TTC QOTD 5/22/2003

Well Shamma ... No kids yet and not planning on it for a little while yet, but I have to admit that I have started saving. I signed up for the UPromise already - I'm convinced the $12 I have in there now is just going to grow - I also payroll deduct money from my paycheck every week for Savings Bonds - you know where I work, so that makes sense, huh? Also, Rob's company manages the college savings funds for NY, so we'll definitely sign-up for that once we get pregnant (I actually wanted to start one now and he thought I was crazy). So, I think I have college paid for, at least for our first.

Other than that, I hope that we are going to be in a decent financial situation that I could put additional money away each month into our own child's account. I think I do plan to much, but I'm married to a financial planner, so I'm sure he'll have it figured out for us too.

Just to add - my parents didn't do this for us kids and managed okay. I hope that our kids will take advantage of scholarships and work like my siblings and I did!

I don't think we will start any savings that will be related to a wedding at this point. I'm hoping that by the time our children get married, we will be able to just contribute a great deal from our savings without thinking about it. I wonder if times will be the same in 20-30 years where so many brides and grooms pay for their own weddings.

I still have to research college savings plans, and IMO starting to save for that is priority. I have other things on my plate right now, but by the end of this year, or by the time our baby is 6 months old, I plan to have a 529 fund or something similar in place.

Scott and I first got our life insurance in order. I think this is more important than saving for anything just yet. I enrolled in upromise a while back for my little brother. Once the baby comes I will change to name to the baby.
Once the little one is here we will open a savings so their gifts/bond stuff can go into that. Once we get used to the costs of the baby and my reduced hours we will begin to put a set amount of money into the account. I am not worried about a wedding right now. I just want to start off having some money put away for College first.

We haven't done much yet. We plan to save a lot once DH switches jobs b/c he will be making a lot more money
When I get pg we will set up insurance policies and a new savings account for him/her.

Great Question Shamma!!!

Cira - can you join Upromise before you have a child??

My biggest priority is starting some kind of savings funds for college. A wedding would not not be a priority for me -- I will deal with that later. I was just looking at the cost of tuttion and board at the college I attended, and it is now close to $40,000 a year. I began thinking about how much it will cost 18 to 20 years from now.

Jeanene - yup, you can. Just don't name a child or if you do, you can change it later on. It's pretty cool!

If anyone is interested, I can mail out applications for the NY College Savings Program - it's a 529 Plan administered by TIAA-CREF. Here's the link - you can pull all the information on there as well. There's also an estimated college calculator.

College Savings Plan

Some companies allow you to payroll deduct with these 529 Plans. Check it out with your company.

natasha...there was a study out that says in 20 years...4 year private college will cost $1 million for 4 years!!!


while I would love to have that money...I went to a state university...and I think that there are so many great state universities out there...so I would want to make sure that is provided for...


savings for our future child is scary...we are trying to buy a house first...so after that happens...hopefully we can redirect our savings to our children's accounts...

Sham ... good question!

With everything that's been going on ... wedding, getting pg & being very sick, trying to sell the house, now the remodeling, its been hard to get started on this. We know we have to get moving, tho.

Cira .. Just went on UPromise & signed up ... Thanks!!! I wish I'd known that you could sign up early ... maybe you should post that info for future mom's!! I'm going to check out your link next!

We know that when the baby's born there will be money (ie gifts, christening, etc) that will come & we'll start a mutual fund for college etc. That's about as far as we've gotten thinking about savings. I know he thinks about it more often, but its time to get moving on getting a savings plan together!