to start saving for his or her college education.

• Try to save on a regular basis—Direct Deposit is a great tool for putting the money away without even thinking about it.
• Set a savings goal and break it down into manageable installments. You may want to seek the advice of a financial planner in setting up a dynamic combination of savings and investments that will help you pay for your child's first registration and last until he or she graduates. The younger your children, the riskier and higher-yield your investments can be.
• Some savings options, such as Custodial Accounts, Education Savings Accounts and state-sponsored 529 college savings plans, can provide tax advantages.
• Give your child a stake in their college education. Open a Kids Club account and have them put aside a portion of any gift, allowance or, as they mature, income from part-time jobs. With compounding, even small amounts can result in significant savings over the years.