Best savings plan for baby?

[likeagoodidea]

I have read a lot of things on here about the rising costs of college and whether the bubble will burst, etc. and I was hoping you could help me with some insight.

I want to start a small savings account for my daughter. I don't necessarily want it to only be able to be used for college, because who knows if she will want to pay for that when the time comes. I'm thinking about investing about $50/two weeks to start. This amount could increase, but it would still not be enough to pay for an entire college education, so I would leave it up to her whether she wants to go or pursue something else.

Obviously, there is still a long time and a lot of factors would come into play, but that's where I am at now. I want to open an account, but I'm not 100% sure it will be used for college tuition.

In regards to a 529, we live in NJ.

So, what say P&CE?

Thanks!

[jlt19]

What I do is put $10/week in a sub-account in my ING that is solely for DD. We also opened up a 529 for her b/c my mom gives me $100/month for college. At this point, all gift money is split between the two 50/50. As she gets older we'll split gift money 3 ways, and give her a 1/3 to spend as she wishes.

The savings can be used for a car, wedding, or extra college money, whatever big things she may need when she's older.

[Deleted]

I have a 529 that I put $50 every pay period into, my sister also has one for him that she puts money in periodically. He has a traditional savings account as well, but I save that to put monetary gifts he receives.

[likeagoodidea]

Ok, maybe I will do 2. Thanks!

[ringstrue]

Well I'm doing a 529 but I think those can be used for varying sorts of education not just a 4 year program/bachelors degree.

[starlily]

We're doing a 529 for college savings (the plan is to pay for all of undergrad) and then maintaining a separate savings account for monetary gifts & an additional monthly sum. She can use the savings account for a car, travel, wedding, down payment, grad school, etc.