Has anyone startered saving for college yet?

Khadijah - posted on 10/05/2010 ( 8 moms have responded )

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I was wondering what good options are out there. I wanted to start saving on their 1st birthday but got distracted with so many other other things we had going on at the time. Now that they are 20 months I really need to get something in stone. I so do not want them to have to do what I had to do to go to college (working full-time, going to school fulll-time, and student loans).

Most states have college investment plans, but banks also have plans as well. Which did you find more beneficial or affordable? I really want to get this started before their 2nd birthday!

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Jodi - posted on 10/05/2010

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We started putting money aside as soon as we found out we were pregnant, both with my first pregnancy and for our twins we are expecting in february. When my husband cashes his check, 5 bucks every check goes into each of their accounts, he gets paid bi-weekly, so it's only 10 dollars a month, but we got our daughter a CD for her first birthday and first Christmas, along with gifts and will do the same for the twins. We also urged our parents to purchase a CD for our daughter's birthday and will ask the same thing for the twins, Our oldest is only 19 months, but she already has $2500 in her savings account. We have it set up so that she can add to it, but she can't take anything out until she's 18. Part of why she has so much is her great interest rate specifically for college funds run through our bank.
My husband and I both had to work full time and go to school full time along with student loans, thankfully, he has an awesome career, unfortunately, I dropped out. We want our children to be able to school without the stress of coming up with the money and paying off student loans for 30 years. Not to mention the cost of college is rising every year. Fortunately, we have enough to set aside a set amount every single paycheck and extras here and there (such as when he works overtime or gets a work bonus) to ensure they have SOMETHING for that time in their life.
Best of luck! And I definately think that it's a GREAT idea to start saving now! :)

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Marie - posted on 04/10/2012

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Yes I started when my kids were born. I have two 529 Plans, one for each in my state as I could get a great tax deduction saving with it.



Here is a site I did my research on and a new article they just released on the topic. I hope it helps



Saving For College: Start to Finish

http://www.savingforcollege.com/articles...

Penelope - posted on 10/08/2010

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We set up education savings plans (we're in Canada) in their first year. The government here matches to a max of $2500 per year per kid until they're 18 I think. The sooner you start saving the better as it will grow so much more over a longer period of time. Even if you don't decide on a vehicle or plan right away, get some money in the bank and don't touch it! At the very least, it will collect interest while you decide. Good luck and good for you for getting started!

Karen - posted on 10/08/2010

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Yes- we set up 529 for each. How else will we pay for college for 2 if we don't start now?!

Rebecca - posted on 10/08/2010

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my kids have like 3 bank accounts and dependin on what is in them when college comes will depend on what they get

Jennifer - posted on 10/06/2010

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Yes, there savings accounts are thier college funds -- plus an old camaro and corvette are thier college funds

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