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Lichi
what what!?
Member since 5/05 4206 total posts
Name:
Lissette
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College savings/funds for baby...
Justin is just two months old, but I feel like we should start saving for him. If DH & I each put away a mere $25/week, by the time he's 18, we would have over $45k!
Anyway, my question is, I'm sure some of you already have something setup... what are our options? What's best? What works?
TIA! 
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Posted 7/21/06 9:09 PM  |
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JennChris
life moves fast
Member since 5/05 4225 total posts
Name:
Jenn
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Re: College savings/funds for baby...
We have a 529 account that we automatically transfer money into each month and it also collects the money from our Upromise account... then we have a savings account for each child set up through ING Direct that we automatically transfer money into each month... I'm hoping we'll be able to save some money up for them
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| Posted 7/21/06 10:01 PM |
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Calla
My girls
Member since 7/05 4303 total posts
Name:
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Re: College savings/funds for baby...
Depends on your income bracket. Here is a great link to learn some of the basics: http://www.fool.com/college/college.htm
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| Posted 7/21/06 10:03 PM |
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LIMOMx2
...
Member since 5/05 24989 total posts
Name:
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Re: College savings/funds for baby...
We are setting up a 529 plan also.
I read an article that said if you save $200 a month starting at age 2, you will have enough for college.
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| Posted 7/22/06 6:08 AM |
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sunny
Life is good!
Member since 5/05 8369 total posts
Name:
Stephanie
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Re: College savings/funds for baby...
We also set up the 529 plan.
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| Posted 7/22/06 7:53 AM |
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My2Boys
Love.
Member since 10/05 4796 total posts
Name:
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Re: College savings/funds for baby...
We also have 529s for the boys. As well as savings accounts and CDs.
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| Posted 7/22/06 8:49 AM |
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Tanaholic
My Big Boy!
Member since 10/05 2383 total posts
Name:
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Re: College savings/funds for baby...
We will do the 529 plan also.
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| Posted 7/22/06 9:10 AM |
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michele31
LIF Adult
Member since 5/05 3372 total posts
Name:
Michele
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Re: College savings/funds for baby...
We have a 529 plan and her saving bonds.
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| Posted 7/22/06 9:24 AM |
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Lichi
what what!?
Member since 5/05 4206 total posts
Name:
Lissette
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Re: College savings/funds for baby...
Seems like choosing a 529 is popular... why? Can anyone breakdown a comparison between a 529 account and other options available?
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| Posted 7/22/06 12:51 PM |
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KAS
LIF Infant
Member since 11/05 289 total posts
Name:
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Re: College savings/funds for baby...
are you all going with NY's 529 or through a brokerage firm?
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| Posted 7/24/06 9:52 PM |
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CheeChee
HI THERE!!!!
Member since 5/05 3416 total posts
Name:
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Re: College savings/funds for baby...
ummmm with the cost of what college will be in 18 yrs i say STUDENT LOANS!
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| Posted 7/24/06 9:54 PM |
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dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
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Re: College savings/funds for baby...
We have a 529 as well. We save around $250 now and eventually want to bump it up to $350.
I love that commercial where the parents saved for college and then the kid gets a scholarship. So the parents look at each other and say "plan B"  . Next they cut to big boat. The boat's name is "college fund". LOVE that!
eta: DH said that we would bump it after his 401K and my Roth IRA were maxed out. Grace can always get a school loan if needed, but no one will help us fund our retirement.
Message edited 7/24/2006 10:01:31 PM.
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| Posted 7/24/06 9:56 PM |
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stayandjohn
Our life is complete
Member since 5/05 5909 total posts
Name:
Stacey
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Re: College savings/funds for baby...
IL's set up a very generous 529 when DS was born. I believe they went through Merrill Lynch
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| Posted 7/24/06 10:14 PM |
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Dani00518
Gorgeous
Member since 5/05 2730 total posts
Name:
Danielle
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Re: College savings/funds for baby...
Can someone please explain to me a 529
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| Posted 7/24/06 10:23 PM |
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KAS
LIF Infant
Member since 11/05 289 total posts
Name:
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Re: College savings/funds for baby...
http://www.babycenter.com/refcap/baby/babyfinance/1263733.html?ccRelLink=&url=%2Fexpert%2Fbaby%2Fbabyfinance%2F1296618.html&xTopic=babycollege&bus=content#0
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| Posted 7/24/06 10:44 PM |
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betty
My boys
Member since 5/05 4380 total posts
Name:
Beth
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Re: College savings/funds for baby...
We have a 529 plan and Upromise (although not much comes from there). We put all of his Christening $$ in there and 100 (or more if possible) a month.
Dani: 529
Message edited 7/24/2006 10:48:42 PM.
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| Posted 7/24/06 10:48 PM |
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Ali
LIF Adolescent
Member since 6/05 573 total posts
Name:
Allison
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Re: College savings/funds for baby...
A "529 account" is a college savings account that receives beneficial tax treatment.
Here are a few of the basics:
1. All of the money in the account must be used for college costs.
2. The account is not a typical savings account. It's really an investment account. When you deposit money in the account, you choose an investment plan. You may choose a simple plan based on the age of the child (all the investment decisions are made for you) or you can choose an investment plan that you tailor.
3. The earnings are tax free.
3. In New York State, NY State tax payers receive an income tax deduction up to $5,000 ($10,000 for married couples filing jointly) for contributions. But contributions are NOT deductible from Federal Income Tax.
check out this website for more info:
www.nysaves.org
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| Posted 7/24/06 10:52 PM |
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