<prompt> Human: Hello rpersonalfinance,I am a freshman and a community college with no debt, great credit and my only expenses being my car insurance and phone bill. Currently I am staying with my family so I dont have to pay rent and my only source of income is my VA disablilty which is 580 every month. So my question is instead of my money just sitting in my savings account Im wondering what the best course of action would be to have it grow? I know I should take some of it and invest it in an IRA with USAA but I have no idea what to do with the rest.  <response>: If youre at a community college and anticipating going to a full university to finish your degree, I would look into a 529 plan. Theyre specifically for your educational expenses. I am invested with one in my state, and theres a guaranteed 2 option in addition to the various high risk high return options. Currently Im sitting at 4.1 return since inception diversified across various options. 529 as I understand it: if the money is used for educational expenses you do not have to pay tax on the earnings. If you use the money for non-educational expenses, you have to pay at a minimum 10 Federal income tax on the earnings only.The advise from uAkashReddit is great actually. I would just look into a 529 in addition to the amount youre saving in a high yield account, and the IRA. Maybe 5k IRA, 5k 529, 8k savings account, or whatever youre comfortable with. 