Savings Account for LO?

kittybutton

What types of savings are you doing for your LO? Im not sure if I want to do a regular savings acct, or set up an acct for when LO turnes 21...I need some ideas/suggestions, she's 3 months now so i want to start putting away maybe $40 a month (which isint much once I do the calculations) but its a start.

schnappycat

We opened 529 savings plans for both our LOs shortly after birth. 

Andjen

We have a savings account through a credit union that gets $20 put in every week from my husband's check. We started it when I was 20wks pregnant. Very good idea to start one.

jennygirlmt

We're doing a 529 (with either USAA or Fidelity) and will probably start a general savings account as well, most likely through an online bank (we use HSBC for ourselves).  When I do the college calculator it says we need to save $700 a year for a 4year school. Granted that's with a low projected interest rate but holy heck. Thank goodness she will be smart and talented and will get scholarships ;-)

schnappycat

jennygirlmt:

We're doing a 529 (with either USAA or Fidelity) and will probably start a general savings account as well, most likely through an online bank (we use HSBC for ourselves).  When I do the college calculator it says we need to save $700 a year for a 4year school. Granted that's with a low projected interest rate but holy heck. Thank goodness she will be smart and talented and will get scholarships ;-)

Are you sure it's just a year? We were told by our financial advisor who showed us various calculations for different schools (state, private, ivy) that we need to save at least $500/month for 529 plans. We are currently doing that for DS and just started with about $300/month for DD.