Saving for LO?

court115

I saw this on the Working Moms board and was wondering, how many of you have started a college fund for your LO?

this decaf life

We started a Florida Prepaid account.

jobiann

FIL set up a 529 fund for DS, I have no idea what he is contributing as I haven't looked at it yet. But we are putting money into a savings account in our name for him ($50 out of my paycheck each pay period), plus we use some of the money to invest in the stocks a bit. We are in a pretty aggressive/risky market right now, we were told now is the time to do that while DS is so young because we can always change to more stable stocks as he gets older. 

We were told having all the money in DS's name can actually hurt him if he ever needs to apply for financial assistance so that is why we decided to keep some money in our name.

ohiodoxiemama08

We started a college advantage plan for her shortly after she was born and my dad also set up another account for her--unfortunately with the rising cost of college tuition it probably still won't be enough but at least it's something I guess!

briannareno

My husband puts his whole paycheck into an account for DS. He's a server so it could range anywhere from 5$ to 80$ depending on the week. It's not necessarily always a ton, but every little bit counts!

Allycat11

Right now we just have a savings account at our credit union for her but we plan to figure out a better savings plan for her soon.  We have deposited money from her Baptism as well as regular deposits from DH's paycheck. I need to explore our options because I don't want the money to be lost if she chooses not to go to college but I won't hand all of the money over to her at 18. 

mylittleladies1229

My husband is a financial planner so as soon as my daughters were born we set up 529's.  His family tends to buy a lot of little items for EVERY holiday (Valentines Day, St. Patricks) so we ask them that even if it is $10 that they are going to spend on chatski's, please don't.  Write a check a put that money in their 529.

jjdillie

I asked the question on the Working Moms board. After all the responses, I think I am going look into a financial planner. I don't know much about 529 plans but I want something better than a regular savings account. I'm a single mom and I don't anticipate his dad helping beyond child support. Pretty sure all the big expenses will be on me, so I need to plan accordingly.  Right now DS just has a savings account.

Chappy_jr

We do not have anything set up for DS.  With DH out of work and not looking, my concern is saving more for the immediate future right now.  

bennikki

We follow Dave Ramsey, so we're working on paying off our mortgage and setting up our retirement before we start saving for college.  We moved to our new house a year ago, and we're set up to pay it off in 7 years.  We max out our Roth's and my Simple Plan through work each year, and once the house is done, we'll aggressively save for post secondary studies for DS and any other children.  

Both DH and I don't think paying for college out right is a good idea.  My parents paid for my housing and basic living expenses, but I had to pay for my tuition and books, even though they were well within their means to just "write the check".  I knew this was the arrangement long before I started college, and I was also expected to get a job at 13.  I didn't have to worry about food, but if I failed a class, that was my own money I was wasting.  I firmly believe this arrangement is what helped me graduate in three and a half years, with less than $10,000 in debt, even though I went to a $20,000/year private school.  DH did one year of college on his dime and decided it wasn't for him.  He started his own business and is doing very well.  I don't like the specific college savings plans for this reason; you can actually be punished if the money isn't used for college/post secondary training.

ungraceful13

We set up a 529 yesterday.