Is 18 years enough, to save for a child's college education?

Question

Is there anyone out there who has begun saving, before they have children?

Answer 1

My mom didn't save up any money for my college fund. She told me to do my homework, get good grades and then apply for scholarships. I'm in the military now...

Answer 2

i could extremely prefer to pay a hundred% of our youngster's college costs. we've 4 babies and that i'm pregnant with the 5th. when you consider that they have been born we've started a school fund for all of them, yet like many others have pronounced what we predict of is a lot that we've saved up in all probability wont hide very lots by using the time they get to college. My mothers and dads did not pay for mine. I graduated intense college, planned on going, then met my husband and went a diverse direction. Now i'm in my first 365 days of school and that i had to take out student loans to hide the training. I pray that my husband and that i ought to have the potential to pay for 5 college training's!

Answer 3

Let's all hope so. It really depends on the type of university and how much you're saving... but you know that. But it doesn't take that much to save up for a great education! Let's go ahead and plan out for 18 years...

One hundred dollars a month for 12 months over 18 years comes up to 21,600. It doesn't seem like much given today's college tuition rates... saving for 5 years prior to conception only adds 6,000 more. And what if you have more than one child?

Start saving as soon as you can. One thing my parents and grandparents did for me was for every birthday and Christmas, I was given a 50 dollar US savings bond. My mom kept them and they really added up over time. Consider that too as a gift to your children's future.

Answer 4

We tried when we found out we were going to be parents. Unfortunately youth and low wages doesn't provide much left to save. When we did make more money, life threw us curve balls and we could NEVER save what we wanted to. So now, college is right around the corner and we don't have near enough to help.

Answer 5

I never really saved anything for my kids' colleges. I lived within my income at all times. And as a single Mom with very little child support, I was constantly paying day care, Catholic high school, cars etc. I was able to send my kids to either a state university (University of MAryland, Virginia Tech, University of Virginia) and pay for it myself. My kids had the option of applying to the more expensive private universities that run about $35K a year, but they knew they's have to pay the difference. All of them chose to go to state schools and start life debt free.

Answer 6

Yes, actually. I will never have children of my own. However, I am establishing a scholarship fund right now. I would like to be able to give at least one child the opportunity to go to college.

Answer 7

Yes... problem is actually saving the money though - it would be tough when you have to pay bills and your money is running low... then you will want to dip into that "saving" money.

But, my parents never saved for me... never even tried. They haven't paid one cent toward me going to school. I had to make the grades to get financial aid myself... I was taught that if I wanted to go to college I had to earn it, not pay for it... by 11th grade I was in the top 20 of my class.. so, that logic seemed to work.

Answer 8

heard about a man who when his son was born, began to save his change...After his son graduated from highschool, the son had enough money for college.....imagine how much change accumulated over 18 yrs!!...bet the bank loved seeing him walk in!!!

Answer 9

If you can save $50,000 per year -- two years should be enough time.