Rhode Island Nesties
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college funds

I'm a post whore today, sorry.  I have a presenter for all of my classes today, showing the same presentation 6 times in one day.

Anyway, how are you saving for your child's college education?  Anyone using a special program?  Just a savings account?  How much are you trying to set aside each month/year (if you don't mind saying)...

Re: college funds

  • We opted not to do a specific college savings plan for either child. We have invested in Vanguard, and have chosen to reinvest any dividends that we earn.

    My uncle is a financial planner and came to us to set up accounts for our kids futures, but he couldn't offer us anything better than what we already had in place... and I didn't want him to know our financial situation.

    Both kids have a savings account (UGMA). We put the money that they receive from birthdays, holidays, etc. in there, and also deposit our pocket change into their accounts (well, we deposit the actual change into Shannon's, and then just put an equal amount into Kyle's). These bank accounts aren't being used for college saving, but rather for teaching our kids the value of saving their own money, and letting them know that money does not come from an ATM.

    image
  • Nothing yet...they each have a savings account, similar to Alicia's situation, and we deposit their gift money in there.  
  • Sadly, nothing yet. We can't manage to pay for our loans yet, nevermind their education. Hoping to start in a few years, which sucks, but it's our life right now. :-( Each kid has a small savings account with some money we set aside for things but that's for them to learn about money, not for college.
    Wife, mom, attorney, blogger, runner - trying to learn to love all the good things in life!!
    "It's not a sprint, it's a marathon." - Alex & Ani bracelet
    My blog: Dodging Acorns
  • We are hopefully going to set up 529 funds for them soon.  We are going to put in a small amount to start it off and then put money they received for holidays in there.  Unfortunately we aren't in a place to make regular deposits.  Once they get a little older we'll set up a savings account so we can teach them about saving.
  • imageleebi07:
    We are hopefully going to set up 529 funds for them soon.  We are going to put in a small amount to start it off and then put money they received for holidays in there.  Unfortunately we aren't in a place to make regular deposits.  Once they get a little older we'll set up a savings account so we can teach them about saving.

    Same thing here.  We have a savings account for them but until I start actually making more money (my district had a pay freeze this year) then I can't make a regular deposit.

    image

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