At this time, we're doing $1k/mo. When kid #2 arrives, I hope we won't have any problem doing $2k/mo ($1k/kid). I really want us to put a lot now than later because of the tax free growth.
There was a thread recently where most people said they were saving $1K.
And I think those people are, but most people aren't. It was one of those posts where the first person said "A thousand bucks" and the next five people said "Me too!" and then there were crickets.
Post by kimibrighteyes on Oct 11, 2012 22:21:40 GMT -5
We put $630 into RESP each month (enough to maximize the govt contribution). We will hopefully fund their University education but the rest will come out of other savings/investments/monthly earnings
DH and I have agreed even before we had kids that we plan on saving $0 (no that is not a type-o) for our kids education. DH and I both come from very low income families that did not save a dime for us and we feel better off because of it.
We worked full time and went to school full time and each came out with less than $20k in student loans and an education that gets us well enough paying jobs.
$50-100 a month in a savings account for car/backpack through Europe/wedding/house downpayment/whatever.
H grew up without a lot of money and worked to put himself through college. He had a 1-2 year gap because he couldn't afford tuition. My parents on the other hand, paid for nearly all of my expenses up until grad school, and paid for several of them even through grad school and after.
H wants to give more to his kids than he was given. I want to give our kids at least what I received.
We put $630 into RESP each month (enough to maximize the govt contribution). We will hopefully fund their University education but the rest will come out of other savings/investments/monthly earnings
$75 per kid to 529 and $25 to general savings. Any other money they get goes to 529 for now. When they get old enough to understand they can allocate to savings, 529, or spend it with some guidance.
ETA- now that I am on the computer and I can actually see the poll..... (you guys know we can't see polls on the app right??). My answer doesn't change since its an automatic withdrawal.
Right now I think we are doing $50 per month per kid. Gifts and piggy bank money (thanks grandpa!) go in individual savings accounts. My MIL sends a check directly to the 529 a couple of times a year. We knew we would have less to save for college with me staying at home.
Post by whitepicketfence on Oct 12, 2012 7:26:33 GMT -5
Right now, we only contribute $50/kid to their 529 account. We also contribute $50/kid each month plus all gift money to their savings accounts (these funds could be used for college, a wedding, house downpayment, etc).
We plan on upping our 529 contribution once the rest of our consumer debt is paid off and I go back to work.
$0. We got a late start on retirement so we're catching up there and paying down debt before saving. Our desire will be to cash flow their room/board and kid pays the tuition.
I didn't vote, because we don't put anything in monthly. We currently put one lump sum yearly into a pre-paid college trust. They also both have savings accounts, but that is for money given to them by others.
When I go back to work in 2014 we will be able to save more, both for retirement and college.
We don't max out retirement, so we don't save for college for him. Our priorities are with retirement and paying off my SLs. We put all of his gift money in his 529.
Post by karinothing on Oct 12, 2012 7:55:58 GMT -5
$100 a month for DS and DH's neice. We use a 529. We are very luck that for DS, my dad gives him money too. I can't wait till daycare is over and we can really start to save!