anyone feel comfortable..

KKM · August 2009

with disclosing how much $ they have saved for thier dc (for college or whatever) so far? My girlfriends and I were talking about it this weekend and now I am curious. TIA!

ABMcKinney · August 2009

Nothing. Our retirement comes first.

KKM · August 2009

Ok, now I am thinking this is a tacky question to ask....maybe, do you plan on any sort of savings account for your dc (college or whatever) now or in the future?

stephm0188 · August 2009

Nothing. We're paying off debt and trying to save for retirement. We have no plans to save for college for him.

We will open a savings account of some type. My inlaws buy him savings bonds for birthdays and holidays instead of toys.

VTbride05 · August 2009

I think that we have a little over $1000. My father puts money into a 529 for each holiday and we have put money in here and there (when DH got a bonus) and we put any money that Henry gets as a gift.

mlc92404 · August 2009

We had around $1000 in a general savings account (just putting some in each month) but had some unexpected expenses come up and had to take the money

We will be paying it back though!

akiernan · August 2009

We started a savings account for Spidey when he was born. All of his gift money (ie: cash/check gifts from my baby shower, his baptism, christmas, Easter, his birthday, etc) have gone into this account.

DH and I have added to it a few times, once for Christmas and once for his birthday. We probably won't add to it ourselves regularly until we are out of debt.

cleeksock · August 2009

I inherited a nice size chunk of money when my grandma died, and that became Maya's college fund. It should pay for 2 years of college out of state, unless she decides to go to Harvard, then we're screwed. It's in a 529, so hopefully it will start making money one of these days.

IAM4UK · August 2009

We have about $2500 in a 529 plan for her. We put in a monthly allotment to contribute. We also have our 401K, IRA's, and stocks for retirement. DH is in the financial industry so I feel like we are pretty well covered not only for her college education, but also our retirement.

userdeleted · August 2009

We have a small savings account for DS which all gifted money goes into. Right now we are more concerned with saving for retirement than with college for the kids.

In the future we may be able to make more regular contributions.

Mrs.JLC · August 2009

My inlaws opened a 529 plan for her that they put money into for birthdays and holidays as well as a little here or there when their business is doing really well. We set aside a little each month and I have a fund that was intended for me that will be passed along to DD when she is older.

KKM · August 2009

We have about $2000 in a 529 that has about $100 contributed to it monthly. He also has a general savings account that we put random money in (usually gifts) that has $1000 in.

jenhum · August 2009

DH's grandfather had a college account for him that he didn't end up needing b/c of scholarships. So that's DD's college fund now. It should be enough for her to attend a 4 year in-state school. If she chooses to go out of state or wants to attend a private college, she can take out loans for the rest.

ToBeMrsT · August 2009

we opened a savings account for him and it has about $350 in it right now. We didn't open it until his first birthday and I just put money in there randomly.

Dobie_Mama · August 2009

We have a little > $1k in a 529 and around $3k in a savings account. Most of the savings account money was left to DD by my dad when he died. The rest in that account is from gifts for birthday/Christmas. DH & I contribute monthly to the 529.

FinallyMrs.B · August 2009

We have a savings account for DD where we put money she recieves as gifts, but thats it. We really don't add to it- maybe a little here and there, but nothing major. I read an article by some financial advisor that that you should save for your retirement over college for your kids. The article said that there loans for college, but no loans or anything to help you with retirement.

Monkeybuttwhat · August 2009

Retirement is important but I just want to add there are tax benefits to using a 529. You get up to a $2500 benefit a year. Then you can turn the extra savings from your taxes around to throw in retirement.

KhloesMom · August 2009

We have a savings account and CD that all of her gift money goes into. I;m also going to start having some money from my paycheck bi-weekly deposited into it. She can use it for what she wants, when she's 18.

From what I've read from a lot of financial experts, you need to save for your own retirement first and foremost and then save for college if you can after your retirement goals are reached. You can take loans out for college, you can't for retirement.

disbride061103 · August 2009

Right now we have about $5000 in a 529 plan. We put a chunk in when DS was born and add between $50 and $100 a month. My in-laws also plan on putting money in for his birthday and Christmas. We also have a credit card that is tied to the 529 plan. Our "rewards" for the card are like cash back, but instead of getting the cash, it is creditited to the 529 plan.

TMs1stBaby · August 2009

We have a couple thousand in a 529. My understanding is that these are transferable between children, so we will have just one and it will be for all the kids. We put in $200 a month. I don't think we will increas it for the third.

schnappycat · August 2009

I think we have about $8k saved in a 529 account so far. It might be a bit more or less now since the stock market is fluctuating so much, but I thought that is what DH mentioned a few months ago. We contribute to it monthly.?

aforst · August 2009

We got started a little late, however we have a 529 plan for DS. It has around $1K in it right now. We also both have 401K's through work for our retirement. We put in what we can for DS now, and will raise it the more money we make.

KittyCatBio · August 2009

we throw what we can in there, we've maxed out the coverdell for this year. we fund our retirement first, through our regular 401k contributions, then throw a portion of extra $$ (via bonuses, tax returns, etc...) into the coverdell. and we keep a couple months worth of mortgage payments in savings. i've considered opening a 529 since the coverdell ceiling is so low, but haven't made my mind up about that yet.

lmdbww · August 2009

I started a savings for her when I got pregnant and was putting about $60 a month into it until about 6 months ago. Not a huge amount but a little something in case we needed to use it (which we haven't.) I put all of her gift money in there as well. Right now there's almost $3k in there.

I suspended contributions into it until I can get our emergency savings up to a reasonable amount and until I start contributing back into my IRA (long story involved there.) Once I get on an even keel with that, i'll start contributions again.

IL's also opened a 529 for her but there's not much into it (and it's actually lost money because of fees and stuff...)

akayf · August 2009

he has about 1000 that was gift money(when he was born, baptism, birthday) My dad also started an account for him. He wanted to help by for childcare bu we wouldn't let him so each month instead he puts some money in the bank for DS. I don't know how much is in that account though.

CFO · August 2009

There's about 2200.00 in a 529 for her. And we're auto-drafting payments for 50 a month, which we started about 2 months ago.

kbs0929 · August 2009

I started a upromise account for him (www.upromise.com), and linked our debit, credit cards, etc. to it. If you shop online or in stores that participate, a percentage of what you spend goes into the account you set up. It's an easy way to save.

MsTammy · August 2009

Nada. We can't barely afford to put savings away for ourselves.

I sold my soul to a local University that will cover all my children's college costs for free. If they (my kids) choose to go somewhere else, then they are on their own.

KristenBtobe · August 2009

We've got about $3k in a 529, most of it has been generously given to her by my grandmother. We do contribute a nominal amount monthly.

jen_k2 · August 2009

DD's college fund is basically done & we have 20k saved for DS so far. We wanted to get a good sum in the account to start & our savings will be split between retirement & DS now- so it will slow up a bit.

MainelyFoolish · August 2009

I put away $200/month for DD into a mutual fund that I have earmarked for future college expenses.

roxysurf99 · August 2009

We put $50 a paycheck into his 529 plan. We also put any other month he gets in there. He probably has at least $5K. My husband is a financial planner and he insists thats normal. I beg to differ, but oh well.

Brit1017 · August 2009

About $500, all that was given to him as gifts. DH and I are paying our own mountains of student loan debt, saving for our retirement, and trying to save up an emergency fund. We'll worry about college for the kids later.

racegirl723 · August 2009

We plan to save to help with DS' college expenses, but I have no intention of paying for all of his expenses. I haven't started an account for him yet and I haven't decided when I will. I'm not sure if I will start next year and just put a little bit in each month or if I will wait until he's done with daycare and sink his daycare tuition in to his college savings account.

Mrs.State746 · August 2009

ABMcKinney:
Nothing. Our retirement comes first.

This. While I think it's important to save for your children, DH nor I got ANY money from our parents. They helped a little at our wedding and that was it. So essentially we paid for our house and wedding on our own.

We will try to save some for our kids, but it won't be a set amount or JUST for college.

Brougham7-15-06 · August 2009

we have a savings account for him right now with about $1,000. DH has direct deposit into his account with every paycheck. It is only $10 a check, but each year we will increase it by $10. Any $$ he gets for birthday/christmas/etc goes in there as well.

Laroogirl · August 2009

We don't have anything besides some savings bonds for DS at the moment. We will open a savings account of some sort for him soon since DH is finally done with school and working again himself. Dh and I paid for college ourselves mainly through scholarships. We will help DC with school, but there are loans and grants too.

jenifairies · August 2009

She's got 3 piggies full of change and dollars on her dresser. LOL That's her savings so far, I have no idea how much is in there. We want to help with college as much as we can, but like prev posters, we're taking care of some old debt and trying to do retirement savings first. I don't want to be a burden on DD or future kids when we're old.

lite-bright · August 2009

We have a 529 that we set up within a few months of when she was born. We contribute around $100 a month automatically. My parents have also set up a 529 for DD that they contribute to (for some reason my dad wanted to do it that way, rather than contribute to our account). Between those two accounts, I'd estimate that she has around $8K.

We have sufficient money going into retirement funds and a liquid savings account to meet our long-term goals, so I'm not worried about that. We did a lot of planning to make it all work. But it's definitely going to get harder when #2 comes!

Jays-n-Shane · August 2009

FIL opened a Coverdell account for her that has a little over 1k in it, and got her a life insurance policy she'll be able to borrow against. We haven't done anything for her yet, we're trying to get out of debt and stay afloat at the moment.

shakespearenluv · August 2009

We opened a 529 and we both direct deposit money to it each month. We started it at 6 months for him. Any money that is sent for birthdays/holidays will get put in it too. At least for now.

Want a personalized experience?

anyone feel comfortable..

Re: anyone feel comfortable..

Choose Another Board

Search Boards