College Savings Fund

[orriskitten]

DH set up a college savings fund for Melody today and I have never felt so grown up! Our baby has a college savings!

This kind of blows my mind since my mom and I were so poor as I was growing up. I was lucky to have gotten a full scholarship to a private university, but had to be poor to get it. I always thought Mel would be screwed because of DH's salary, but this is wonderful. It'll be $25/month tax free, and more if we are able to save our goal amount each month.

Anyone else doing something like this? What has made you feel "grown up" lately?

[dojo]

We opened a mutual fund for him using a registered education savings plan which is basically income that is no longer taxable. We opened it when he was a couple months old and now Hank has $1089 as of this week. I was impressed!

[unclejesse]

We opened one when A was a month old. It is a great feeling!

[orriskitten]

Jan 12, 2013 21:48:47 GMT -5 dojo said:

We opened a mutual fund for him using a registered education savings plan which is basically income that is no longer taxable. We opened it when he was a couple months old and now Hank has $1089 as of this week. I was impressed!

Wow!! Thats amazing!

[fusion]

we need to pay off my loans before we start saving for the kids, but this will happen later this year My MIL has started small accounts for both of them and said she'll contribute on their birthdays and Christmas.

[spaghetticat]

What kind of account did you open? I have an iNG acct for her, but I get taxed on it.

Way to go!

[teamhayes]

K has a 529 plan, a savings account, an ing account and a few stocks. I work in finance.

[charlielove]

Jan 12, 2013 21:48:47 GMT -5 dojo said:

We opened a mutual fund for him using a registered education savings plan which is basically income that is no longer taxable. We opened it when he was a couple months old and now Hank has $1089 as of this week. I was impressed!

That is great Orris. It is a good feeling!

We have something similar to this for both girls. We put a specific amount in every month, barring any extra expenses we may have, and my parents also contribute to it on their birthdays/Christmas. My grandparents did this for my sister and I and it paid our way through college, so I really want to do the same for them.

[browneyedhunni85]

My parents opened C up a savings when he was only 4 weeks old.

[katie]

We don't have anything set up for Lillian yet but we just paid off all our debt end of November, minus the mortgage. We are hoping to close next week on a refinance of our house, saving over $400 per month! So I am feeling good and grown up, it's about time.

[charlielove]

Katie, that is awesome!! Go you guys!

[katie]

Jan 12, 2013 23:07:34 GMT -5 charlielove said:

Katie, that is awesome!! Go you guys!

Thanks I never thought we (mostly me) would get out of credit card debt.

[christidee]

That is awesome! This is something that we keep meaning to do but haven't yet.

[pinkpeony6210]

Both girls have an account, and any and all money they receive goes into it. DH and I also contribute monthly. It's definitely a great feeling having a savings for each one.

[rxbeth]

We were a bit lazy in getting it started (didn't until she was 6 months old) but Madison also has an RESP account. We put $85 a month into it for now.

[jaime183]

we also just opened the college savings plan! we need to take advantage of it!

[muppetinma]

We have one that all monetary gifts go in, as well as whatever we can spare at the end of the month. We just switched health insurance, saving several hundred dollars a month, and are in the process of refinancing our home, which will save us about the same. For the foreseeable future, we're going to put all that "extra money" in his account. The way we see it, we're making ends meet now. If we're saving all that money, we might as well put it somewhere safe for him.

[carawestt]

We don't have anything for Lincoln yet because we're trying to get the credit card paid off (since we put all the hospital bills on it), get into a bigger house and get a new car. All of that which we're planning on doing by May. After all that's taken care off, we'll put $50/month in for him on top of any money he receives as a gift.

[Deleted]

S has both a savings account and a college fund account. The savings is for gift money etc. We contribute $180 a month into his education account this allows us the highest contribution from the gov't.

[creamsiclechica]

Orris, that's great! And katie, wow, that is fantastic news!

We have a savings account for her we contribute to. And we're in the unique position where DH can transfer all of his education benefits from the military to her. We're in the stages of starting his indefinite enlistment process (meaning he'll go until he reaches 20 years of service), and when we do that, he'll be transferring his 50k G.I. bill to A. Along with that, she'll receive a monthly allowance under the guidelines for living expenses, and we'll be taking that money and putting it into a fund for her to receive at graduation. DH doing this shows me the incredible amount of love he has for his daughter, because getting the G.I. bill was one of the big reasons he joined. I'm so proud of him, and so happy that she won't have to struggle with student loans like me.