College savings?

mrspharmd · February 2014

DH and I are wanting to start an account for DS now for his college education. What are you ladies doing? Savings account, 529, Gerber, etc.? I know NOTHING about this stuff so I'm curious if you have any experience with any of them, advice etc. TIA!

Jackapatamus · February 2014

We started a 529. (For ds who is 3, we still need to start something for dd) My dh takes care of it- I believe we can claim contributions on our taxes? (Maybe? Dh takes care of our taxes too!) we also have multiple savings bonds, that we plan on rolling as they mature, and a savings account. Eta-clarify

Roses87 · February 2014

We doing the 529. My hubby checked into a few different things. He said this was the best deal.

jwp325 · February 2014

We'll do 529 as well. Most states have their own plan and we'll be using Bright Start in Illinois.

mrspharmd · February 2014

That's what we will probably do as well. Although I heard that if they don't end up going to college they lose the money? I need to look into that some more.

jwp325 · February 2014

There are plans that are specific to certain universities but others are just state run for tax purposes. I wouldn't put into one that's university specific.

BABYROSEJEANS17 · February 2014

I plan on opening a 529.

sleepymonkey · February 2014

We were going to do a 529 until we spoke to a financial advisor who said he had a 529 and hated it. He recommended a custodial account so that's what we're doing. I'll admit, DH is in charge of this so I don't know the difference. I just know there are pros and cons to every type of account.

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College savings?

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