College funds

Bryanna - posted on 12/04/2008 ( 4 moms have responded )

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I have a 1 1/2 yr old son. Was just wondering when is the best time to start putting away money for college ? is it too early to even start considering?
thanks.

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Madison - posted on 12/05/2008

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The best time for that is always "now". The longer your money can sit in your investment of choice, the better off you will be.

As an aside, you might want to enter the "Cute Kid of the Year" contest. The grand prize is $25,000 for college tuition. I entered mine....

http://www.ebigsource.com/cutekid

Mary - posted on 12/05/2008

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We also started early. We set up a 529 for my son before he was 1. The longer it's in there, the more it will grow. Then we let all of the grandparents know that we had done it so that they could contribute to the fund on his behalf as well for gift ideas. Another thing we did is signed up for Upromise (www.upromise.com). We get rebates at the grocery store and when we show online, and there's a way for friends and family to contribute to your savings there too, Oncec you get up to $25 saved, you can start a 529 from their program that all future rebates will be contributed too. Even if it's only a few thousand bucks by the time he gets to college, at least it's something!

Kristen - posted on 12/05/2008

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START NOW! I live in CT and instead of paying a private company for a 529 plan, they have what is called CHET and I only put $25 a month, but it is at least something. Every good University is now around 40K a year, so all of it will help!

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