Ways to Get Fast Cash

Even though I've had a steady job for the past five years, there are still times when my paycheck just isn't big enough to cover all my expenses. It's not as though I'm going out partying every night or splurging on pricey tech toys as soon as payday rolls around. I'm talking about not having quite enough to pay for standard things like the rent or electric bill. This usually happens when an unexpected expense pops up, like having to repair my car or pay some medical bills. Since I don't want to ruin my credit rating by constantly being late on my bills, I've learned a few different ways to get fast cash during these emergencies.

Of course a best-case scenario would be having a reliable family member that can loan me money in a pinch. I used to be able to borrow regularly from my mom and dad (always paying them back promptly, of course), but now that they're retired and on fixed incomes themselves, I simply can't bring myself to do that anymore. And there's no way I would ever ask a friend for a loan because I've seen firsthand how financial squabbles can kill friendships.

Instead, if I need to get fast cash, one thing I do is search around the apartment to see if there's anything I can sell. This could be old DVDs, CDs, books, furniture, or anything that someone else could still get some mileage out of. I then place a free ad on Craigslist and usually get a couple of phone calls within a few hours. Granted, this isn't the most reliable method to get fast cash and it's not going to yield hundreds of dollars, but I can usually count on getting a quick $20 this way.

Another way to get fast cash is to get an advance on my credit card. Again, this is not something I do without considering the seriousness of the consequences if I don't take care of the bill on time. Specifically, my credit will be ruined and I won't be able to use my card for other emergencies if I don't stay up to date with payments.

And finally, when I'm extremely desperate, I can always get fast cash from a payday loan service. I've done this a few times, but again, and very wary of the exorbitantly high fees and interest rates associated with taking out one of these loans. Still, this is such an easy way for me to get fast cash, especially since I've got a solid work history, that it's hard to resist the temptation. Fortunately, I've always paid them back right on time thus far and haven't been penalized above and beyond the usual fees.

Anyway, these are the most reliable methods I use when I'm in a bind and need to get fast cash. I think most everyone can do the same things, so if you ever find yourself in a financial crisis, follow through on one of my suggestions!

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Find a Certified Financial Planner

If you want to determine your individual financial purposes and life priorities, you should use personal financial planning. And you can have peace of mind with a certified financial planner as realistically balanced financial plan will meet your goals based on real grounds. When you find the right financial planner in our unpredictable times, you provide yourself with more secure future. It is normal to ask for a professional advice and we address to doctors with our health problems, to lawyers with our law troubles and to insurance agents if we have insurance questions.

You have to know some useful top tips before you start seeking for a financial planner. Clarify your personal idea of the financial advisor you need and your search for a planner will be easier and quicker. Your financial planning assistant must be certified from a reliable and reputable certification board and recognized internationally. Have a personal interview to determine whether you are confident with the financial planner revealing your individual financial situation.

There are about fifty financial planning categories and one of the most reputable designations is the CFP (or Certified Financial Planner). This designation is well recognized worldwide and has good reputation. The CFP designation is recognized with other organizations all over the world and in order to be authorized to this designation usage, the applicant must get through some examinations and tests and demonstrate his education, ethics and experience.

But a certification is not the whole story. You should meet the right certified financial advisor who you can be confident with. You will have to discuss all financial details of your life with this person and this person must be really trustworthy and loyal. You are going to entrust your financial stability and future prosperity to your financial planning assistance and have peace of mind but not troubles, so be careful choosing a certified financial advisor as you choose your future at the same time.

If you are looking for an experienced saving money expert and need assistance in financial planning - feel welcome to get in touch with the registered financial associate and a member of the International Association of Registered Financial Consultants.

How to Rebuild Your Emergency Savings

Rebuilding your emergency savings, which were most likely depleted to cover your down payment, is the first thing any new homeowner should do after moving in. Many homeowners get caught up in renovating and making additions to their new house and end up putting themselves in a bind.

Your savings should be large enough to support you and your family for about six months. If you become unemployed or need to have a serious repair done on your car, these savings will come in very handy.

Think about investing in a money market mutual fund; they have higher interest rates than the average savings account and can make your savings larger in the long run.

Now, bringing your savings back up to where they should be will be difficult. It will take a lot of commitment and sacrifice, since you now have a mortgage to pay on top of everything else. Once you've saved up some extra cash, you can be a little more extravagant; but for now, take it easy.

There are a wide variety of emergencies that can come up and hit you when you least expect it. Having a healthy savings account keeps you prepared for unexpected situations. Be frugal and live on what is needed; this is the best way to build your savings fast.

There will most likely be quite a few things you can fix up or add to your new home, but you should do your best to ignore this right now. Wait until you build up your savings again and have some extra money to dedicate toward renovations.

It won't feel too good, having a new house but being unable to fix it up. Be patient; it will not last forever.

Renovations and other home improvements should be postponed until your savings are robust. This keeps you prepared for any emergencies and eliminates the risk of being stuck in an unpleasant situation without a way out.

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Limit on Fees a Bank May Charge - 5 Tips on Avoiding Overdraft Fees

Many people feel strongly that bank fees have gotten out of control over the past few years. And, there are hard facts to back up this claim. Take overdraft fees, for example. Currently, banks bring in over $30 billion per year in the United States alone in overdraft fees. Some consider this highly unfair, but it is all perfectly legal.

You see, the vast majority of bank customers who sign up for a checking account are automatically enrolled in overdraft protection programs. These programs are opt-out, which is marketing speak for "if you do not say you do not want to be enrolled, you are automatically enrolled." And, many banks give preferential treatment to people who enroll in their overdraft protection programs.

Besides, what could be so bad about enrolling in overdraft protection, right? After all, aren't the programs designed to protect consumers from bouncing checks or getting rejected at merchants when trying to run a debit card for a purchase? Well, yes. But, the programs are actually set up to heavily favor the banks in making a lot of money in fees.

How Overdraft Protection Works

Overdraft protection programs work by covering any outstanding charge made by an individual, even if their checking account balance would not normally cover the charge due to non-sufficient funds (NSF).

These programs "protect" the customer by not bouncing checks or rejecting debit or credit charges. But, they actually are set up to make huge amounts of money in fees. Most banks now charge $30 to $35 per overdraft. And, since they allow debit card transactions to go through even when the account has a low or negative balance, a person could easily rack up $100 or more in fees in a single day.

Each Bank's Fee Policy is Different

You may be wondering whether there is a legally-enforceable limit on fees a bank may charge. The answer is: no. While banks are regulated by the Federal Reserve, the Fed sets no particular limit to bank fees.

Fortunately, new rules enacted by the Fed and going into effect on July 1, 2010 require banks to change to an opt-in policy (rather than opt-out) for overdraft protection program signup. These rules also prohibit banks from discriminating against customers who do not opt in to these programs.

However, the rules still set no particular limit on the number of times a person may get charged overdraft fees in a single day. And, it is likely that most customers will still sign up for the programs without understanding how costly they can be.

5 Tips on Avoiding Overdraft Fees

Even with the new legislation, consumers will still be paying billions per year in overdraft fees. Here are 5 tips for you to avoid paying overdraft fees:

1. Keep a reserve of at least $200 in your checking account at all times. This is not always practical, but the money pad will help you avoid overdrawing your account.

2. Connect your account to an overdraft savings account. Some banks allow you to set up a backup account. But, you will need to keep money in that account, as well.

3. Check your balance each morning and night. This can get tedious, but at least you will know where your balance stands.

4. Check your balance from your mobile phone whenever you are about to make a purchase. Again, this is not easy to do, but it does the trick.

5. Switch to a bank that does not charge overdraft fees. This is by far the easiest solution. Some banks will allow you to overdraw your account but still will never charge you an overdraft fee. It is worth it to seek out these banks - and it is the only sure-fire way of avoiding these fees in the future.

Follow these 5 tips to avoid paying overdraft fees.

Get a list of no-overdraft-fee banks in your area at: No-Overdraft-Fee Banks.

Quantitative Finance Reading List - Numerical Methods

In the previous article the core C++ books required for a good grounding in quantitative programming were outlined. Now it is time to discuss the books useful for learning numerical methods, in particular Finite Difference Methods (FDM) and Monte Carlo Methods (MCM).

Finite Difference Methods

Finite Difference Methods are a class of numerical methods used to provide an approximate, discrete solution to various partial differential equations, in particular the Black-Scholes PDE. Finite Difference Methods work by discretising the derivative terms in the PDE, such that they can be implemented algorithmically. An explicit FDM has the quantities at the next time step calculated in terms of the values at the previous step. An implicit FDM has the quantities at the next time step calculated in terms of both the values of the next time step and the previous time step. Stability of the scheme is an important concept.

The following are some of the more well known (and recommended!) text books on Finite Difference Methods:

1. Finite Difference Methods in Financial Engineering: A Partial Differential Equation Approach - Duffy
2. Financial Instrument Pricing Using C++ - Duffy
3. Numerical Solution of Partial Differential Equations: Finite Difference Methods - Smith
4. Pricing Financial Instruments: The Finite Difference Method - Tavella and Randall
5. Option Pricing: Mathematical Models and Computation -Wilmott et al.

Monte Carlo Methods

Monte Carlo Methods rely on the concept of risk neutral valuation in order to price derivatives. In essence, many underlying random asset price paths are calculated and the associated derivative payoff is calculated for each path. The mean of the payoffs are taken and then the price is discounted to today's price. This will give an approximation of the the option price. Further accuracy can be obtained by increasing the number of random trials.

Here are some of the top financial modelling MCM books:

1. C++ Design Patterns and Derivatives Pricing - Joshi
2. Monte Carlo Methods in Financial Engineering - Glasserman
3. Monte Carlo Frameworks: Building Customisable High-performance C++ Applications - Duffy et al.
4. Monte Carlo Methods in Finance - Jaeckel
5. Monte Carlo Methodologies and Applications for Pricing and Risk Management - Dupire

Suggested Reading

The best books to start with from a C++/numerical point of view are Duffy's "Financial Instrument Pricing Using C++" and Joshi's "C++ Design Patterns and Derivatives Pricing" books. In fact, Joshi's can be read in conjunction with his "Concepts and Practice of Mathematical Finance". They will get you up to speed on intermediate usage of C++ as well as give you an insight into both FDM and MCM. Depending on which way you lean (FDM or MCM), you may wish to continue with Wilmott's "Option Pricing" or with Glasserman's "Monte Carlo Methods in Financial Engineering" and Duffy's "Monte Carlo Frameworks.

QuantStart is a leading quant finance resource with many finite difference method tutorials as well as the latest quant jobs, quant events and quant articles.

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Inventories - The Key to Faster Home Insurance Claims

Insurance is the 'elephant in the room' - always there but not something you really talk about. It's not a particularly exciting purchase and the thought of shopping for home insurance rarely fills people with a great deal of enthusiasm. What needs to be remembered though is that as unassuming as something like home insurance is, it is only sufficient and suitable insurance cover that can underpin your peace of mind and, in the event of a disaster, your quality of life. When we don't have the need to make a claim it can feel like an expensive luxury. When things don't go to plan and you need to call on your insurance it can feel like a godsend.

When it comes to home insurance it's easy to just take out a policy, put the paperwork away and then forget all about it without even having a clear idea as to the real value of your possessions that you want covering. It's not something that anyone ever really thinks about in too much detail. Approximately one in three homeowners and tenants don't actually know the true value of their possessions. Many of them are drastically underinsured and in the unfortunate event of a flood, fire or burglary they could be in for a very nasty shock.

If you don't take out enough insurance to cover the cost of your possessions, any claim in excess of the cover won't be paid out by your insurance company. If you are not paying the correct premium on the true worth of your valuables then don't expect your insurance company to pay out their full value. It's a smart move to head this one off at the pass and take steps to make sure that not only are you covered properly, but that you also have a detailed record of your possessions, what is commonly referred to as a home insurance inventory.

As well as providing you with all the information you need to guide you towards appropriate cover, a home insurance inventory offers a range of other benefits too. For example, if you have just suffered the trauma of having your house burn down or badly flooded would you really be able to recall every one of your possessions that would need replacing? Even when everything's fine, it's difficult to remember everything of value in your home. During a crisis it would be impossible. Having an up to date inventory to hand will save you a great deal of unnecessary anxiety.

The more information you can include in your inventory, the better. In fact many companies, especially when it comes to sizable claims, will expect to see a detailed inventory. If you have an organised list of valuables complete with model names and numbers, serial numbers and other detailed information you are doing yourself an immense favour in getting your claim processed and paid promptly. Depending on whether you have a 'replacement value' or 'current value' type policy, you should record information about the value of each item as well as when and where it was purchased. You might want to even go so far as to take photographs or videos of your valuables.

There are even computer programs that can create a virtual inventory, including pictures and video images. All you have to do is systematically record the contents of each room in your home one at a time. Remember to include everything - the value of smaller less expensive items can quickly add up. Save the information and make sure you back it up. Store the back up remotely just in case. Hopefully you will never need to refer to your inventory but if you do then you'll be glad you were so well organised. And so will your insurance company. The result is a quicker settlement and, most importantly, peace of mind.

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Independent Financial Growth For Competition

Competition is found to have a positive impact when considered independently as well as in close relation with these other variables. The researchers argue that this means that the level of competition plays a significant role in its own sense in ensuring that the volumes of production are enhanced. The studies have further shown that neither regulation nor privatization have been able to play a major role in coordination with the level of competition that is found in the market.

The findings of the several authors has pointed to the fact that privatization has a very limited role to play when considered independently and that it has worked well only when it was used with the degree of regulation that could be exercised by such a body. Likewise, regulation was not found to have provided for the expected objectives when it was studied independently and it also proved to be ineffective in the absence of privatization as well. This is widely accepted as in the view that it is not possible to control and regulate whole state-owned and state-run enterprises.

Several authors have maintained that other there exist a close relation between how competition and regulation are the two main factors when it comes to determining the role and success played by the privatization of a sector or economy. The type of ownership, be it state run or government owned was not even considered (rather it was used to support a very small part of the inference and argumentative results) as any state-run business entity is only privatized whenever it is under severe underperformance.

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Interest Bearing Checking Account - What to Look For

There are a couple of things you should know when looking for an interest bearing checking account. Banks offer a few basic services. The two most common categories of services are non-transactional and transactional.

Non-transactional services have no direct bearing on financial transactions. They are supportive in nature, for example: marketing mail to customers, bank statements, handling phoned-in general queries.

Transactional services involve actual financial transactions, like: receiving deposits, servicing withdrawals, transferring account balances, granting loans, collecting loan payments, paying customers' bills. Services under this category gave rise to the term "transactional account".

A popular example of a transactional account is a demand deposit account, otherwise known as checking accounts. Before the advent of online banking, this was used solely for business convenience and not for the purpose of savings or earning interest. Thus, originally no interest was paid on this.

Now, with online banking much in vogue and becoming an industry of its own, an interest bearing checking account has become part of transactional services. This type of account has all the features of a traditional checking account, with interest earning capability added.

To some observers an interest bearing checking account is a cross-breed of the savings and the traditional checking program. To others, it is a savings account with check issuance privilege added. Whichever school of thought you pick, you can't lose.

Why can interest be paid now on checking accounts? Actually it had been effectively going on for quite some time even before online banking came. In an effort to be competitive, banks designed the automatic transfer service to attract clients to open two types of account: savings and checking. The tacit purpose of automatic transfer was to circumvent the no-interest rule on these accounts.

There are many ways to earn money while having it in a bank. The key is to know what to look for and search for something with a better return on investment. So how do you find the best places? It's easy, as most of the information you can find online in the comfort of your own home.

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Leveraged Funds Build Americas Corporations

Through the leveraged funds of account holders financiers are able to put their holdings to work and generate increase profits for the clients that are looking to fund a project or manage their corporate wealth with a minimal amount of risk. Through the incorporation of equity and debt advisory boards big business interests are able to expand their operations or use mergers and acquisitions to gain ground in their takeover bids of other companies. Having a solid underwriter to provide the necessary fiduciary amounts to compete their transactions many larger organizations utilize the services of experienced institutions to seal the deal.

Through investment banking Houston based conglomerates are able reach out across the globe and find the resources that they need to capitalize on opportunities that will strengthen their holdings and diversify their portfolio. By financing the amount of money needed to build new developments or buyout the interests of shareholders, organizations are able to keep their assets in play while providing the cash to expand into new ventures. As with any conventional banking practices having an equitable amount of collateral in reserve is essential to secure the requested denominations that are borrowed from a financial institution and repaid over time with an previously determined sum of interest.

By leveraging their deposits and keeping a certain quantity of currency liquid, corporations are able to acquire equipment, purchase weaker competitors, and solidify their position in the marketplace as world leaders in commerce. From their offices in Houston multinational corporations have been able to find a place of dominance in the business world and manage their empire from a sound base of operations.

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What is Financial Attorney Power?

Explanation-

Attorney power that gives another agent to look after the finances on your behalf is known as financial power of attorney. It is drawn when a person becomes incapable to handle their own financial affairs. Reasons for such a situation to arise can be many. It is a simple and inexpensive method of handing over financial affairs. Without its presence, there are chances of court proceedings. The power can be either 'durable' or 'springing'. One can avail the general format for financial power of attorney form online- either free download or paid downloads. It gives an idea about the contents and they can be customized according to requirements.

Agent Responsibilities-

Financial power of attorney form mentions the duties and responsibilities assigned to him in the document. The financial can be 'full' or 'narrowed down' as much to give limited access to the agent. Here are some of the basic functions, though it can be tweaked to suit specific requirements.

- Handle all transaction relating to banking and with other financial institutions.
- Make daily expenses on your behalf and collect government benefits such as Medicare.
- Power to purchase insurance policies, bonds, mutual funds, stocks, shares, and other financial investment tools on your behalf.
- The agent has the responsibility to file taxes and returns to the government and also help the authorities with financial details if required.
- On your behalf, the agent can claim properties entitled to you and hire some one to represent you during court proceedings.

Moreover, the agent has the ethical responsibility to maintain a detailed account of all transactions mentioned above and others. He/she will be liable for legal actions if there are any misappropriations of funds.

Get the financial power of attorney form duly filled and verified by a lawyer. It comes into effect after the client's signature.

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Know How Financial Marketplace Works - A Short Introduction

According to a major news article about debtor in possession financing, over 150 companies defaulted on corporate debt in the previous year causing a spike in bankruptcy exit loan financing demand. Just who is exiting corporate bankruptcy?

In a large number of cases they are household names like Six Flags theme-park. Six Flags entered chapter 11 bankruptcy and exited with a secured credit facility of almost $850M financed by a syndicate including JP Morgan Chase. Six Flags is a great example of a company whose business is going well but due to maturing leveraged debt with no one was willing to refinance it. Hence, their only way out was to default and enter bankruptcy protection. Emerging from bankruptcy, there is a new market and a new class of financing available to them.

OK, don't start looking at your screen funny, first let me define a couple of terms for you. Ill start with the concept of exit loans.

When a company enters bankruptcy protection, they do so with the plan to exit from bankruptcy. In order to successfully exit, they need financing. This type of financing is referred to a leveraged loan or distressed debt.

A second question is why would someone loan money to a company that has a high chance of failure. The answer to the question is that the more risk the higher the payback and high flying investors love it! The are referred to as dip loan investors.

So where are the funds getting the capital? Basically leveraged loans outperformed high yield bonds this past year. Thus investors are plowing their money into leveraged loan funds and pulling them from high yield credit. But it isn't just a shifting of money from the high yield credit markets, there is net new money pouring into this market. A few of the statistics that can be found on line are that is that the leveraged loan market attracted almost 1.4 billion dollars this year and over 450 million has fled from the high yield credit markets.

As a result of the leveraged loan markets are rising and the issuance of corporate debt is down significantly. Some estimates show that corporate debt issuance is down almost 45% from the same period last year.

The other outstanding question is what happens to exit loans, bank loans, and high yield debt if the Fed raises rates. This is almost certain to happen as the Fed is trying to steer companies toward private sector financing as they surface from the troubles of 2008/2009.

Due to companies emerging from bankruptcy quicker and in need of financing, leveraged loan investors are in demand. This has created opportunity. With opportunity comes investors who are looking to make money. It will definitely be a market to keep an eye out for as the markets and corporations shake loose from one of the worst economic crisis since the great depression. This coupled with record defaults in 09 will create a lucrative sales environment for the leveraged debt industry all together.

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Wachovia Routing - Understanding the Importance of a Routing Number

Anytime you open a checking account with the Wachovia Bank you will notice that there are two different numbers on the bottom of your check. The first number is going to be your checking account number. This number is unique to you and your personal account. The second number is call a routing number and is unique to your bank. All checking accounts whether they are for personal use or for business use must have these numbers printed on the checks in order for them to be processed.

What the Numbers are used for

Your branch of the Wachovia bank may have thousands of members who have accounts there or it may be very small and only have a few hundred. The bank routing number is used be the financial clearing houses to decipher not only which banking system you use, such as Wachovia, but also to determine exactly which branch you bank with.

Each branch of the bank has its own unique routing number and while a small part of the number identifies the bank as a whole, the rest of the number highlights the branch that you opened your account with. This is done to help speed up the task of processing your checks; the numbers are printed in a particular format that allows computerized scanners to read them along with your account number.

How does this Apply to Me?

As Wachovia is only one of hundreds of banks in the country that are used by millions of people every day, the routing number on your checks is as important as your individual account number. This number makes it possible for the computerized clearing houses to process hundreds of checks per minute. Without this number the work would still have to be done by hand which would slow down the processing of any payments you made by check.

Each of the nine numbers in this routing number represents a different part of your banks address and the type of account you have. The first four digits in the number the specific US Federal Reserve check clearing center that your bank uses, the following four digits identify your particular bank and the ninth digit is used to verify that the check is valid. It is computed using a special formula that works with the other eight digits in the number.

Today you can use the bank routing number on any Wachovia checking account to pay many of your bills online instead of having to mail out the checks. This can save you both time and money as well as ensuring that the bills will be paid on time instead of having to worry about whether or not the check you send in the mail will arrive on time.

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Cash Management - Why We Should Know the Company's Cash Position Now

The importance of knowing the company's daily cash position cannot be denied. It is a very important data in order for us to make a next move in business, whether to prepare payment for our suppliers or overhead expenses, invest our surplus fund in short term investment or just for our own knowledge so that we know we are in a right track and our financial position is in good health.

To demonstrate the concept well, let us assume that we are driving a car and the first thing that we might do is to glance the fuel meter at the car dashboard. What is the most matter to us is the fuel information at that time whether we still can continue driving or have to stop at the next petrol station to replenish the fuel. It is not last week fuel data or last month data that cares us, we want the car's fuel position now in order to make decision whether to stop at the next petrol station or not. This apply to the same concept where company's cash position is concerned. What we really want is the company's cash position now and not last week or last month data. The data has already historical and cannot be used to make decision whether we want to prepare payment or to invest surplus fund in short term investment.

Basically, I just want to share with you three types of cash data that we normally familiar with it and to certain extent we can use the data. The first data is cash flow statement at the end of the month. This is the most popular method and recommended by all Accounting text book and academicians. The cash flow statement is normally derived from Balance Sheet and Profit & Loss Account for the month. While the cash flow report generated using this concept is correct and according to the Accounting Standard, we need additional report that can give us more meaningful daily cash flow report for us to make daily financial decision.

Here it comes the second method of cash flow data which is called Daily Cash Position. If we take into consideration the daily incoming cheques and daily cheques disbursement, your cash balance will show you a correct cash position at any point of time. The third method which is the most dangerous method is by simply call the bank and requested the cash balance without comparing with the daily cash position as explained in the second method above.

The most difference between the second and third method is the bank balance today is not the same with daily cash position. This is because cheques that we have already disbursed are not necessarily all presented on that day and the bank balance will includes the unpresented cheques or our cheques prepared that still not cleared by the banking system. If we want to make decision on the bank balance alone, this will definitely act as a time bomb which will fatally destroyed your business. Bank balance will overdrawn due to miscalculation of cheques prepared.

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Someday You May Need Money For College

All parents want their children to have a better life than they may have had. For many, this means a college education. This means you will need money for their college.

Financing a degree does not come with a cheap price tag. College and university tuition is already $10,000 on average per semester. In the next 18 years, it could more than double to approximately $24,000. These numbers are for in-state tuition at public colleges and universities. Private schools and out-of-state tuitions are often three times these amounts.

It's imperative that you begin thinking about your child's college education early and begin making plans to cover the rising tuition costs.

Investing in an IRA fund is one way to help provide college money for your student. Most people look into purchasing Roth IRAs especially if they will be over 59 when their child enters college. This is because withdrawals from a Roth IRA account are tax free if you are over 59.

Another viable IRA option is to get a Coverdell ESA (this was formerly known as an Education IRA). Proceeds from a Coverdell ESA are not taxed. There are some drawbacks to this type of IRA, however.

No matter how many accounts you have you can not contribute more than $2000 to this type of IRA. This means if you have just two Coverdell ESAs you could contribute $1,000 each (or divide the money however you wish) per year. There is also the Hope Scholarship Credit. This college tuition assistance is designed specifically for middle class parents and students.

Then there is the Hope Scholarship Credit that allows you to claim up to $1500 a year for the first two years as a tax credit. The amount you'll be able to claim is dependent upon your total household income.

You may be able to qualify for a Lifetime Learning Credit after the first two years of college. all which is designed to help defray the cost of postsecondary education. Unlike the Hope Scholarship Credit, though, the Lifetime Learning Credit can be used to help pay for just one class so the student doesn't necessarily have to be enrolled full-time.

One thing to keep in mind with the IRAs and educational tax credits is that if you are not using these funds as college money, there can sometimes be penalties which include having to then pay taxes on the money.

However, the important thing for you right now is to begin the process of planning for providing college money for your student when they will need it. If you begin early, you'll have little trouble saving enough money to completely pay for their education.

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