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January 2012 Moms
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CPW: College fund

Re: CPW: College fund

  • BabyC2012BabyC2012
    We just started a 529 plan with an initial investment and then we will contribute yearly. 
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  • SoonToBeMsPSoonToBeMsP member

    imageBabyC2012:
    We just started a 529 plan with an initial investment and then we will contribute yearly. 

    We debated between a monthly and yearly contribution, and monthly won out. I like seeing it grow every month :) 

    DD 1.18.2012
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  • sweetky_06sweetky_06 member
    Right now while I'm still on maternity leave, we're not contributing anything. When I get back to work, we'll start up with monthly contributions.
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  • HuahineHuahine member
    Your post inspired me to figure out how much college will cost when he gets to that point.  According to one website, 4 years will cost us over $312,000.  It said we should be saving $600 per month, per child.  Oy. 
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  • SoonToBeMsPSoonToBeMsP member

    imageHuahine:
    Your post inspired me to figure out how much college will cost when he gets to that point.  According to one website, 4 years will cost us over $312,000.  It said we should be saving $600 per month, per child.  Oy. 

    Isn't it sad? We have no choice but to work our way up. My mom paid for my education, but it was $10k per year, which is much more reasonable than $300k! 

    DD 1.18.2012
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  • dizzycooksdizzycooks member
    We plan to make a yearly contribution and will start with $1000.  It won't cover all of her college expenses, but it's a start and maybe sometime down the road we'll increase the amount.
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  • megaloo27megaloo27
    We are struggling to pay our own loans so this is no where near a possibility right now! We are more focused on the diaper fund. If you would like to contribute all donations are tax deductible, lol.
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  • HuahineHuahine member
    imageSoonToBeMsP:

    imageHuahine:
    Your post inspired me to figure out how much college will cost when he gets to that point.  According to one website, 4 years will cost us over $312,000.  It said we should be saving $600 per month, per child.  Oy. 

    Isn't it sad? We have no choice but to work our way up. My mom paid for my education, but it was $10k per year, which is much more reasonable than $300k! 

    My folks paid for my undergrad, but law school left me with $200,000 of student loan debt, which I've paid off. But I stayed in a job I loathed to do it.  I don't want LO to start his career under that kind of burden.

    My husband went to one of the federal academies for college, so it was free.  I'm thinking that it might not be too early to befriend our local congrssperson.

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  • AMbabyAMbaby member

    Right now $50 a month.  We are going to bump it up to around $100 soon and then keep it at around $300 per month.  We believe in having our child pay for part (maybe half) on her own. She will learn responsibility this way and to really value her eduation.  Education is the most important thing to me (after our retirement which you can't borrow for). 

     

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  • rebelina1rebelina1 member
    We have 529s set up for both our DD and our DS.  We made intial $500 contributions and we now put at least $50/ month into each account.  We have this auto-deducted from our checking account so it is the bare minumum.  We have given all of our relatives deposit slips so they also can contribute to the account.  We have asked for birthday, Christmas, etc. to have money put into their account.
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  • SoonToBeMsPSoonToBeMsP member

    imagerebelina1:
    We have 529s set up for both our DD and our DS.  We made intial $500 contributions and we now put at least $50/ month into each account.  We have this auto-deducted from our checking account so it is the bare minumum.  We have given all of our relatives deposit slips so they also can contribute to the account.  We have asked for birthday, Christmas, etc. to have money put into their account.

    This is what my BIL did and I love that idea.  

    DD 1.18.2012
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  • namara5532namara5532 member
    We don't have an official college fund yet, but we have a general savings account.  I'm going to start job hunting next month, and when I get a job I'm going to insist we start an account in DS's name.
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  • kms34kms34 member

    We are lucky in that my parents fund the boys' accounts right now.  We made a $500 initial investment for both but have not contributed monthly.  I figure once they are out of daycare we can contribute.  We are struggling just to get our 401(k)'s funded (which is more important, IMO).

     

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  • Goforthbaby1 Goforthbaby1 member
    I don't know about in the states, but in Canada we get a child tax benefit cheque each month. I put all that in an account for her plus anywhere from 50 to 100 on top of that  SO puts money in for her too and my parents are also putting money away for her. 
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  • FarmvilleLoverFarmvilleLover
    I personally contribute $200 a month to his account. This is terrible but I don't know how much H contributes, I haven't checked lately (we don't share accounts lol).
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