https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Sat, 04 Apr 2026 20:08:02 +0000 https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-572689 Mon, 18 Feb 2013 15:46:34 +0000 unraveledstar 572689@https://boards.hellobee.com/ <p>We're budgeting to put $200/month away into college savings once LO arrives. Researching savings plans at the moment.</p> <p>We both graduated college debt-free. Hubs with his parents doing a great job of saving up to cover the whole thing, and myself on full scholarship. I have high expectations for LO to pursue financial support for college on her own through scholarships, but I know we need a fund just in case. </p> https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-571906 Mon, 18 Feb 2013 09:56:19 +0000 mrsjyw 571906@https://boards.hellobee.com/ <p>yep, dh opened a special savings account at his bank last month and we're researching 529s right now. </p> https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-571905 Mon, 18 Feb 2013 09:55:50 +0000 PurpleUnicorn 571905@https://boards.hellobee.com/ <p>we just started last month! we opened an RESP and are currently putting $100/month. We'll start putting more when more of own debt is paid down and when I got back to work next year and make my full salary again.</p> <p>Like you, my parents saved for me and paid for my undergraduate studies. Both DH and I had to pay for grad school (and DH actually paid for his undergrad too), so between the two of us, we still have quite a bit of student loans and would like to avoid that for L if possible. </p> https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-571865 Mon, 18 Feb 2013 09:36:28 +0000 mlm2934 571865@https://boards.hellobee.com/ <p>We will start saving once LO arrives, but not aggressively at all - probably just $50 a month in the beginning. My DH's parents paid for his college (along with him having a small scholarship) and I had a full scholarship so we both graduated undergrad debt free. I would love my child to have that opportunity, but I made that opportunity for myself - no parental funding of college, so I guess I have high expectations for my child to work hard and not put the whole college financial responsibility on me. also I won't fund a out of state private school over a local state school. I'm a little bit of a hard ass like that, but I know we will help as much as we can :) </p> https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-571851 Mon, 18 Feb 2013 09:29:47 +0000 Charm54 571851@https://boards.hellobee.com/ <p>@yoursilverlining: I hear you. I hope to be able to cover the cost of tuition (which luckily in Canada isn't as much as the US) but hope they get scholarships. They'll have to work in the summers to pay for their spending money. </p> <p>My parents made me work my butt off in the summers to help pay for it, was an residence assistant during the school year to pay for my residence fees, and I was pretty limited in my undergrad years. I didn't have a car, couldn't go on spring break trips with my friends, rarely shopped....</p> <p>BUT now I that I graduated with no debt I see it was a small price to pay for financial freedom. I'll be pushing our kids to do the same!</p> <p>Canadians - This (<a href="http://www.getsmarteraboutmoney.ca/tools-and-calculators/resp-calculator/" rel="nofollow">http://www.getsmarteraboutmoney.ca/tools-and-calculators/resp-calculator/</a>) is a great calculator I found for how much to save per year. </p> https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-571850 Mon, 18 Feb 2013 09:29:33 +0000 oliviaoblivia 571850@https://boards.hellobee.com/ <p>We have an education fund that we contribute a few hundred to every month and deposit any cash gifts she receives. </p> https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-571846 Mon, 18 Feb 2013 09:26:49 +0000 yoursilverlining 571846@https://boards.hellobee.com/ <p>@Bao: I don't think it's doable for most people (us included), which is the sad/scary part! We want to cover as much of college as we can; but will push, push, push LO to apply for any and all scholarships when the time comes. I don't mind her having some loans, like I do - but I don't want money to limit her options, either. </p> <p>Gah, it's hard. It's so much money. </p> https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-571844 Mon, 18 Feb 2013 09:26:03 +0000 Mrs. Jacks 571844@https://boards.hellobee.com/ <p>We started 529s when our girls were born and just have a direct debit from our main accounts monthly. It adds up! </p> https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-571825 Mon, 18 Feb 2013 09:17:14 +0000 Bao 571825@https://boards.hellobee.com/ <p>@yoursilverlining: Wow! That calculator is very scary, but not realistic for us even if we wanted to save and fund her entire college tuition...sigh. :/ </p> https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-571824 Mon, 18 Feb 2013 09:15:37 +0000 Bao 571824@https://boards.hellobee.com/ <p>We are not saving for her education specifically, but all gift money or "extra" money we can come up with, goes into her account. She will be able to use it towards a car, house, or education. We are little more concerned about our retirement at the moment since we JUST starting saving so we are not aggressively saving for her education. </p> https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-571811 Mon, 18 Feb 2013 09:04:23 +0000 yoursilverlining 571811@https://boards.hellobee.com/ <p>We have 2 529 plans, which were opened as soon as we got LO’s social security number/card. My MIL gifted us a chunk of money for LO’s college, we put a chunk of our savings in there and my husband and I each direct a portion of our pay into those accounts each month. Any gifts LO receives will go into those accounts, and if my husband and I receive any sort of work bonus (I used to, then our company scaled back on that benefit) we will put that in there too.</p> <p>This calculator is pretty eye-opening (and scary): <a href="http://www.savingforcollege.com/college-savings-calculator/index.php" rel="nofollow">http://www.savingforcollege.com/college-savings-calculator/index.php</a></p> <p>Every little bit will helps, and the earlier you can start, the better! </p> https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-571810 Mon, 18 Feb 2013 09:03:00 +0000 LaughLines 571810@https://boards.hellobee.com/ <p>@PurplePumps yes you can (at least in my state, Missouri, you should look into the specifics of your state). Currently I have myself listed as the "beneficiary" of the 529 and it is free/easy to switch the beneficiary at any point in the future, so when I do have a LO I will just change it to his or her name. </p> https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-571805 Mon, 18 Feb 2013 09:00:00 +0000 PurplePumps 571805@https://boards.hellobee.com/ <p>@berdine: Can you start a 529 plan without having kids yet?</p> <p>No kids here either, but we plan on doing a 529 and/or any tax advantage plan immediately. Probably about $200/month (that's just a guess right now). It depends on limits and withdrawal rules/penalties. </p> https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-571796 Mon, 18 Feb 2013 08:52:06 +0000 mediagirl 571796@https://boards.hellobee.com/ <p>We put all of her gift money into a savings account for now. We're still trying to figure out what college savings plan is best for us/her. </p> https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-571787 Mon, 18 Feb 2013 08:45:03 +0000 LaughLines 571787@https://boards.hellobee.com/ <p>We are saving for future kiddo's education and we're still over a year out from even TTC... my outlook is the longer you save the less money you actually have to contribute because more and more of it will be made of interest/capital gains. </p> <p>I recommend looking into your states 529 plan. I have one set up and automatic withdrawls from my bank account go into it each month. Also, you can add your kids grandparents on as contributors and if they choose they can directly add to the account as well (regularly or on birthday's/holidays) and it is a great way for them to pass down money without tax penalties associated with an estate tax when they die (hopefully in the far future). </p> https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-571775 Mon, 18 Feb 2013 08:30:38 +0000 sera_87 571775@https://boards.hellobee.com/ <p>We've looked into it and when we do so we'll be putting a portion of the "baby bonus" money towards that. It's really his money anyway. As well as any monetary gifts etc. </p> https://boards.hellobee.com/topic/have-you-started-saving-for-los-education#post-571768 Mon, 18 Feb 2013 08:20:33 +0000 Charm54 571768@https://boards.hellobee.com/ <p>DH and I showed my mom our budget for next year when LO arrives and I'm on maternity leave, and she said we were forgetting about saving for LO's education and that was a must.</p> <p>I hadn't really thought of it! DH and I were both fortunate to graduate debt free from university (thanks in large part to our parents who started saving early) and that has been a huge help getting started in life. We want to do the same for our LO's but I guess I didn't think we'd have to start *so* soon (naive me!)</p> <p>Have you started saving? About how much do you tuck away? I don't even want to think about how much university will cost when our LO starts... in 2031!! </p>