My MIL set one up for our daughter and that is where we plan to put all of her $ gifts, but we don't contribute regularly. I wonder if we should. Do you have a 529A plan set up for you kids(s)? Do you contribute regularly and if so, how much?
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Yes, we have one for LO and regularly contribute. We currently contribute $1k per month.
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We have one and all of her gift money goes into it. We try to contribute $50/month. Every little bit helps.
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We have 2 (MIL opened one for LO with her financial adviser and our state gives you a $500 grant if parents open one, so we opened one as well) and all her monetary gifts go in there. We contribute monthly, and FIL/step-MIL give LO $1k for her bday and Christmas, which is for her 529.
Like @mediagirl said, every little bit helps. A few hundred now might not seem like much, but 18 years from now; it will make a big difference!
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@SleepyMonkey: I just read this http://www.thesimpledollar.com/2011/07/18/choosing-a-529-plan/ We're setting one up this month and plan to contribute regularly. Not sure how much though!
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@MsLipGloss: @mediagirl: @yoursilverlining: thanks! Do you have it automatically pulled from your paycheck or bank account?
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@SleepyMonkey: yes-it is automatically withdrawn.
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Yes we set one up. All monetary gifts go in and we contribute $50/month and will contribute our tax refund each year.
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@SleepyMonkey: yup! very easy that way; out of sight, out of mind!
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We don't have LO's yet (working on that) but my parents had 529 plans set up for me and my siblings. I'm 1 of 4, so they actually just had 2 accounts (since that contingency with HAVING to spend the money).
Example: Kid 1 & Kid 3 share one and Kid 2 and Kid 4 share one, so both were not being used at the same time.
My parents put about $1k per month into them and still do for my youngest two siblings - one about to start college and my adopted sister who is much younger than the other three of us.
Now, any gift or birthday money went into savings accounts in our names, not our 529 accounts, unless otherwise specified by our grandparents or something. Scholarship money we earned obviously went towards whoever earned it's school only.
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We have one for each girl. There are calculators to see how much you should be putting away each month, but be prepared to be shocked. It's a lot!
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Yes we have a 529 plan for our LO. We put in one about $15k a year.
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11 comments