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College tuition.... Should I start saving now?

I'm 5 months preg. Would it be a good idea to start saving for my babys college tuition or should I wait til after she's born?! What did u do about ur "babys" money?

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Mamicela87

Asked by Mamicela87 at 9:17 AM on Aug. 25, 2009 in

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Answers (11)
  • I started saving for our granddaughter the day she came to live with us. Some months it may only be $5 other months its $30. But it all builds. Right now we just have it in a regular savings account but when it grows to $1000 we're investing it in a Freedom Account that pays 4.5%. Not real high but it is very safe.
    baconbits

    Answer by baconbits at 9:22 AM on Aug. 25, 2009

  • I think we started the day they were born, but it is a great idea to start now. We put all money gifts for the baby into his college account. (plus a payroll deduction- we had money taken direction from the pay and direct deposited into their accounts-) We also added any money gifts that we received for us.
    Bmat

    Answer by Bmat at 9:24 AM on Aug. 25, 2009

  • We started before birth. We had both regular bank savings accounts and savings bonds for each child.
    admckenzie

    Answer by admckenzie at 9:27 AM on Aug. 25, 2009

  • If you have the extra money to do so, great. Have you gotten your retirement settled yet? If not, then I would start there first. There are always grants, and student loans that they can get...you cannot however get a grant to retire.
    Jademom07

    Answer by Jademom07 at 9:30 AM on Aug. 25, 2009

  • We have accounts on both of the girls since they were born with automatic payments. It isn't much each month, but it does add up.
    DevilInPigtails

    Answer by DevilInPigtails at 9:53 AM on Aug. 25, 2009

  • It depends on the kind of program you want. If you're building a simple savings account in your name only, then you can start whenever, and earlier the better. If you're building a GET account or other type of 529 account, then you need the child's social security number, which you can't get until they're born. :)

    Good for you!
    Busimommi

    Answer by Busimommi at 10:19 AM on Aug. 25, 2009

  • I have a saving account for each of my girls that I started when they were born. I put $20 in each account every month.

    we also started RESPs for them as soon as they were born too.
    hypermamaz

    Answer by hypermamaz at 10:37 AM on Aug. 25, 2009

  • It's not ever too early, but there's no rush either. I tutored in college, and I actually found that in general, the kids who were paying their own way through college put a lot more in to and got a lot more out of their college education than the kids whose parents were footing the bill.
    riotgrrl

    Answer by riotgrrl at 10:48 AM on Aug. 25, 2009

  • this...

    If you have the extra money to do so, great. Have you gotten your retirement settled yet? If not, then I would start there first. There are always grants, and student loans that they can get...you cannot however get a grant to retire.
    Anonymous

    Answer by Anonymous at 12:01 PM on Aug. 25, 2009

  • First pay off your house. If you are renting you have no business saving for college. Second get a retirement saving in place for yourself. There are student loans, but no retirement loans. Then if you have money left, save for college. There are lots of scholarship and loan programs. Kids who pay their own way get better grades. Not every child goes to college.
    Anonymous

    Answer by Anonymous at 1:27 PM on Aug. 25, 2009

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