We haven't started yet, but we should. A 4 year private college can run over 40k a year! That's a lot of moola.
Are you saving? If so how?
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We have some investments which we plan on cashing out when the time comes. I think we have that covered. I am more concerned about having enough money to retire!
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Our LO is not born yet, but we do not plan on saving for our kids college. Our parents did not for us and we worked through it on our own and got loans, I think it helped me appreciate and focus on school more. We will put money into an account if our LO gets birthday/Christmas money and throw in a few bucks here and there into a bank, but nothing extreme.
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@Andrea: We are more concerned about saving for retirement too!
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We put away money each month & so do DH's parents, it isn't as much as I'd like to put away but hey it's a start! We talked about putting away more but realized whenever baby #2 comes along we want to make sure we put away equal amounts & weren't sure we would be able to double a higher amount.
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We are going to save for our retirement properly first. After we are happy with that, we can then start putting some money away for our LO's college. We are just assuming college will be so expensive at that point that she will go to Community College for two years before transferring to a regular college.
If all goes well, our house will be paid off in 11 years and we can start putting that money towards education for our LO.
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we haven't started yet, but will probably open some 529 accounts or so....
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We plan to focus more on saving for retirement than for college. We hope to save some but not the whole amount.
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We are. We have a bank account we put a set amount of money into every month. We also put any monetary gifts he gets in there. He has a nice little start considering how young he is and if we continue on this path he will have a nice chunk of change to use for college. My inlaws also have an account for them and I know it will also be a very generous amount.
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We plan to save for some of it but not all of it. I want my children to work for their education and know that they can't expect me to pay for their entire education. If they get an A in a course, I'll pay for that class. If they get a B, I'll pay 75% of it. If they get a C, I'll pay 50%.... etc. I'm hoping it it's a good plan.
As for the actual saving part, no. I don't have kids yet. I am more concerned about my retirement right now. I do plan to set some money aside and have my kids learn to save money that they get from working.
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@bluestriped bee: I like that plan. Usually you have to pay for classes before they start, so how will you handle that?
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@Boogs: Good question... I don't know. LOL I guess, I'll pay for it and when I get their grades, I'll 'bill' them for their portion. haha
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Yes, along with various long term accounts, we will also start a college account. Right now the big place we are earning for college is Upromise- great system, you get money put into an account for eating out, buying groceries, etc.
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We're putting money into a bank savings account right now - I'm still deciding if we're going to go the 529 route or if I'm just going to create a college savings portfolio that I manage myself. As pps have said, our retirement savings is our top priority, but it's very important to us to start saving for college early - we want to take advantage of the power of compounding.
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We do/will save for college because we think college is a necessity and don't want to send LO out into the world with a crazy debt load (that said, hopefully she will get scholarships!). We have money saved for that purpose already and we'll direct deposit into the college account each month starting after she is born. My MIL is also gifting us a chunk of money for LO's college as soon as she is born as well, and the majority of monetary gifts she receives growing up will go in there too.
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@lemondrop: I used to use that for my godson and got pretty much nothing from them. Is it working well for you?
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Yes, but like others not 100%. I like the idea mentioned above that you pay for what they produce, in a way, concerning grades. Also, if they choose to go to a private school then we definitely won't be paying for it all.
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I've written this before, but we will pay for part of the education. Not sure how we will determine the amount yet, but I also would like my son to have some ownership in his education, so he will either have to find scholarships, work or get loans for a portion.
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I'm hoping she gets an inhertitance from her great grandma. She love love loves LO, but unfortunately won't be with us much longer, she's not doing well at all.
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