How to Invest for Your Child's College Education

By e how Personal Finance Editor

Using money you can put aside and your child's own contributions from allowance and birthday funds, you can create a tidy nest egg for your child's education.

Instructions

Difficulty: Moderate

Things You’ll Need:

• Financial Calculator
• Brokerage Accounts
• Savings Accounts
• Paper And Pencils
• Personal Financial Software

Step1

Start early and let compounding work for you - that is, earning interest on interest. The more you can save now, the less you will have to set aside later.

Step2

Buy a mix of investments such as mutual funds, savings bonds, individual stocks and corporate bonds.

Step3

Look into setting up an education IRA (Individual Retirement Account). Contributions are not tax-deductible, but your investments grow tax-free until you withdraw them.

Step4

Find out whether the state in which your child will likely attend college offers a state-backed tuition-savings plan.

Step5

Check out mutual funds that specialize in college-tuition savings. They won't ask for big monthly investments.

Step6

Ask relatives who regularly send birthday, Christmas or Hanukkah gifts to consider putting a part of the money into savings bonds or other investments for your child.

Step7

Encourage your child to contribute 10 percent of a weekly allowance or income from part-time work to the investment pool.

Step8

Give your child a role in making decisions about the investments to learn about and appreciate sound personal-finance habits.

Step9

Start searching for college grants, scholarships and work-study deals before your child completes his or her junior year of high school.

How to Earn Money Part Time

By eHow Personal Finance Editor

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Not everyone can work full time at every stage of life. While some people may need to earn money part time while raising a family or attending school, others may simply want to supplement their main income. Finding a good fit that allows you to work specific hours and earn some money can be accomplished. It helps to have a plan of action, perseverance and a little luck.

Instructions

Difficulty: Moderate

Step1

Set a goal. If you have a goal to earn a specific amount of money each month it will help motivate you. Decide if you are saving for something special or just need to supplement other income. Setting a goal will help determine the number of hours you need to put in.

Step2

Determine your skills. Write down all the skills and experience you have. Include all education, training and past employment. Keep in mind that some skills may have been learned through hobbies, volunteer work or raising a family. Consider how you can use those skills and turn them into a part time business to earn money.

Step3

Work for yourself. You will be able to control the number of hours you put in more easily if you are your own boss. Offer services such as tutoring, babysitting, dog walking, wedding planning, house cleaning and handyman work.

Step4

Sell your creations. If you are good at making things such as jewelry, gift baskets or pottery consider selling your crafts. Go to street fairs, craft fairs and local stores to sell the things you made. Buying and selling antiques and collectables is also a way to earn money.

Step5

Check job boards. Many employers hire part time workers. Read your local newspaper daily for leads. Check online job sites. Visit the unemployment office and look for part time work.

Step6

Look into to specific industries. Some industries hire more part time workers than others. Consider the restaurant business or retail work.