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Education Savings


Forum: Financial Planning and Budgeting

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  #1  
November 5th, 2011, 07:18 PM
joonzgurl's Avatar Proud mama of 2 girls
Join Date: Jul 2011
Location: Small Town, Alberta, Canada
Posts: 5,634
Are you saving for your children's college/university?

Why or why not?

How much are you saving?
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~Rachel~

Proud mama to:

Avery Elizabeth (08/27/2011) & Dawsyn Brielle (10/29/2013)
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  #2  
November 6th, 2011, 06:47 PM
Platinum Supermommy
Join Date: Aug 2005
Location: USA
Posts: 7,429
Are you saving for your children's college/university? Absolutely! We do not believe in loans, so he will need cash in hand and scholorships/grants to go.

Why or why not? Stated above.

How much are you saving? It's a fixed amount per month. Has moved up as we've gotten better financially set, but we do it every month and it's budgeted.
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  #3  
November 7th, 2011, 09:26 AM
joonzgurl's Avatar Proud mama of 2 girls
Join Date: Jul 2011
Location: Small Town, Alberta, Canada
Posts: 5,634
I thought I should answer my own question!

I am in Canada, so we have opened a tax sheltered Registered Education Savings Plan.

Right now we just put in $100 per month as it is all we can afford, but we got a $500 bonus from the provincial government just for opening (will get again at age 8 and 14), plus 20% matching contributions fromt he federal government, so hopefully by the time she is ready to go there will be a fair amount in there for her! It will depend I guess though on how much we are able to keep contributing as she gets older/we have more kids.

It is so important to me. I had no help from my parents, and had to get student loans. You do not fully understand the value of money at 18, and having to pay it all back was difficult.
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Proud mama to:

Avery Elizabeth (08/27/2011) & Dawsyn Brielle (10/29/2013)
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  #4  
November 8th, 2011, 10:38 AM
Platinum Supermommy
Join Date: Oct 2006
Posts: 32,940
Are you saving for your children's college/university? We are not. They do save any money they get as gifts though. When our oldest wants to spend any of his allowance, he has to put an equal amount into his savings account.

Why or why not? We are saving for our retirement first and foremost since you can not get loans for that, but they can get loans for school. We hope that when they go to school we will have extra money that they need at the moment to help them. We also think it is important for them to realize the importance of working hard in college and so want them to work to pay for part of it themselves.
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  #5  
December 18th, 2011, 07:46 PM
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Join Date: Nov 2010
Posts: 3,972
I agree with ~Kris~ on the retirement aspect. I am lucky to have a nice chunk saved for retirement, and continue to pay into that as a first priority.

We are opening a 529 for the baby soon (I have the money set aside but the paperwork is crazy long). I am not sure how much we will put in monthly, we are still paying off my maternity leave debt.
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