Topic of the Week- savings for the kids

[jessiespano]

This is the thread for questions and answers related to how you are putting away money for the kiddos!  If you have a specific question go ahead and ask, and anyone can jump in with input!  If you are lurking from another board feel free to join the discussion!  We want to hear from everyone!

[southernpeach89]

I bank with USAA and they have what's called a 529 college savings program for your children. You can make it as conservative as you need to but it's nice to know that there is money going towards her future and it's automatic so I don't have to remember to actively put away money each month.

www.usaa.com/inet/imco_storefront/ImcoStorefront/CollegeSavings?0&wa_ref=pub_global_products_invest_collegesavings

[britbratjf]

We have 529 savings plan for both girls. We contribute their birthday & Christmas money but we don't actively save each month. After speaking with our financial advisor we decided it would be more beneficial to concentrate on paying down debt (we have a ton of student loans from DH college & law school) and save for our retirement. Once student loans are paid off we will start rolling that money into college funds & maybe a separate savings account so we can get them cars.

[mowkey]

My dad opened up 529 savings plan for my son and I expect he will for my daughter as he recently asked for her social. He also buys savings bonds for them.

Since A was born I've been putting away $25 a week for him in an account. I also started this for D. I'm not sure what it's for. I say college but depending on what happens they could use it discretionary in their college years or after. We are tossing around the idea of what to do with it once it's a larger amounts- invest for some return or just let it alone.

Another thing I'm not sure is if I'm going to tell them about it or just gift it to them when the graduate or maybe after their freshmen year when they are established.... We are thinking on that.

[xcrissx]

Feb 8, 2016 8:47:28 GMT -5 southernpeach89 said:

I bank with USAA and they have what's called a 529 college savings program for your children. You can make it as conservative as you need to but it's nice to know that there is money going towards her future and it's automatic so I don't have to remember to actively put away money each month.

www.usaa.com/inet/imco_storefront/ImcoStorefront/CollegeSavings?0&wa_ref=pub_global_products_invest_collegesavings

Tangent but I LOVE USAA. Seriously, I side eye anyone who is eligible but doesn't use them. My car loans, auto and home insurance, savings and checking accounts, and credit card are all through USAA.

[southernpeach89]

Feb 8, 2016 20:56:04 GMT -5 xcrissx said:

Feb 8, 2016 8:47:28 GMT -5 southernpeach89 said:

I bank with USAA and they have what's called a 529 college savings program for your children. You can make it as conservative as you need to but it's nice to know that there is money going towards her future and it's automatic so I don't have to remember to actively put away money each month.

www.usaa.com/inet/imco_storefront/ImcoStorefront/CollegeSavings?0&wa_ref=pub_global_products_invest_collegesavings

Tangent but I LOVE USAA. Seriously, I side eye anyone who is eligible but doesn't use them. My car loans, auto and home insurance, savings and checking accounts, and credit card are all through USAA.

Same. We have all our home&auto insurance through them, savings, checking, credit cards, etc... They are seriously amazing. I've never had a bad experience with them.

[andtheheartbreakers]

I went with CST which is a Canadian company and they seemed really good when we did our research.

We contribute $209/month to Layla's fund which in 18 years will max out the amount we are allowed to contribute. We aren't going to tell her about it, and instead will teach her from very young that she needs to think about her future and save for her education. We will tell her when she turns 18 that surprise you actually have a large sum of money, and then her savings can either be for a vehicle or a house.

My parents did this, but all they could give was 1 years tuition - which was so amazing and appreciated - but I loved that they made me think I had to save for my education and then surprised me with a portion of it.

[cocopuff]

We have 529's for both girls. All gifted money goes into them and we do a lump sum for each at the end of the year (usually the amount is based on the effect it has on a tax deduction or what we cab afford).

If we get a gift card, we "buy" it from the girls and put the money into their 529's.

529's don't have to be through the state you live in. Ours are in Virginia but can be used for any higher education institution.

I've been nagging my boss about a pretax contribution but he's dragging his feet oh the paperwork. I'm the only one in my company with needs for a 529 so it's only for my benefit. Everyone else is either childless or have grown kids.

[swbrigadoon]

Feb 9, 2016 7:03:39 GMT -5 southernpeach89 said:

Feb 8, 2016 20:56:04 GMT -5 xcrissx said:

Tangent but I LOVE USAA. Seriously, I side eye anyone who is eligible but doesn't use them. My car loans, auto and home insurance, savings and checking accounts, and credit card are all through USAA.

Same. We have all our home&auto insurance through them, savings, checking, credit cards, etc... They are seriously amazing. I've never had a bad experience with them.

Same here, I love USAA