All Communities > Welcome to Circle of Moms!! > How are you thinking about family financial planning and...

How are you thinking about family financial planning and college savings?

Grace - posted on 03/27/2012 ( 2 moms have responded )

10

29

I feel I'm pretty unbalanced in terms of spending far more time trying to save a buck here or there on kid purchases, but feel like I haven't invested as much time into financial/estate planning and college savings for the kids - and this could end up costing $1.2 million for my 3 kids. But I feel some of this is due to how confusing financial products are designed to be, and that information isn't as widely available. I think people may have individual recommendations from their financial advisor, but it's not something that's very openly shared. I've heard that Utah's 529 is better because of the lower fees, I personally have some funds in Virginia's 529, but I was hoping to get thoughts about 529s, diversifying across other investment vehicles, etc. My financial advisor had recommended whole life insurance as a college savings vehicle, which kick started my research - but yet to find really good resources - though I think the recommendation makes me really question my financial advisor!

Join Circle of Moms

Sign up for Circle of Moms and be a part of this community! Membership is just one click away.

Join Circle of Moms

2 Comments

View replies by

Marie - posted on 04/10/2012

6

5

You need to get creative if you are sending three children to college, esp if they are all in college at the same time.



I have 2 New York 529 Plans. I have been saving $2500 per year ($100 per month in each) for my two daughters. I hope they both choose public school because at this rate I dont think they will have much ~$21,600 for 18 yrs of savings each, which wont pay for a private school.



I used a great site that had tons of resources and articles on the topic Savingforcollege dot com

They are currently offering a free download of there guide: Savingforcollege.com's Family Guide to College Savings 2011-12 http://www.savingforcollege.com/529-day/



MY advise is stay way from the Whole Life vehicle..........long story.

Katherine - posted on 03/28/2012

65,405

232

They say if you save $50 a month per a child, by college they will have $17,500. I have a lot of bonds. I've also opened bank accounts in their names. My aunt has money for them and so do my parents. So I think they will be ok. I had not heard of a 529 until recently. I honestly don't even know what it is. Guess I'll have to google.

Want to find out the opinions of this community?

Add Poll