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Child's College Fund

I'd like to start a college fund for my son. I'm not the greatest at finances or anything of that sort so I have no idea who's repuitble or how much I should put away or anything like that. I'm also worried with a 529 or whatever it is that what if he doesnt want to go to college? If you've personally done this any help would be great.

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Asked by Ellen_Ashley at 3:26 PM on Oct. 25, 2009 in Money & Work

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Answers (6)
  • My hubby and I are doing the same thing
    the stipulations are
    the money will go to solely pay for college/room&Board/monthly stipend for other bills
    It is going to be set in a will in a few years just in case

    If the decision is not to go to college
    half will be paid to them on their 25th birthday and the other half on their 30th b-day...I figure that was the stupidity and selfishness will have grown out by then

    Answer by DomoniqueWS at 3:29 PM on Oct. 25, 2009

  • way not was ***

    Answer by DomoniqueWS at 3:29 PM on Oct. 25, 2009

  • i am doing the same thing my son is 6 months old and he has a little piggy bank and we put all of our lose change in it and when its filled up w take it to the bank and put it in his own savings account

    Answer by aidensmama8 at 3:45 PM on Oct. 25, 2009

  • What about an Education Savings Account also known as ESA's? Do you qualify for that? I think there are income limits, but anyway it can be used for any education expense, and I believe that includes private K-12 school.

    Answer by Anonymous at 4:02 PM on Oct. 25, 2009

  • Are you set financially for yourself first? Do you have your debts paid and at least 3-6 months emergency fund? Do you have retirement accounts set up for yourself? If the answer is no to those questions, you might want to reconsider saving for college at this point. There is no financial aid for retirement.

    Answer by halfpint_ny at 6:43 PM on Oct. 25, 2009

  • Yup we're all set in those areas thanks for your concern.

    Answer by Ellen_Ashley at 9:42 AM on Oct. 26, 2009

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