With college tuition rates on the rise, you can’t start too early to save for college. There are several ways to save for college and it’s definitely best to save with something like a 529 fund so you can reap the tax benefits. However, I don’t know about you, but I need all the help I can get to start saving. I’ve recently found something that’s put the fun back in funding -- an online saving site called SmartyPig and I highly recommend it.

When I was a kid, my grandparents used to give me 20 dollars for every birthday and Christmas and other momentous occasion. The 20 dollars was supposed to go toward my college education, but because I am like most humans, I sought instant gratification rather than long-term gain. I spent all of the money on candy, toys and other stupid trinkets that I just had to have. Not one dollar that my grandparents gave me actually went toward my college education.

Of course once I finally got to college, I realized how much I needed that money for books, living expenses and important college essentials... like beer and pizza. If I would have had something like SmartyPig, I could have earned interest on the money and my parents and grandparents would have monitored it to make sure I didn’t spend it. So, if you or your kids want to put away some extra cash for college and have grandparents, aunts and uncles that want to contribute as well – sign up for SmartyPig.

The savings site allows you to:

1) Set several goals and track your progress (i.e.: tuition, books, living expenses)

2) Earn 3.90% (APY) on the money you’re saving

3) Make the account public and encourage others like Grandma, Aunt Millie or Great Uncle George to contribute to the fund

4) Receive your savings plus interest on the flexible SmartyPig debit card (Which can be used anywhere MasterCard is accepted)

5) Stretch your savings (up to 5.00%) by receiving your savings plus interest on the gift card from some of the country’s top retailers.

So if you are planning to go to college or have kids of any age, it’s not too early to start saving. Set up an account for yourself and your kids and watch your savings grow. If nothing else, it will save you the time it takes to cash Aunt Millie’s $5 birthday checks.