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Financial Planning

Being parents now, my husband and I have given some consideration to creating a college fund for our daughter. The numbers a friend of ours came up with stopped us in our tracks because it required making a $200 monthly payment into an account for our daughter.

While we'd love to be able to do that for her, it's just not feasible, especially as we try to pay off our debt. What we had in mind was something we can contribute to on an irregular basis as we get extra money, such as if/when we get a tax refund or get some overtime. We've been hanging on to our initial investment for her college account for getting close to a year now. It's time to move on to something else, because the 0.1 percent annual rate it's earning in our regular savings account isn't going to help.

All of the options out there are just so overwhelming.

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