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College Fund


Forum: October 2012 Playroom

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  #1  
December 18th, 2012, 07:25 PM
Belita's Avatar Platinum Supermommy
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Has anyone started a college fund for their little one? DH's grandmother wants to give us several hundred dollars towards starting a college fund for Sean for his Christmas present, and give money towards it each birthday and Christmas thereafter. She also contacted our parents and they are going to contribute as well. I now need to look into the best place to start one and was wondering if anyone had any advice.
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  #2  
December 18th, 2012, 08:17 PM
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No real advice, but we want to start one for Madalyn soon too!
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  #3  
December 18th, 2012, 09:44 PM
doremi's Avatar Team Blue Mama of Two
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We did a lot of research prior to starting one for Josiah, and ended up picking Utah Educational Savings Plan. We plan to open an acct. for Jamison soon with them too!
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  #4  
December 18th, 2012, 10:07 PM
AltMommy's Avatar Mega Super Mommy
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As far as money goes I am really scraping by at the moment. But I have already started putting aside a few bucks here and there, saving up all of my spare change, and putting any little bit of extra money I get into my savings account for Ares.
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  #5  
December 18th, 2012, 10:15 PM
delaney24's Avatar Super Mommy
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We've set up a 529. I wish I could give some reasons as to why, but DH handles all of that type of thing & he said it was just best for us right now. I'm going to just put some money aside each month into a regular savings account as I don't have a predictable income.
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  #6  
December 18th, 2012, 11:47 PM
doremi's Avatar Team Blue Mama of Two
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Ours is a 529 as well. We haven't been able to afford to put much in, but the grandparents contribute at each bday, and my grandparents (the great-grandparents) put $1000 per year in the acct. Here is a link to who we set ours up with:
Utah Educational Savings Plan - Homepage
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  #7  
December 19th, 2012, 06:51 AM
ashley5's Avatar Mega Super Mommy
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we've also set up that type of college fund for both kids. That's one of the reasons why I went back to work is to pay for their college. Our parents couldnt' pay for ours, which is a very big chunk of change every month, so it's a gift we'd love to give them.
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  #8  
December 19th, 2012, 06:59 AM
cincy1luv's Avatar 1st time mommy
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We are setting one up for Adrianna at the first of the year and each week we will put so much in it!!
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  #9  
December 19th, 2012, 07:34 AM
Belita's Avatar Platinum Supermommy
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Thanks for the link, Sarah! I'll check it out.


I was fortunate enough to have my parents pay for my undergrad. I'd like to give our kids that same gift and this is a great way to do it.
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  #10  
December 19th, 2012, 07:50 AM
SLP83's Avatar Mega Super Mommy
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My MIL is starting a 529 as a baptism gift, when she has it set up we'll add the money Nora was given as baptism gifts as well.
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  #11  
December 19th, 2012, 08:08 AM
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We have it in savings and moving to mutual funds to gain interest. We're not doing 529 because the kids HAVE to use it for college, who knows what college will be like in the next 18yrs from now. For all we know it will mainly be online classes and what not. Just didn't want to commit to something so strict and get penalized for not using it for "college". What if they want to go to some sort of specialized trade, can they use it for that?? Anyway. That's what we're doing.
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  #12  
December 19th, 2012, 08:22 AM
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We are also doing savings accounts/mutual funds/CDs etc. and not a college savings plan. So many of them have fees and restrictions about how the money is used, and I want to have a little more freedom than that.
JillMama likes this.
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  #13  
December 19th, 2012, 08:49 AM
Summerdays12's Avatar Erin&Aaron's1st!
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We already started a fund for Jonah. Any gift money he gets will go in there until he is 18 years old. My husband will be adding $100 a month to it. My hubby figured it out and he should have $24,000 by the time he is 16 years old
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  #14  
December 19th, 2012, 02:23 PM
Belita's Avatar Platinum Supermommy
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Jill, that's a good point. I want him to be able to follow his passion and if a trade school is part of his passion then I'd hate to be penalized for that. I'll have to talk to my husband about that.
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  #15  
December 19th, 2012, 04:07 PM
ellinj0206's Avatar Mom to Alexandra Jane
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My DH works in finance, so this is his area. He set up a 529 for his nephew about 8 years ago and we set up Alexandra's account about a month ago when we received her SS card. We use T Rowe Price I believe.


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  #16  
December 19th, 2012, 06:25 PM
Kansascity kitty's Avatar Platinum Supermommy
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All of our girls have one through USAA (which is a military bank), their grandparents choose to give savings bonds every birthday (my dh's parents). I will have to ask Rich more about the type of account he went with.
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  #17  
December 19th, 2012, 07:40 PM
doremi's Avatar Team Blue Mama of Two
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529 can be used for trade schools *I think*... it can also be used earlier if they need any specialist, like speech therapy, etc.
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  #18  
December 20th, 2012, 04:08 AM
yashobo's Avatar Mega Super Mommy
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I have 529 for dd1; have the gift monies to set up Luyando's. Just haven't gotten around to it.
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  #19  
December 20th, 2012, 05:12 AM
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My MIL is opening one for Michael for Christmas.
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  #20  
December 20th, 2012, 07:24 AM
Belita's Avatar Platinum Supermommy
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My husband decided to set one up through Fidelity.
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