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Baby Savings Plan Advice?

farinteafarintea
in Maryland Babies

I have a 17 month old and my husband and I are trying to figure out what would be the best savings plan for college for our son. Should we do the 529? Something else?

We want to do something that doesn't make him stay in an instate college, that may be flexible...

Any recommendations or personal experience?

Thanks

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Re: Baby Savings Plan Advice?

  • Megcheer2Megcheer2 member
    Its totally a personal choice and you absolutely should do what's best for your finances...we have the College Savings Plan of MD's 529 and started it when DD1 was 3 months old. You can use the money at an out of state school. It takes money out of our account each month and also sends coupons in the mail that we give to my parents for when they want to give a donation to her college fund as a gift. (We'd so much rather have money in her college fund at this point in her life, since she doesn't need a lot of gifts, but my family are the only ones who respect that.)
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  • madladybridemadladybride member

    We have the same plan as Megcheer. We also have a set amount that comes out every month.

    I've never given the coupons to my family, but maybe I will! ETA: I think we started when she was 3 or 4 months old, too.

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  • SarahKate31SarahKate31 member
    We are planning to do a 529 for DS. I was concerned about needing to stay in-state, but as pp's said, I found out that is not the case and you can use it out of state. Good to know about the coupons! That will be great for the grandparents. We need to start this ASAP since DS is almost 18 months old Embarrassed
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  • had720had720
    We also started a 529 plan for Sophee when she was a few months old. I have the investment one and pay a monthly payment. The great thing is that you can pay as much as you want a month.
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  • salc21salc21
    We started a 529 plan when DS was a few weeks old (baby gift from grandparents) - it was right after we got his SSN. We set it up with our financial planner who had recommended we go with VA's plan - which still offers the same flexibility for college choice. We then have money transferred from our bank account each month to the fund.
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