Hellobee Boards

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.

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).

@berdine: Can you start a 529 plan without having kids yet?

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.

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.

This calculator is pretty eye-opening (and scary): http://www.savingforcollege.com/college-savings-calculator/index.php

Every little bit will helps, and the earlier you can start, the better!

@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.

@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.

Gah, it's hard. It's so much money.

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.

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.

We're budgeting to put $200/month away into college savings once LO arrives. Researching savings plans at the moment.

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.