When do you start saving for your kids college??

Answer 1

Wow i am still paying for my own college so i am not saving for thiers yet. Actually this day and age parents really need to be saving for thier retirement first and then saving for college. A student can get loans and grants to help with the costs of college, but there is nothing to help with the costs of retirement.

Answer 2

You are a very responsible parent thinking about your child's future at an early age.

If you have a job that doesn't pay very much start saving your change. You'll be surprised how quickly it adds up. Put it in a pickle jar and when it gets full, wrap it, take it to the bank and put in a savings account. As the funds grow you can decide how to invest it as in a money market certificate or something else.

There are insurance polices you can buy that mature when a child turns a certain age that's fully refundable. It will keep you from dipping into the college fund in case of an emergency. Check with your insurance agent.

Answer 3

I started my daughter's savings account when she was about two years old. I am hoping that she will get into college on a sports and academic scholarship and the money that we have been saving can go to off set her starting out in life. We now contribute $75.00/ month, which is not near enough. We are a middle class family so with the cost of living and contributing to a retirement account, and child care when she's out of school and after school care, that's all we can really afford to do right now. I say as soon as you can start, to do it right away. We have her funds automatically drafted out of our paychecks, so there is always a payment being made. I was afraid if we didn't do it that way, we would be tempted to skip payments in an attempt to make up the next month. I am going to turn her's into a CD this month, b/c it's earning a higher yield than her current saving account. Here, a seven month CD is earning 5.40% while her savings is only earning 2.00%. Now with interest, she will have a contribution of about 100.00/ month. Good Luck--- it's expensive!!!

Answer 4

The moment they are born. If you start now and keep it up then you can pay for college and a car. Say if you put $25.00 a week for 52 wks a yr and times that by 18 yrs you will have over 23000.00 saved up and if it is in account that gains interest.. well you could have a good bit more. Also you can could get a gerber life plan and when the child is old enough you can borrow from it. State Farm has a great life insurance policy as well that you can borrow from by the time college comes around. Good luck!

Answer 5

TODAY- if that's a priority for you. Take all the loose change out of your purse and pockets and find a big jar and toss some in every day until it gets filled up (it will fill up quickly). Getting rid of your change will force you to break your other bills during the course of the day, making even more change to put in the jar. At times, we've found over $200 US in our applesauce jar. Take that to the bank with the best interest rates and build it until you can invest it in a Section 529 plan (US, only certain states) which allow you a tax protected means of growing your investment. Withdrawals from a 529 are also tax protected when used for qualifying higher education courses. ESA's (Educational Savings Accounts) are also good alternatives. Keep in mind that having a 529 or an ESA may negatively affect financial aid considerations if your child needs to apply for financial help. But the earlier you begin to save, the more the money works for you and you may end up with a surplus instead of a deficit.

Answer 6

If you plan on paying for your child's college, you should start saving today.

We chose not to pay for college for my children based on experiences we had with family and friends. One of my sisters paid her own way to college and graduated with honors. Two of my sisters had their way paid and they played and partied and both wasted a year of education and money before getting serious. Every friend I had who paid their own way graduated, most of the friends who had their way paid didn't.

My son went to college for a year at 18 taking a very specific 2 year comedy course. He paid and his marks were excellent. He did so well that his teachers recommended that he NOT attend for the second year and use the money to live close to the clubs and spend his time performing. That's what he's done this year and he's doing very well. My husband and I did pay for his phone and we took him food each week and gave him all the moral support he could possibly need :)

My second son is only 14 but he's decided to go to a local college so he can stay at home. He's already started to put money away for school because he knows it's his responsibility. He's also working hard in school because he knows that if he can get some of the awards and bursaries his brother got, it will bring his costs down.

Answer 7

My son is 6 months old and I started his savings account at 4 months. Every 2 weeks $25 is directly deposited into it and then every year from my tax returns I plan on adding $250. It is never too early to start saving for college.

Answer 8

The day they're born. Seriously...college expenses are going up every year, my husband and I started saving when our daughter was little, and still probably won't have enough without scholarship help, etc. Tuition, fees, books, room and board at a state university (in state tuition) today run from $15,000-$20,000 a year, and rise every year. Of course, if you go to a private school (say a small, liberal arts college) you're looking at between $30-$45K per year. The Ivy's are even more.

Answer 9

Before you think about having kids. Today's college tuition is going to be multipled by at least 7 times in 18 years. Scholarships are becoming fewer and farther between and now companies that offer student loans are requiring that the entire loan be paid in full within a year of graudation. Of course it's not just tuition costs that will be rising higher and higher, books are the worst part.

Answer 10

like what the other person says as soon as the baby has an ss# i mean i already have opened a bank account for my son when he was only 2 mos old plus i saved hella when i didnt have my son yet so i would say like right now college aint cheap now