Saving money for lo?

jamiah18 · September 2012

Just wondering if anyone is investing in college, or doing some other sort of saving for your lo? My state has a college plan that I'm currently looking into but I'm not sure yet what we are going to do.

caeraRose · September 2012

Nothing yet =/ We would if we could, though... we're going to start as soon as I get my degree and get a job next year.

LoveyFNR · September 2012

I am beginning to put small amounts away in a bank separate from checking so we're not tempted to spend it. My mom agreed to match what we put in each year for our children's christmas present. I also have piggy banks for each kid and when they fill up I deposit them into that savings account.

Samiantha101 · September 2012

Yes, we're doing a variety of investments. She has a savings account, savings bonds, and some stock that will go towards her education, purchase of a home, etc. We're going to buy a savings bond once a month, christmas, and birthdays. We put any gifts of money from family/friends into savings account, and we're going to see what happens with a couple thousand dollars worth of Bank of America stock over the course of 15 or so years. If she decides to be, well, somebody who decides to not do anything of the like then my husband gets a new boat
and I get a new horse. Haha I'm hoping she takes the college route.

drbethc · September 2012

Yes, we started a savings account and deposited on the monetary gifts that we got from family and friends so far. And DH and I will be depositing money into a separate account monthly for him. We will be starting some kind of investment thing that DH will be taking care of.

victoriawaimon · September 2012

My state has a college savings plan as well. That's what we are going with.

mkflower3000 · September 2012

Yep, we've started a college fund for DD. Right now, a small chunk of DH's paycheck goes into it. We're also planning on taking the money that we get back every year from our taxes for having kids, and putting it in their account (as long as that's doable for us).

RioG1978 · September 2012

I'm in Canada, so we have Registered Education Saving's Plans. Essentially, whatever money we put in to the plan the government- will kick in 20%. It's free money, basically. So we're doing that. We also get the Child Tax Credit, and some other tax refund, that works out to about $130/month until the kid is 6 or something, so I'm stashing that aside for non-education savings. All told we're saving about $250/month, with about half of that money coming from the government. Gotta love it!

alizabethanne · September 2012

RioG1978:
I'm in Canada, so we have Registered Education Saving's Plans. Essentially, whatever money we put in to the plan the government- will kick in 20%. It's free money, basically. So we're doing that. We also get the Child Tax Credit, and some other tax refund, that works out to about $130/month until the kid is 6 or something, so I'm stashing that aside for non-education savings. All told we're saving about $250/month, with about half of that money coming from the government. Gotta love it!

I am in Canada too... I didnt know the gov added 20%! Can you set it up at the bank? Amazing!

RioG1978 · September 2012

alizabethanne:

RioG1978:
I'm in Canada, so we have Registered Education Saving's Plans. Essentially, whatever money we put in to the plan the government- will kick in 20%. It's free money, basically. So we're doing that. We also get the Child Tax Credit, and some other tax refund, that works out to about $130/month until the kid is 6 or something, so I'm stashing that aside for non-education savings. All told we're saving about $250/month, with about half of that money coming from the government. Gotta love it!

I am in Canada too... I didnt know the gov added 20%! Can you set it up at the bank? Amazing!

Get thee to the bank and ask to open up an RESP. The banker will then help you fill out the government forms for the Canada Education Savings Grant, which is what needs to be done to get the 20% grant money. Everyone gets the grant, depending on income levels some families qualify for even more than that.

Don't let anyone (well meaning family members) talk you out of it. It's free money. It does have to be used for education but not just university - trade schools count too. All kids will need to go to school just to get a job.

I'm a banker when I'm not on mat leave.

alizabethanne · September 2012

RioG1978:
alizabethanne:

RioG1978:
I'm in Canada, so we have Registered Education Saving's Plans. Essentially, whatever money we put in to the plan the government- will kick in 20%. It's free money, basically. So we're doing that. We also get the Child Tax Credit, and some other tax refund, that works out to about $130/month until the kid is 6 or something, so I'm stashing that aside for non-education savings. All told we're saving about $250/month, with about half of that money coming from the government. Gotta love it!

I am in Canada too... I didnt know the gov added 20%! Can you set it up at the bank? Amazing!

Get thee to the bank and ask to open up an RESP. The banker will then help you fill out the government forms for the Canada Education Savings Grant, which is what needs to be done to get the 20% grant money. Everyone gets the grant, depending on income levels some families qualify for even more than that.
Don't let anyone (well meaning family members) talk you out of it. It's free money. It does have to be used for education but not just university - trade schools count too. All kids will need to go to school just to get a job.

I'm a banker when I'm not on mat leave.

Thanks for the info!

I dont think a lot of people know about that.

JessieCupcake · September 2012

We plan to open some sort of account for him but I'm not sure what type yet.

I'm trying to decide if it's better to open a 529 account or just a regular custodial account for him.

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