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$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.
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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.
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$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!
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$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.
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Right now $100 per month. My MIL gives money at Birthday and Christmas for his school account.
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.
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Does hoping they get a full scholarship count? Lol jk...sorta.
We save a little here and a little there, and all gift contributions. But we don't have a set amount.
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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.
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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.
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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.
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.
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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.
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@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.
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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).
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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!
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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.
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