August 2012 Moms

College savings

Have you set up a college savings or any savings for your LO?  We set up a savings account and I think we are going to do a Bright Start account, which I think is specific to Illinois.
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Re: College savings

  • I plan on starting one when I get my taxes done this year.
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  • We have a savings account for the checks and money she gets from family. I want to do a college savings, but haven't had a chance to properly investigate it yet.
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  • They better do well in school and/or sports and get scholarships, scholarships, scholarships like I did! I don't mind helping but they had better put forth the effort from day one to make the grades to put them in the running for scholarships.
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  • Yes we set up an account after he was born that we put monet into.
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  • Yep college savings. We used the Utah college savings plan. We don't have any connections to Utah but it has low fees and my state doesn't offer any tax breaks for signing up for their plan. We stash money from relatives in there for her. We won't be making much in the way of regular contributions until we pay off DH's school debt!
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  • Right now, we only have a piggy bank for him. Seriously. We empty it every few weeks and put it into a savings account. Once we get our tax return we'll open a college savings for him.

  • We have an ESA for DD, but haven't started one for DS yet. We meet with our financial planner in a couple of weeks. I don't think we plan to pay for all of college for them (amd I hope they get tons of scholarships), but I want to do what we can to help.

     

     

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  • We have an RESP for our boys.  DH set it up so I don't know the exact details but we put in money every month and the gov't matches it up to a certain amount.  And then when the boys are 18, they can use it for their education.  We'll eventually set up a savings account for them too,

    Like pp sorta mentioned, though, we'll help the boys but I don't know that I want to pay for it all.  Sometimes things are more appreciated if everything isn't just handed out to you, kwim?  But I don't want to leave them stranded so we'll meet somewhere in the middle.

    ETA- If anyone else in Canada knows of other savings options for our kids, can you LMK?  TIA!

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  • For those concerned with kids working for their education, we don't intend to let her know we are. I agree that some things are worth working for, but I have to admit that having that looming debt stresses me out quite a bit.
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  • Savings started. When I get back to work we will do Coverdales.
  • My parents gave us money to start an account for Christmas my FIL also plans to contribute regularly, but we haven't chosen which kind of account to open yet.
  • Nope.  Gotta get DH's school loans paid off first.  One thing at a time.  We are kind of Dave Ramsey nerds.
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  • image shakinros:
    Yep college savings. We used the Utah college savings plan. We don't have any connections to Utah but it has low fees and my state doesn't offer any tax breaks for signing up for their plan. We stash money from relatives in there for her. We won't be making much in the way of regular contributions until we pay off DH's school debt!


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  • We set up a 529 college savings plan called Future Scholars shortly after he was born. 
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  • We have a savings account set up for him. We add money regularly and so do the IL's it's not for any one set thing. And he won't know about it. At 16 we might use it to match him for a car, things like that. 

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  • We have started a savings account for DD at the credit union. Have looked into the 529 plans but haven't taken that leap yet.
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