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Thread: College Saving Funds or other savings for children

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    #1

    College Saving Funds or other savings for children

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    I'm just full of questions today! Lol! When having a baby, is it wise to start some kind of savings for them and if so, how much is a good amount to put away monthly? Thanks

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    #2
    I would! DH and I are already putting into savings for our child. Currently I set aside 100 a paycheck, so 200 a month.


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    #3
    We plan to. Both DH & I didn't have a college fund. I pay for my schooling out of my own pocket & DH joined the military right after high school. We plan to put away at least $100 each month.

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    #4
    I think it is a good idea. I think it has less to do with what others are putting into theirs though and more on what your finances look like and how much money you bring in.
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    #5
    Have you ever heard of the Gerber Life savings? (I think that is what it is called) You can set up a savings fund with them. It is suppose to be a really good program.
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    #6
    We are. MF currently sets aside 200 per paycheck. When I get out of school we will be, combined trying to do 600 a month if not more.
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    #7
    Definitely a good idea! I had a savings account set up for me when I was born. My Mom invested it in many CDs over the years, though those aren't that great anymore. I put all of my birthday and gift money into it, and I was able to pay for my first 1 and a half years of college myself. ( College costs have gone way up, because it was planned to be for more years of school)

    If I were having a child, I would set up a trust fund personally. (Of course as long as I were 100% financially stable because you can not touch trust funds after they are set up) It would have helped me greatly if my money was in a trust fund, as it would have resolved some of the technicalities involving in state tuition.
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    #8
    Thanks for the responses Does anyone know about the 529 college savings accounts? We were looking at the USAA one.

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    #9
    We're looking at the USAA 529 for the kids. They can also get the money if they don't go to school, but it is taxed I believe or you can transfer that money to another kids account.
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    #10
    It would have helped me greatly if my money was in a trust fund, as it would have resolved some of the technicalities involving in state tuition. >>

    OT - but what does a trust have to do with in-state tuition? That is almost always based on your parent/parents' residency.
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