Saving for College Education.?

I am a divorced single father with two kids. One is 11 and the other is 9. My parents dropped the ball when I was of college age and ended bot being able to go. They earned to much so I didn't qualify for much, and I had to support myself from when I 18 and couldn't afford. Plus, they never planned on p[aying in the first place. I don't want this to happen to my kids, and I am beginning to save for their education - 400 a month.

There are a number of different plans from what I can see. from where you can prepay for a state school in PA to an investment type of education account in PA. I am thinking that it may be better to put it in an IRA and withdrawal it out when College calls or just put the money in a mutual fund. I really don't like the idea of putting the money in their own account because as I said - I am divorced. I really don't trust my ex-wife. I think she could access the funds as a co-legal custody parent. She isn't saving. She has her own kids as well

There are educational IRAs, or your state's 529 savings plans, or if you're more conservative (I-bonds).

Any of them you can designate who is the executor of the money is through a lawyer if you're no longer around.

My little girl just turned 7 in March. I have been saving for her since the day she was born. I have found the best way to make money on her savings (for me anyway). You can buy CD's for $500 and up. There are a lot of incentives right now for short term CD's. Great interest rates. I have found one that pays 5% quarterly, and it's only a 6 month CD. There is a little work involved. Once the CD matures, you will have to renew it. But your bank should notify you when it is ready. Of course, longer terms means higher interest rates. It is a great way to invest with almost no risk.