for your kid's education, per kid? If you do periodic lump sums, break it down by approximate monthly value. I didn't know where to stop on the high end, so I went a little crazy there.
ETA: I'm sure that there are more people putting aside nothing and just not answering. Like any ML poll, there is a bias towards answers from people who participate.
There is a government program where they put something in for every amount you put, and the max contribution is $2500 a year. So we do that. Full disclosure: FIL has made all the contributions so far but we would if he wasn't.
There is a government program where they put something in for every amount you put, and the max contribution is $2500 a year. So we do that. Full disclosure: FIL has made all the contributions so far but we would if he wasn't.
There is a government program where they put something in for every amount you put, and the max contribution is $2500 a year. So we do that. Full disclosure: FIL has made all the contributions so far but we would if he wasn't.
Do you know the name of it?
It's a Canadian Government thing. An RESP. It's something we pay $100/month into, and opted one per family name vs child's name. We figure we will have two kids, but one plan/account set to mature around the time DS graduates HS.
The SL thread makes me very appreciative of our otherwise less than perfect school system. Very.
We don't have kids yet, but when we do we'll open accounts for them and probably put about $100 in monthly. I would like to put in extra every year on their birthday, but we'll if that works out.
There is a government program where they put something in for every amount you put, and the max contribution is $2500 a year. So we do that. Full disclosure: FIL has made all the contributions so far but we would if he wasn't.
We're using this program too. We deposit our $100 Universal childcare benefit (baby bonus?) check into it every month so we don't miss it.
It's a Canadian Government thing. An RESP. It's something we pay $100/month into, and opted one per family name vs child's name. We figure we will have two kids, but one plan/account set to mature around the time DS graduates HS.
The SL thread makes me very appreciative of our otherwise less than perfect school system. Very.
There is a government program where they put something in for every amount you put, and the max contribution is $2500 a year. So we do that. Full disclosure: FIL has made all the contributions so far but we would if he wasn't.
We're using this program too. We deposit our $100 Universal childcare benefit (baby bonus?) check into it every month so we don't miss it.
We put $200/mo in for DS1. We didn't start until he was 2 y.o., though. It will work out that DS2 turns 2 at the same time DS1 will be done with daycare, so that will free up the money to start putting the same amount away for DS2. If I recall correctly, that is the amount that is expected to cover half of a state school tuition when they are 18. Ugh.
As much as possible. I'm not sure of the exact numbers now since we just readjusted things, but I think $5k-$7k a year? We're focused in this now because we can be, and as a just in case our situations change in the future.
And the grandparents make contributions on occasion too since they've seen with their own kids the freedom not having undergrad loans affords. The husband and I each did not have loans and both our siblings did (because of choices they made, our parents each gave their kids about the same).
We put a lump of 10K in DD's account when she was born. Then we were giving maybe $500 a month when H was at his old Big Law gig. Now that he is a government worker and I'm not working full time yet, I think we are giving $100 a month. We have an account started for our next child, but since we are doing private adoption, we won't be able to put in the lump sum anytime soon.
I contribute what I can yearly to their RESP. That amount changes yearly. I also contribute at least 50 bucks to each of their savings accounts monthly.
eta- all monetary gifts go into their savings or towards RESP.
Post by snipsnsnails on Nov 8, 2013 10:14:34 GMT -5
Right now, it averages out to about $125/month per kid. The thought is when preschool costs are through, we'll bump that up. My father also regularly contributes to their funds as well. They're basic investment funds held at Edward Jones.
Post by amberlyrose on Nov 8, 2013 10:19:34 GMT -5
We have our rental house that we plan on keeping until our future kids get to college and then we'll just sell that. We'll also put money away for them but it won't be enough for full tuition.
We contribute what we can which isn't very much. Since DS has been born we have been very tight on money. My mom plans to make a contribution for Christmas and I suspect its going to be a large chunk.
We put $50 a month into a 529 plan for each boy. It is close to nothing, but every little bit helps.
This is us too. It's about 1/8 what the college calculators say we should be putting away, which makes me laugh and laugh.
This is us as well, including the laughter (accompanied by tears). Part 2 of our plan is wistfully hoping our kids will both be sports stars, preferably in some warm climate sport like golf. This isn't panning out so well though.
We put $100/pay period into a savings account, and transfer that money out to a 529 plan periodically. The 529 account can be used by both kids, though I have no idea how we'll split that up, in half or based on need. We've got a while to see how that works out.
We put away the max into our dependent care account. Then we get it all back at the end of the year ($5000) and it goes directly to the education fund. So it works out to a little over $400/month. I'm not sure how we'll do it when the kids are in school and we don't have to pay as much childcare, but we are committed to adding at least $5k/year until it's time to use it. Also, it's in a money market account, not a 529.
I'm not a parent, and I don't know if I will be -- but if I continue to work at my current place of employment, my future hypothetical spawn could go here tuition-free. Which is a huge help. Hypothetically. I'd definitely also put money aside for things like books, room and board.
Right now, we're doing nothing. H's university will pay 100% tuition if the girls go there, 50% if they go anywhere else. Plus, the plan is for me to be working full time by their teenage years and to put 100% of my salary into savings. If that doesn't work out, we will really have to scramble.