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Are you saving for your children's education?

I'm sort of worried, I haven't saved anything for my children's education (if they choose to go to college, I hope they do!). My daughter is 7.5 now, and I wish I could give her the gift of college as my parents did for my sister and I, including tuition and dorms/food.

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prettyrayray

Asked by prettyrayray at 4:00 PM on Jan. 10, 2010 in Just for Fun

Level 3 (16 Credits)
Answers (12)
  • Yes.  I live in Canada and we have RESP's for our girls.

    beeky

    Answer by beeky at 4:03 PM on Jan. 10, 2010

  • How much and how often do you contribute?
    prettyrayray

    Answer by prettyrayray at 4:05 PM on Jan. 10, 2010

  • Nope... I am not. I do put money into his savings when I can but that will go on whatever he wants it too... maybe a car, college or just for fun stuff. If he goes to college, I will help him where I can when that time comes.
    ProudMom_5703

    Answer by ProudMom_5703 at 4:07 PM on Jan. 10, 2010

  • Nope. My older 2 went all on their own with no loans (grants and scholarships) & my youngest is going on his own with no loans (grants and scholarships). We taught ours to work hard from elementary school for good grades, to work hard in school activities and to be involved witin their community so that they could achieve their goals of attending college.
    Anonymous

    Answer by Anonymous at 4:10 PM on Jan. 10, 2010

  • We pay $100 per month, per child.  The government contributes $20 per every $100 that we pay into the fund.    Our oldest daughter graduates high school this June, but she wants to do another year to get some extra credits so luckily that gives us another year to contribute.  Whew lol!

    beeky

    Answer by beeky at 4:16 PM on Jan. 10, 2010

  • We opened an account for our daughter a week after she was born. We add to it every month, sometimes only ten dollars.
    By the time she starts college, she should have enough for two years of tuition, room and board, and books; she should graduate high school with more than one year of college credits. The 2009 graduates of her high school received an average of $28,000 in scholarships. Hopefully, she will be able to graduate debt-free.
    rkoloms

    Answer by rkoloms at 4:16 PM on Jan. 10, 2010

  • My son will also have more then a year of college credits when he graduates. The school has it set up whre it is $25 per credit, that is a great deal.
    I also started him an account for college after he was born. I would love to see him get scholarships, but doesn't everyone? haha
    ronjwake

    Answer by ronjwake at 4:27 PM on Jan. 10, 2010

  • Each of my kids has a college account that we put money into each month, plus we have a credit card that is tied to each account and all of the "rewards" (2% back on groceries, etc) go straight to those accounts (and yes, we pay off the cards each month). Also, any money that the kids have gotten as gifts go into these accounts - our families know that we do this, so if they want us to spend it on things they write out special instructions, which we of course honor. We will expect our children to work hard and contribute to their educations as well, through scholarships and holding down a part time job, just as we both did. The way that these accounts are set up, though, the kids HAVE to use them for education, or they can't have the money. If they choose not to go to college, the money we worked hard for and saved up for 18+ years will be ours to do with as we please. We hope we never get to use it!!
    TiffanyMarie80

    Answer by TiffanyMarie80 at 4:30 PM on Jan. 10, 2010

  • I have an appointment later this month to start my daughter's college savings. She's 5 months. We're going to be putting $150 a month into it. I don't necessarily intend to send her off to school and be able to pay 100% because honestly I think our retirement savings is more important, but I do intend to be able to help her out a good deal.
    Anonymous

    Answer by Anonymous at 5:03 PM on Jan. 10, 2010

  • Each of my boys has 2 different college funds. They will also be able to use their Dad's GI bill since he didn't. That is 2 years for each of them.

    Our boys usually get money for gifts since we live so far from family. We almost always put this money into a fund. One of the funds is tied to a credit card like a pp has. We are also signed up for upromise and I always go through there when I shop online. I use coupons when I can. Once a month I add up my coupon savings and deposit the amount (divided) into their accounts. We aren't making any regular contributions right now. We estimate we have 3 yrs paid for and the boys are only 8 & 11. Our boys should also be able to take advantage of college credits while in high school..so we might be there already.
    yourspecialkid

    Answer by yourspecialkid at 5:06 PM on Jan. 10, 2010

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