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any moms here that do not spend child spport and just save it?

I figured if I save DD's child support for the next 10 years she would have 52,000 dollars in the bank for college. At least give her a fair start. And thats only being as the support doesnt get lowered, any I highly doubt that it will

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Anonymous

Asked by Anonymous at 4:53 PM on Mar. 26, 2010 in General Parenting

Answers (21)
  • if i could i afford to, i would for college tuition, or at least half of it
    Anonymous

    Answer by Anonymous at 4:56 PM on Mar. 26, 2010

  • My mom invested all the social security money that came to me from my dad (he passed away when I was 7). That combined with an inheritance I received paid for my college and gave me a nice little nest egg to start out with.
    missanc

    Answer by missanc at 4:59 PM on Mar. 26, 2010

  • If you have $52,000 in the bank then your child may not get grants. Saving money for college is so stupid. If your child goes to a state university they will get plenty of grant money to pay tuition, books, and have money left over. I have 3 sons and 2 are in college right now. Part of the reason they go to college is because of all the free grant money they get to keep. You never have to pay grants back.

    Child support is for using for the child now. It could be used against you that you don't need support and you can support her on your own.
    Gailll

    Answer by Gailll at 4:59 PM on Mar. 26, 2010

  • we spend. I've had to save for the past 2 months for the down payment for the orthodontist because my son has to have some work done for his underbite which is gonna cost us 2500 dollars. We usually spend it though as our fun money or shopping money and groceries unless something comes up like this orthodontist deal.
    shay1130

    Answer by shay1130 at 5:00 PM on Mar. 26, 2010

  • If you're fully funding your retirement that's great! Otherwise you're just going to burden her financially when you're older and can't take care of yourself. If you have a certain amount for saving 75% should go to retirement and 25% should go to school savings. In the future who knows what's going to happen but there are a ton of programs out there that will help kids with college not the case for seniors.
    Anonymous

    Answer by Anonymous at 5:01 PM on Mar. 26, 2010

  • I spent it when he was little, but started saving it for college when he was out of diapers. He's a sophomore in college, and we have the $$ to send him care packages and kind of "support" him while he is away. :)
    Anonymous

    Answer by Anonymous at 5:05 PM on Mar. 26, 2010

  • Saving money for college is so stupid. If your child goes to a state university they will get plenty of grant money to pay tuition, books, and have money left over.



    WOW!!!!
    Anonymous

    Answer by Anonymous at 5:06 PM on Mar. 26, 2010

  • Op here again-

    Gailll come on now, saving fr college is stupid? I am going to be starting school soon and I only wish my parents had put away atleast a little bit of money for me. Why should I depend on govt grants and scholarships (she could qualify for scholarships reguardless if she is a good student) when she is solely my responsibility. My childs education is not stupid its a neccessity for her to succeed in this world. And no it cant be used against me because in PA it goes on income of both of the parents, so what if I COULD provide for her myself, that doesnt mean that her father shouldnt contribute anything

    And also, I am 21 now so if I did this NOW, I would be 31 by the time that money would be in there and at that point I would start saving for my retirement
    Anonymous

    Answer by Anonymous at 5:08 PM on Mar. 26, 2010

  • I think if you can afford to put that money away, by all means, go for it. It never hurts to have a nest egg to fall back on, whatever it will end up being used for!
    Anouck

    Answer by Anouck at 5:12 PM on Mar. 26, 2010

  • I have to agree your an idiot if you think saving for college is stupid. And as long as she doesn't put it in the kids name, if they still need the grants...then they can still get them
    Anonymous

    Answer by Anonymous at 5:17 PM on Mar. 26, 2010

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