On this episode of The Casey Lewis Podcast I apologize for the missed episode last week as well as announce some new micro-episodes coming exclusively on iTunes & Stitcher next week to make up for the missed episodes.
I also answer 2 questions from the internet about college and about spending money at the gas pump.
Question 1: Suzanne – “How much should I plan to have in my kids college account?”
- Save up to $2,000/kid/year into an ESA account, assuming your income meets the threshold guidelines.
- Then save anything over that into a 529 plan.
- It depends on how much time you have to save and how old your kids are as well as what school they are going to be going to. Save as much as you can, and help your kids go through school without taking out student loans.
Question 2: Dale – “I like using the cash envelope system for keeping track of my expenses, but with car gas I don’t want to have to go inside to pay with cash. Is there a better way?
- Use a separate checking account at your local credit union that can only be used for fuel purchases.
- In your monthly budget, transfer the amount you budgeted for fuel from your primary account and put it into your secondary checking account for fuel.