We're still working on our financial situation, but what is, if you are doing anything about saving money for college for your kids? Our parents never had any money saved for us, which I know doesn't mean we shouldn't, but my DH keeps bringing up how can we afford to put 3 kids through college? (Unfortunately, neither me or my DH have a college degree) I know this sounds bad, but I'm not concerned about it right now? I want to try and figure out how we can have another baby, you know, college is a bit far away.
Is there any kind of programs that anyone is using to put just a little money away a month towards college? I thought maybe if there was something low cost, maybe my DH would feel better about having more kids! Thanks ladies!
ambersmom
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Re: College funds...
Melissa, I think it's called a 501 plan but I haven't really looked into it because the company I did get documentation from needed a $1,000 upfront. Didn't have it at the time. I've been putting all of my change (every single cent) in a piggy bank for her and usually put away $15.00 or so a week for her. We've also started accumulating every other dollar (like if we have singles, one for her, one for me) kind of strategy. It may not seem like alot for now, but it does add up until we get things to a manageable point finanacially. We also put any can deposits in the bank for her too. Again, change to some, but it makes me feel better than putting nothing away for her. HTHs
Eireann
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Re: College funds...
When my nephew was born, I started a 529 college savings plan for him at NYSaves.org.
Also, just this morning I signed myself up at UPromise.com for my future September baby. You don't have to put any money into an account--you just sign up your debit/credit cards as well as any supermarket or drugstore cards etc. and any time you use those cards (with participating vendors, I guess) a certain percentage gets deposisted into the Upromise account. I don't know how much money you can raise that way, but it can't hurt. Also, you can have your friends and family sign up in your child's name with their cards.
Just a couple of suggestions!
antoinette
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Re: College funds...
so far im just using upromise, My parents took out loans for us to go to college and refinanced the house- where there is a will there is a way.
BermudaBride
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Re: College funds...
We have the Upromise & My Aunt started the 529 for him. On the upromise web it explains it all.
Melissa
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Re: College funds...
What's the 529???
kptoys
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Re: College funds...
www.nysaves.com
soon2bMrs
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Re: College funds...
We are planning on opening an investment account for the baby once it is born. We plan on saving b/w $50 - $100 each month for the baby. We haven't decided which type of plan yet but we definitely be doing something to help pay for part of their education.
SeptemberBride03
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Re: College funds...
529 plans are great b/c the money grows tax free for college. If you may want the money for other things (car, wedding, etc) then a utma acct is better.
The 529 plans are regulated by the IRS so the biggest differentiator is who is managing the money - you cannot choose the investments only the general portfolio. The investment managers pick the underlying investments - pick a reputable, low cost company that will still be around in 18 years...
We're doing Upromise (as are several of our family members) from which we'll have the money moved into a 529. Also, my dad & his wife are opening a savings account for her and putting $50 per month into it. It's amazing how such a small monthly investment can grow over time. We're also going to put away money each month, but we haven't decided if it will go into the 529 or another type of investment.
dengal
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Re: College funds...
I have a 529 and Upromise. However, our own retirement takes a higher priority. One can always take out loans for college - can't for retirement.
swags1016
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Re: College funds...
We met with a financial planner a couple of weeks ago and he is helping us plan out how to save for the baby, get the appropriate life insurance and such. If anyone needs a recommendation please let me know.
michele31
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Re: College funds...
I totally disagree about not worrying about helping your children will a college education. IMO part of being a parent is providing for your child...and part of that is education. Now I don't think we will ever have a full 4 years of college paid for in cash but we are trying to have some of that money for our daughter. We will not have more than 2 (if we have a second) because I think it is important to worry about that stuff. I don't think giving my 16 a new car is important, but education is a MUST IMO.
Hazeleyes33
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Re: College funds...
We also save for both of our kids for college. We have a College IRA with Janus. We don't save too much as we can't afford it right now ($80/month for both). I know we will probably be paying for their education when they get in college because we will NEVER have enough.
StepherG
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Re: College funds...
I went to college and my parents couldn't save a dime for me while growing up...they lived paycheck to paycheck to keep a roof over my head and food on the table...
With the help of financial aid and my own contribution (yes, my parents paid 1/2 and I paid 1/2) I managed to get a 4 year degree. I did work study all 4 years...
I also think that having your children contribute to their own education makes them value it more. Because I know from experience that the kids whose parents paid the whole tuition didn't appreciate it.
Anyway, what I'm getting at is to save what you can and then when the time comes for them to go to college you'll figure it out...
Janice
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Re: College funds...
I feel like where there is a will there is a way. I got a full ride, as did my other two sisters. My other sister is currently a senior in high school and waiting tables and banking all her money to go to a suny school, which you can totally swing. My other sister is valedictorian currently, and going to volunteer all summer at a camp for homeless kids. she will also get a free ride. I will not let mine and DH's savings accounts dictate how many children I will have.
Curley999
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Re: College funds...
We just opened a 529 account linked with upromise for Claire....I hope to be able to provide as much help as I possibly can for college, my parents helped me with more then half the cost and I totally appreciate their efforts and hope to do the same or more for my children. Most likely we will only have 2 kids, so we can give them at least as much as we had growing up but hopefully more!!
Florenze
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Re: College funds...
Posted by michele31
I totally disagree about not worrying about helping your children will a college education. IMO part of being a parent is providing for your child...and part of that is education. Now I don't think we will ever have a full 4 years of college paid for in cash but we are trying to have some of that money for our daughter. We will not have more than 2 (if we have a second) because I think it is important to worry about that stuff. I don't think giving my 16 a new car is important, but education is a MUST IMO.
I have to agree with Michele on this. I totally believe that it's a parent responsibility to help pay for college (our parents did not) maybe that is why I feel this way. Rob and I often joke around if Andrew gets in to an IVY league school we will pay 100% of the tutition. So, we are saving with 529 and upromise. That is also the main reason why I am working part time, to contribute to his savings. I know it sounds a nuts, but I grew up dirt poor and I swore my children will have everything they need and a college education is a necessity.
For those that don't have a lot extra money. Start out small for instance every week take $5.00 and save it. I doesn't sound like much, but over time and invested that $5.00 can really amount to a significant amount of money.
