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July 2015 Moms
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College accounts?

desquinonesdesquinones member
in July 2015 Moms
So I know I probably sound crazy, but has anyone thought about starting a 529 account to save for their babies education? For some reason it just hit me last week that I need to start thinking about my babies future. I can't imagine starting it any earlier than 1 though, right? Maybe at her first birthday or something I can say if you want to give a gift; you can donate into the new college fund we will open. I don't know I obviously have too much time on my hands. I haven't even given birth to her yet! Haha :-)
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Re: College accounts?

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    MEXARABMEXARAB member
    We started a savings account for our first and any money we get for her goes into that account. We will do the same for this little guy. We don't ask for money although it would be nice to get money for her instead of toys. But I just think it's rude to ask for anything.
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    gotdiesel2007gotdiesel2007 member
    We have a 529 for all our kids. We always send out the link to add to their accounts as well as a link to their wish list (we live 4000 miles from family so they don't always know what their current interest are and what they need) rather than presents around holidays etc
    DS #1 Born 01/23/09
    Married 03/18/10
    DS #2 Born 05/19/11
    DS #3 Due 07/26/15


    image
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    desquinonesdesquinones member
    Thanks ladies. I figured it is going to be a huge expense so we might as well start saving ASAP.
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    jskogmanjskogman member
    We're opening a savings account for our baby that we'll direct deposite $40 each pay period into & keep untouched until he turns 18 :)
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    mrsrep123mrsrep123 member
    I've been thinking about this as well... I will have to look into this 529 @desquinones and @gotdiesel2007. But so far any and all money we get as gifts for our LO will go into a bank account for him. I also like the idea of having a set amount be directly deposited into his account every pay period @jskogman.

    DS1 7/24/15

    DS2 5/7/17

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    mamom0103mamom0103 member
    We setup a 529 as soon as DS was born. (You can't do it until they're born at least where we live because you need their social security number.) We put some money in each month, will do same for DD as soon as she's born.
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    jtenkorangjtenkorang member
    Ugh no we aren't. Truthfully I'm still paying on my college loans and my kids will probably have better financial aid then I did. I'm having twins so I can't afford to put money into an account for all 3 kids each pay period. Our daycare is going to be tight as well as diapers and possibly formula. I would love to but my mom has started putting money into an account for my oldest already. But we haven't added to it. We're just focusing on getting everything done and giving our kids a good childhood at this point.
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    desquinonesdesquinones member
    @jtenkorang I agree, I want this baby to just be happy and know how much she is loved. :) I wish my parents helped me a bit more (when I know they had the means) so I just want to start saving early. It could be something silly like 50 a month but that is more than she had before :) I think I will try and convince my hubby to think about opening the account ASAP
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    gokahne9gokahne9 member
    I looked into it. It estimated that by the time DS gets to college it will cost over $350,000 for in state tuition. It would cost more than our mortgage payment to save that amount every month for 18 years. I don't know what I'm going to do except pray for scholarships!
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    shay092185shay092185 member
    We are going to start but i still hope for a scholarship...it can't hurt...u put away what u can afford it doesn't have to be a set amount. My kids have everything they need soo for b days i just ask for cash for their savings...its not tacky its smart...they aren't going to play with most toys longer than two weeks anyway...
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    MrsJIsbellMrsJIsbell member
    edited June 2015
    I love the idea of having money direct deposited into an account for baby!!

    My mom told me that she is going to start a college fund for our little guy once he's here and that she wants to do the same for our future little girl that she really wants it to be her gift to her grandchildren

    lol, I said hey slow down, I haven't even had this one yet and you do realize we don't get to choose the sex right...love her but she's too funny the way she thinks she can control everything
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