My daughter wants to save money 4 college even though she's in middle school. any suggestions for her?

Question

she's in 7th grade

Answer 1

Does she get a stipend?  I taught my son to keep half and to spend half of his money.

I would also suggest having a monthly account like a 529 account.  They vary from state to state, but it will always be a 529 account.  You have investments, that all are held there until they go to college.  You can do as small as $25.00.  There is a statement each month.

Answer 2

Well it looks like Scarlette won't be MY financial adviser. Look into your bank's 529 plan. These are savings accounts designed specifically to save for college and may be a viable solution.

Answer 3

I think you should open her a savings account.

Answer 4

Wow. She's smart!

I'd say, open a savings account and then put at least 1/2 of the money she'd get for holidays/her birthday/even allowance.

Answer 5

If your girl is in the 7th grade and only now starting to save for college, you're getting a late start.  Yes, by all means start right away!!!

  My daughter is 7 WEEKS old, and we already started a savings account for her.

The sooner you start, the more interest you can accumulate.

I would suggest U.S. Savings bonds.... if she cashes them in for college, the interest is tax free..

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Answer 6

Annie Tex is right.  Savings Bonds are good or you could get a CD.

DO IT NOW!!!!!

Answer 7

Let her get a job when she is 14. That will help. But you will have to help too. She is your daughter so you should make a savings account and put some of your money aside every month when you get your paycheck. And if she gets a scholarship she could use the money for a car or dorm room stuff like a TV, laptop, bed sheets, pictures(paintings), cloths, and other stuff to make college more enjoyable.

Answer 8

Open a 529 for her. She can make contributions, and so can the entire family.

Answer 9

Thats wonderful, but start her out right.  Chances are, once she starts driving she will want to go here and there, or buy this or that.  Start her off now with a budget.  Open a savings account for her and tell her how much spending is ok and how much to save.  As she gets older and gets a job, make sure almost all of her check goes into her savings account.  Be real and show her your household bills.  How much money does the average family have to just blow anyway?  I know most of mine goes to bills, if not all of it some months!  Good luck and good job for raising a responsible child!

Answer 10

A savings account?   There is a new bank online, ING, they have an Orange savings account.  I would suggest looking into them.

Answer 11

Thats wonderful. Take her to open up a savings account.

Answer 12

Savings Bonds are great: http://www.savingsbonds.gov/

Answer 13

Do all you can for her, My parents never saved and now im a Jr. in college and in so much loan debt.... Anything is helpful. If you open her a saving account and just put 20 dollars in it every week or every two weeks, it will do wonders for her.

Good Luck!

Answer 14

Let her. If she starts now she'll have more money saved up for it than if she starts in high school.

Answer 15

She can babysit in the neighborhood, or get a paper route.  Then have her put 80-90% of the money she makes into a savings account dedicated to her college funds.

Answer 16

Let her save her allowance/baby-sitting money up...it will make her feel like she's accomplished something.