Question about college saving for your little one

With the economy the way it is what method will you use to put money aside for college? See above poll.

I want to start as early as possible. I would not be able to put a lot away right now, but I am hoping that will change. However, when I worked for a financial rep I learned a lot about 529 plans and always thought I would get one. However, the stock market has not been that great and I looked today and was not impressed how those investments were performing. I'm interested to see other people's take on this.

Re: Question about college saving for your little one

We've been moving money around for DD where the interest rate was the highest. We started with a money market account and when that was up we now have it in a CD for a 15 months (i believe) After that we'll explore other options and see where it would do the best.

Re: Question about college saving for your little one

we have a 529 ....we opened before he was born in our name and transferred to him.

Re: Question about college saving for your little one

we are doing a high interest savings account an/or cd's.

we will probably open a Upromise account as well, just to reap the benefits there, but I won't be investing money regularly into the 529. I don't like the idea of putting it in the market.

Re: Question about college saving for your little one

Re: Question about college saving for your little one

I personally don't believe in 529 plans... economy is too unstable and despite all my education I don't want to pressure my kids into college. As you and I both know - it's best for some kids to take some time to figure it all out instead of settling and freaking out 2 weeks before graduation or flunking out. Too many years as a college career counselor - I've seen/heard too much.

I will be doing other forms of investments over the years.... based on todays problems, DH and I have 2 different savings/trust accounts. He has a high interest acct with one insitution and I have an average custodial account with another. As things change I will purchase stock and other things to ensure they have a savings plan.

My priority is that they get their own place - a condo or a house ASAP. When I look back I wish I had done that and now we are busting at the seems. I want them to feel a sense of ownership and responsibility. I will help with the downpayment as much as I can. I will help as much as I can with college, but they will have to probably use state grants and scholarships.. and unless they're really smart and get all scholarships, NY has a great state education system. She'll get discounts if she goes to SB or St. Johns b/c her parent's are alums. May work with Western IL Univ where I went to grad school too. She may get like in state tuition instead of OOS. I just think it's hard to say what she'll really need 20 years from now. I'm hoping she'll be an electrician... she's obsessed with electrical outlets and loves her little flashlight They make good money too.

Re: Question about college saving for your little one

We have already started a savings account for the little one!! We plan on letting family know that savings bonds would be appreciated instead of toys, toys, toys.


Any money we save we will put in CDs or the highest interest rate we can find.

Im not too sure about the 529 plan. I have to look into it. I want my child to have the option of taking the money and going to college OR using it as a down payment on a house. Im not one to force my child to go to college, but the money must be used towards an investment.