It is never too early to begin thinking about your child's future savings for any educational track they decide. One can open a child's savings account before that child is even born to begin preparing for the expensive journey ahead. Once a parent or guardian has named themselves a beneficiary, deposits can begin to be saved, a long-term investment for someone now, will result in a higher yield when that child is ready for college.

Mike Frerichs is the Illinois State Treasurer, and more recently, a new dad to twins just recently born. Frerichs is happy that he has set money aside for his two children, and there is one less thing to worry about.

These deposits are safe from tax and will grow money for your child when it is needed. These investments in a child's future have promoted success in the classroom. Now that financial trouble is out of the question, the student can focus on graduating.

A new program titled ABLE (Achieving a Better Life Experience) is presented by the Treasures Office to set up savings accounts for disability-related expenses. This will be a tax-free account where users can save up to $100,000, without that child losing any benefits.

The Charitable Trust Act is gathering money to put funds into the hands of smaller non-profits, making less than $1 Million a year. Grants will be provided to cover things like living costs and workplace development.

For information on early childhood saving, the ABLE Program, or the Charitable Trust Act make sure to visit, https://www.ssa.gov/.

Mike Frerichs appeared as a guest on the WTIM Morning Show.