One tip I recommend for saving money and staying cool during these hot summer days is opening up your basement windows during the nights, close the basement door, and then when you wake up in the morning close the basement windows. After you close the basement windows, then open the basement door and turn on a fan at the bottom of the steps and point it up stairs. Your basement will be your own little container of cool air to help cool your house atleast through the morning if not most of the day.

In addition another helpful summertime tip is…

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Today my wife and I currently save for our child’s college fund by 1) Investing in Government I-bonds and 2) Investing in our states 529plan. First of all by investing in I-bonds we are able to grow our savings tax deferred and we will be able use the bonds to pay for college expenses and also these expenses qualify the bonds to be used tax free. However, one thing you need to make sure you do with the Ibond’s is that you have them in your name, and they can’t be in your son or daughters name.

If your son or daughter’s name is listed as one of the owners then it won’t qualify as tax free. “Interest earnings may be excluded from Federal income tax when used to finance education (see education tax exclusions).” Read http://www.treasurydirect.gov/indiv/products/prod_ibonds_gla... for more details. In addition if you don’t use the bonds for retirement then they are taxed at your normal federal tax rate, but are exempt from both state and local taxes.

Secondly...read the rest of my blog at FrugalRetirement

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