What's the best way to save for college?

529, pre-tax dollars....Go with a reputable plan.....Vanguard is a good one.....

But I believe you need 3K to open an account. As in 3,000 dollars.....I would save till I have 3K, then open the 529 with Vanguard......

i chose a 529 for my kids, you didnt need a huge amount of money to start it and its pretaxed. our family doesnt have a lot of money to set aside so we take 20 a pay and have it go into a savings acct. then every six months i take it and deposit into the 529. its a great way to increase your dollars. especially for a family like ours. i just think its great that you are thinking about it. i know so many young moms like myself who dont have anything for their kids, not even a savings acct. its never too earily to think about their future.

by the way i only needed $250 dollars to start their 529 plan and grandparents love to contribute!

We opened up a 529 for all of our kids shortly after they were born....It makes a huge difference starting early, as you will have "time" work for you.....If you start ten years later, you will have to put about twice as much aside to end up with the same amount as if you had started ten years earlier!!!!

A 529 is a good place to start (and you should definitely have it at the top of your list), but just like every other plan you should consider diversity. Don't put all your eggs into one basket. Keep in mind that the 529 is tax free, but when to take it out it has to be for education. Whatever is leftover will not only be taxed but assessed a penalty.

Without knowing more about your financial situation it is difficult to give a complete answer, but generally speaking I like to recommend investment tools that give you multiple avenues of disbursement. For example, you could consider putting some into your IRA. I am also a big fan of investing in whole life policies. That way you not only have a minimum guaranteed rate of return, but you also have a guaranteed death benefit which is equally important to consider when planning for your child's education.

I hope this is helpful.