College fund 🤑

We’ve just started putting any money he gets for birthdays/holidays right into an account. He’s got close to $300 and he’s only 3! Haha Eventually we plan on getting more aggressive with our savings, but we’re working towards paying off all debt first. I find that automatic transfers to savings are easiest.

Been thinking about it! I need to do the research.

Yes from day they where born

Yes!! Small deposits every month. I'm sure when they get older and I myself am out if college they will get bigger deposits but for now monthly and small

Yes! My husband is a financial planner. So yes. 😂

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That’s great! What approach did you end up going with to save?

We did a 529 plan!

Yes!!! We use our states 529 plan. It reduces our state taxes and grows tax free. The more you do now the easier it will be for your little one.

I work in finance and this was the first thing we did. We have a college savings as well as a general savings acct. Money he gets for gifts goes into the 529 and we have a spare change jar that goes into his savings account.

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Did you go with the 529 in your state or did you shop around?

I just went with my states. I didn't research much honestly, it's the product we most often use.

We checked out a 529 plan but found they charge a small fee and are stipulations on what our son could do with it. We talked to the bank instead. We put so much in his account, automatically withdrawn, and the account will create CDs with hifher interest rate every $300 I think. Its amazing how much $10 a week adds up to in 18yrs. It means giving a coue lattes or a meal out.

My mother in law opened one for our daughter. We’ll take it over once hubby finishes school and we have more money. She’s putting $25 a month in it. So it’s something.

My in laws have decided to give my daughter her college fund. And man will she be taken care of. I however have started a jar of change and every time it’s full I’ll be putting it into her own saving account. I mean, why not? 🤷🏼‍♀️

We created a 529 for her. It ended up being out of another state because that was the one my financial advisor said was best. I added “college fund” on our baby registry so that gave it a nice start. We will put her cash gifts in there as well and whatever else we decide to put in there. Outside of the 529, we aren’t paying extra for college. We both got ourselves through college and it taught us a lot about being a responsible adult. We will be open to paying for a good education beforehand so hopefully she’ll get scholarships 🤞🏽

I did and I’m so glad I did. My parents have been putting into it monthly (as a gift to my son) and I put into it when I have extra funds to give. Better to start early!

What happens if they don’t go to college but they have the 529 plan??

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Not an expert but my understanding is that it can be used for other education purposes, like private school or vocational school. You can also transfer it to another child. If you can't do any of that, there are penalties and taxes, but you don't just lose it all. May vary by state.

Oh ok

I know we offer this at cefcu (where i work) and alot of people do 529 i havent started one yet though.

Neither myself or my husband had college funds. We had to take out student loans and pay for our own educations, so we're gonna have our kids do the same. Yeah student loans suck but it teaches responsibility and then we don't lose money if they drop out or don't use their degree.

We actually have three things happening.. A monthly deposit that goes in per child. And we actually have rental property that we can take a loan out when the time comes if that's what they want to do. And when they are five, they get to pick what stock they want to put in their birthday money in. We do this because it's more then just college it's for their future.

I started an RESP for my daughter shortly after she was born and a monthly deposit of $50 goes into it ☺️

We decided to opt out of the college fund and have a custodial UTMA, so our daughter has a choice what she uses the money for. We put $200 in a month for now. I also invest most of it in the stock market to create more income. So far so good.