2006-07-10 04:52:48 · 5 answers · asked by evian 6 in Business & Finance ➔ Personal Finance
we have small children and i want to establish a college plan for them
2006-07-10 04:53:34 · update #1
You're starting at a great time if you have young children.
First, I would get out of debt (except your home) if you have any. Second, I would put 15% into pre-tax retirement for yourself and spouse. Then, I'd look at investing for the kids.
If you're already there, then the 529 is the way to go.
Scott....
2006-07-10 08:51:09 · answer #1 · answered by Anonymous · 0⤊ 1⤋
A 529 plan is a good idea, but fund your retirement accounts first. You can borrow money for college (through student loans), but you can't borrow money for retirement.
2006-07-10 09:45:33 · answer #2 · answered by rainfingers 4 · 0⤊ 0⤋
look into getting a 529 college savings account.. made specifically to save money for your kids tuition
although my advice is to keep saving for your own retirement instead.. because they always have tuition aid and scholarships for students
2006-07-10 05:41:40 · answer #3 · answered by do it movin' 1 · 0⤊ 0⤋
i have a special eduction saving account for my children and have the money taken directly from my paycheck monthly. When my children receive money for gifts I stick it in their fund too. So far it is working great
2006-07-10 04:57:54 · answer #4 · answered by enna1977 2 · 0⤊ 0⤋
My husband and I just put a certain amount out of every pay check into a savings account for our son. and any savings bonds they get are put aside for their college fund. they wont be cashed until they are needed for tuition since they earn interest.
2006-07-10 04:56:45 · answer #5 · answered by Katie 4 · 0⤊ 0⤋