https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Sun, 05 Apr 2026 21:01:53 +0000 https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college/page/2#post-2798067 Thu, 18 Jan 2018 17:02:19 +0000 Modern Daisy 2798067@https://boards.hellobee.com/ <p>We automatically put $90/month into each 529 and add more when we get our bonus and tax return depending on what it is. We should be putting more per month but we're trying to get our cash/investments up to a certain amount as fast as possible so we can buy our dream home without selling our current house. Also like a lot of other people have said we are focusing on setting ourselves up for retirement first since you can't take out a loan for retirement. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college/page/2#post-2798035 Thu, 18 Jan 2018 15:30:07 +0000 missyoori 2798035@https://boards.hellobee.com/ <p>We save just $50/month per child right now, into their own 529 accounts. I wish I could put in more, but that's all we can afford right now! But we're working on eliminating our debts, so I can't wait to be able to put more money towards things like college savings one day! </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college/page/2#post-2797916 Thu, 18 Jan 2018 10:50:52 +0000 krispi 2797916@https://boards.hellobee.com/ <p>Right now, we save $200 per month and a bit extra at birthday and Christmas. Our goal isn't to pay 100% for college but to be comfortable with the costs. We also expect her to work hard, get scholarships, and maintain a job (like we both did). </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college/page/2#post-2797906 Thu, 18 Jan 2018 10:31:07 +0000 snowjewelz 2797906@https://boards.hellobee.com/ <p>@babypugs: Same here. Two in daycare and we're just surviving! I also agree with others that retirement is more important. We have money saved/invested and we're 100% for helping our girls out when they need but for so far I have not opened a 529 for either of them. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college/page/2#post-2797901 Thu, 18 Jan 2018 10:25:29 +0000 Mamatimes3 2797901@https://boards.hellobee.com/ <p>Nothing so far. But I will be paying for Catholic school tuition for PK-12 for each child. For college, we will help with what we can but we don’t plan to cover it 100%. I also think it’s good for them to be invested in their higher education. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college/page/2#post-2797889 Thu, 18 Jan 2018 10:07:36 +0000 Mrs D 2797889@https://boards.hellobee.com/ <p>We dont have anything ear marked ourselves. My ILs have trusts for both girls, but I dont know what is in it. I suspect they donate somewhere between $500-2000/year per child. I'll be interested to hear if that increases though with tax changes.</p> <p>We have instead chosen to pay our mortgage off in 15 years, and max out 401Ks right now (we both have exceptional matches from our current employers). The goal is to be mortgage free when our kids go to school - which helps. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college/page/2#post-2797878 Thu, 18 Jan 2018 09:24:57 +0000 Dr. Pepper 2797878@https://boards.hellobee.com/ <p>I currently put 1% of my annual income into a 529 for each of my kids. This will accumulate to at least $50,000 for each kid by the age of 18 years. Once my house is paid off in 2021, I will start investments in mutual funds that are earmarked for my sons. I plan to cash flow a lot of their college since I will have no debt- house or anything- and a large income at that point. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college/page/2#post-2797864 Thu, 18 Jan 2018 07:22:56 +0000 LadyDi 2797864@https://boards.hellobee.com/ <p>We put $250/month into a 529, plus a generous contribution from one set of grandparents when DS was born, plus I put any money received from his baptism, holidays, etc into the 529. We're expecting our second soon and I am going to stay at home so this likely will be changing (decreasing) until we adjust to our new financial situation. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college/page/2#post-2797863 Thu, 18 Jan 2018 07:21:58 +0000 ValentineMommy 2797863@https://boards.hellobee.com/ <p>Does hoping they get a full scholarship count? Lol jk...sorta.</p> <p>We save a little here and a little there, and all gift contributions. But we don't have a set amount. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college/page/2#post-2797855 Thu, 18 Jan 2018 00:15:22 +0000 ALV91711 2797855@https://boards.hellobee.com/ <p>Right now $100 per month. My MIL gives money at Birthday and Christmas for his school account. </p> <p>I'm hoping we can help him as much as possible but do not expect to fully fund his college. We live in a city with some great post secondary, so if we still live here and he chooses one of those schools then he can live at home for free. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college/page/2#post-2797843 Wed, 17 Jan 2018 22:08:20 +0000 crazydoglady 2797843@https://boards.hellobee.com/ <p>$0. My husband and I need to focus on paying our own student loans off first. We have a university in our town and we decided we will let our kids live with us if they want to attend there. I feel like we are going to be in a better place financially at that point when we don't have daycare costs and our student loans are paid off. And, honestly, I had to finance my own schooling entirely and it really forced me to be super economical (I went to community college before transferring to a state university.) I know we will want to help as we can but it's not going to be even close to covering it. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college/page/2#post-2797842 Wed, 17 Jan 2018 22:05:38 +0000 Purpledaisy 2797842@https://boards.hellobee.com/ <p>$0. We arent planning on paying for their college and we focus on our savings and retirement. You can take a loan out for college but not for retirement! </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college/page/2#post-2797832 Wed, 17 Jan 2018 21:11:46 +0000 alphagam84 2797832@https://boards.hellobee.com/ <p>We haven't yet but that's because we have very generous grandparents on each side so we haven't had to yet. My daughter is only two and between both sets of grandparents I think she has enough for one year of college at a state school. My parents even opened up their account separate without my daughter's name being on it so it won't show up when she applies for FAFSA. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college/page/2#post-2797831 Wed, 17 Jan 2018 21:09:57 +0000 SugarMaple 2797831@https://boards.hellobee.com/ <p>$25 in a 529. We'll throw in extra when we can. We have no plans to fully pay for college but are shooting for half of a public state college if possible. Like gingerbee said, we want them to be invested. Welcome to the real world. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college#post-2797824 Wed, 17 Jan 2018 20:30:08 +0000 Pollywog 2797824@https://boards.hellobee.com/ <p>My husband and I contribute $400 per month per kid, but grandma and grandpa give a significant chunk that allows us to max out his 529 each year.</p> <p>We have great jobs and have maxed out retirement, my student loans are almost forgiven, and we have a very low interest rate on our mortgage.. College savings is a priority because we can afford it now (who knows about the future) and it'll have time to grow </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college#post-2797809 Wed, 17 Jan 2018 19:07:22 +0000 lamariniere 2797809@https://boards.hellobee.com/ <p>@looch: ditto. Nothing specifically for college. The goal is for them to attend a European university where it will be free or have a very minimal cost. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college#post-2797804 Wed, 17 Jan 2018 19:04:06 +0000 catgirl 2797804@https://boards.hellobee.com/ <p>Not a lot right now. DH and I disagree on how much help we will provide when the time comes, mainly due to the very different levels of help we each received. We also feel the need to put as much as possible aside for retirement. </p> <p>So for now it's about $100 a month from us and whatever people give her for birthday/holidays. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college#post-2797795 Wed, 17 Jan 2018 18:26:46 +0000 Finfan 2797795@https://boards.hellobee.com/ <p>$0. Their grandparents have committed to pre-paying their tuition through our state’a 529. They expect to have both my kids full paid by the time each turns 8 by buying one semester a year. </p> <p>We will help out some with living expenses and also expect them to work while going to school. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college#post-2797786 Wed, 17 Jan 2018 17:43:07 +0000 youboots 2797786@https://boards.hellobee.com/ <p>Not a lot. I’m more worried about my retirement currently. She likely will go to private school so that will be most important in the coming years. We will be debt free when DD goes to college so I expect to just help her as bills come up. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college#post-2797776 Wed, 17 Jan 2018 17:22:04 +0000 birdofafeather 2797776@https://boards.hellobee.com/ <p>we just started at $600/yr per kid right now as we're working on maxing out retirement. once we can get there, we'll up the college contributions. but i also expect that we'll pay things like room and board as they come instead of setting aside that now. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college#post-2797769 Wed, 17 Jan 2018 17:09:42 +0000 looch 2797769@https://boards.hellobee.com/ <p>0 for college specifically. The plan is college in Europe, where my son is a citizen and entitled to attend at no cost to him. Room and board is negligible, he can get an apprenticeship to earn enough to cover those costs. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college#post-2797768 Wed, 17 Jan 2018 17:06:16 +0000 gotkimchi 2797768@https://boards.hellobee.com/ <p>@gingerbebe: ah got it </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college#post-2797767 Wed, 17 Jan 2018 17:00:23 +0000 psw27 2797767@https://boards.hellobee.com/ <p>We currently save about $6,200 per year per kid plus random other money they get for gifts. We are currently paying about $50k in daycare expenses so perhaps if they end up in public school we will bump it up. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college#post-2797765 Wed, 17 Jan 2018 16:49:07 +0000 Charm54 2797765@https://boards.hellobee.com/ <p>$2500 per child to max out the government 20% contribution </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college#post-2797763 Wed, 17 Jan 2018 16:41:53 +0000 gingerbebe 2797763@https://boards.hellobee.com/ <p>@gotkimchi: They just need to have have earned income. They are going to be compensated for some marketing materials and those earnings will go into a Roth for them. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college#post-2797761 Wed, 17 Jan 2018 16:35:04 +0000 gotkimchi 2797761@https://boards.hellobee.com/ <p>@gingerbebe: how can you do a Roth IRA for children? </p> <p>My mom spilt my under grad with me (she paid tuition, I paid room and board) and I think that was a really fair way to do it. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college#post-2797742 Wed, 17 Jan 2018 15:59:24 +0000 Raspberry 2797742@https://boards.hellobee.com/ <p>@raspberries: Public universities in Canada are heavily subsidized, so we're really paying for tuition through high taxation.</p> <p>We are also saving $2,500 annually to maximize on the 20% government contribution. I just deposit the monthly government child care benefit directly into RESP, so we don't notice any budgeting difference. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college#post-2797740 Wed, 17 Jan 2018 15:49:02 +0000 gingerbebe 2797740@https://boards.hellobee.com/ <p>We grudgingly have a 529, mostly because it makes it easier for our relatives to donate for birthdays and holidays if there's a college fund they can directly transfer to. We will be establishing Roth IRAs in their name soon (they will be earning income, so its their money). </p> <p>For many reasons, we're not saving (at this moment) to completely cover all of our kids' educations. We believe they need to have some skin in the game. Everyone can have their own opinions about that. </p> <p>Since its impossible to project tuition costs, we focus on the figures we can probably guess better at, which is living costs. We expect the college fund to cover comfortable middle of the road living expenses at an in-state public university (so California cost of living) and a study abroad experience during those 4 years. We intend to cash flow tuition to the best of our ability when the time comes, since we plan on downsizing our home drastically and will be at higher earning levels. Alternatively, we will use the college fund towards their tuition and buy a rental property for them to live in and manage once they are in school. </p> <p>If they choose to attend an expensive private school, we'll have to cross that bridge when we get there. Either way, we will expect our kids to work during school and on vacations for their own spending money and we want them to buy in to their own educations, so we'll be expecting them to contribute to their educational expenses in some way (i.e. pay for some of your own tuition, pay for your books, etc). </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college#post-2797724 Wed, 17 Jan 2018 15:24:44 +0000 jhd 2797724@https://boards.hellobee.com/ <p>We haven’t started yet. It is a goal but other things are higher priority at the moment. </p> https://boards.hellobee.com/topic/how-much-do-you-save-per-year-for-college#post-2797723 Wed, 17 Jan 2018 15:22:51 +0000 Adira 2797723@https://boards.hellobee.com/ <p>We're currently saving $4200 a year, but like others have mentioned, we'll increase that amount once we're not paying for daycare (minus before/after-care costs).</p> <p>We didn't start there though. We started at around $600 a year and have increased it each year as we've gotten raises. </p>