Post by creepyeyeball on Sept 6, 2016 11:28:24 GMT -5
We have them for all the kids. We don't do monthly contributions, just one sizeable amount once a year and then we add little amounts throughout the year if the kids receive money for birthdays amd holidays. They have enough toys, so we've made the decision to apply their gift money toward college for now. When they're older we'll let them make that decision for themselves.
A family member worked at a bank when we set ours up. He was very helpful. I suggest meeting with someone at your bank to discuss all of your options.
We opened one up and are doing monthly automatic contributions. I will look into a calculator at some point but just wanted to get this started and automated before things got too crazy.
Post by rubykitten on Sept 6, 2016 20:10:59 GMT -5
We set one up through Ohio. There's a website and it was super easy. Ohio actually has a 529 plan with great tax benefits so we started already. We're contributing $100 a month for now and we'll be adding any gift money as well over these first years. I'm hoping to add bigger chunks after our tax returns, we'll see.
DH didn't want a savings account in the girls' names for that reason. I had prepaid and I think it was a big reason I went to college, I didn't have to worry about debt so I really wanted it for the girls. We have like a lower tiered one but it was what we could afford. Unfortunately the cost has gone up and I'm not sure how much it will actually be for LO.
My sister had prepaid but didn't go to college so my parents got the money back. The problem is you get only what you paid, no interest for the 18 years worth of payments.
I haven't done this..it's my understanding that the money must be used on education..is that correct? Of course that's what I strongly hope M will do straight after school but I realized it's not guaranteed. I started a college saver account. Currently I'm putting $25 a month ( opened with an additional $50 depoit) hopefully soon I'll increase that to more. I plan to put 1/2 of any Christmas/birthday gifts in and then she can spend the other 1/2. As long as $25 a month is deposited until she turns 18, then we will be granted a bonus $1000. That's the plan for now.
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