Season of Savings: Start a college fund for your kids
It’s our Season of Savings and if you are looking to save for your child’s future, have your relatives help for the holidays.
After all, what can you get for the kids who have everything and more? Try a college fund!
You can open what is called a 529 plan, or a college savings account in their name. And that way, instead of getting your child another toy, you can also suggest friends and family contribute to your child’s future education.
But if your child is older and you want to give them something really special, try fractional stock shares.
Instead of forking over the full price for one share, some companies allow you to buy a fraction of one.
You can give a relatively small amount, $5, $10. They make really good stocking stuffers and it can even be towards a company they might recognize such as Disney.
And these gifts are educational as well. You can use the share as a way to introduce kids to how the stock market works, and allow them to track how ell their company is performing.
The app, U-Promise, is another way to save for college during the holidays. It allows users to set money aside for college while buying everyday items.
NerdWallet has a list of additional savings apps, and although not college-specific, they can help with tracking and maximizing savings.