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BabyLove11
LIF Toddler
Member since 9/08 447 total posts
Name:
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Baby college fund
Many people have told me to start a college fund for the baby now. Anyone know what the best place to do this is? I've heard Gerber does one, and everything I found on Google was about a "529." I am lost! Any advice? Thanks!!
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Posted 7/12/11 11:24 PM  |
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Silibee3
LIF Adolescent
Member since 1/11 799 total posts
Name:
Melissa
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Re: Baby college fund
Do you know any financial advisors? Or maybe try your insurance company. Our advisor gave us all the info for the NY 529. It can be set up as soon as the baby has a SS#
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| Posted 7/13/11 9:25 AM |
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MrsG72907
Mommy of 2 girls!
Member since 5/10 2046 total posts
Name:
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Re: Baby college fund
Im not sure about a college fund per se but we are planning on setting up some kind of account (maybe savings?) where we will put any money the baby will get from her baptism, birthdays etc. Over the years I am sure this will add up to a nice amount of money plus any money DH and I contribute throughout the years.
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| Posted 7/13/11 9:35 AM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: Baby college fund
We are doing the NY State 529 plan and a prepay plan.
They are pretty easy to set up - you tell them how much to take from your checking/savings plans each month and you can also make online donations when you have $$ from holiday/xmas/birthday gifts.
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| Posted 7/13/11 9:59 AM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: Baby college fund
Posted by MrsG72907
Im not sure about a college fund per se but we are planning on setting up some kind of account (maybe savings?) where we will put any money the baby will get from her baptism, birthdays etc. Over the years I am sure this will add up to a nice amount of money plus any money DH and I contribute throughout the years.
With rates sucking you won't make much versus investing the funds.
I think most banks are paying 0.5% and even ING is only around 1%
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| Posted 7/13/11 10:00 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Baby college fund
a 529 will give you a tax benefit, but just make sure that you are fully funding your retirement. You can take out loans for college, you cannot take out loans to retire.
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| Posted 7/13/11 10:01 AM |
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annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
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Re: Baby college fund
Posted by Erica
a 529 will give you a tax benefit, but just make sure that you are fully funding your retirement. You can take out loans for college, you cannot take out loans to retire.
Very true
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| Posted 7/13/11 3:56 PM |
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