POLL: Have you already started a college fund for you kids?

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When I started filling out applications for college I assumed, naively, that my parents would pay for my schooling. I had been told since an early age that I would be going to college and just thought it would happen.

Little did I know that when I started getting acceptance and rejection letters that the biggest factor in choosing a school for me would be the cost. So with a few savings bonds and the money I made at my current part time job, I decided to go to community college first to save up for State.

My plan worked and I left college with a bachelors and $4,000 in student loans. Now that I have two kids of my own the one thing on my mind lately is how we’re going to send them to school. We set up a 529 plan for my son when he was an infant and had all intentions of doing the same for my daughter however we still have not done anything.

I’d love to know if you’ve started a college fund for your kids and if so, how confident are you that it’ll be enough?

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Comments

  1. Hali says:

    Just recently started thinking about this!
    Hali recently posted..Smiling Brighter Thanks to Prime Time Smile from Duane Reade #DRSmile #CbiasMy Profile

  2. Mariah says:

    My in-laws have started one (I think) but we really need to think more about this! Saving slowly is definitely the way for us to have something to offer down the road.
    Mariah recently posted..St Patrick Day Ideas: Chocolate Mint Candy Bark #stpatricksdayMy Profile

  3. Jody @ Mommy Moment
    Twitter: MommyMomentBlog
    says:

    I do not have a saving fund for my girls (ages 4 & 7), but they do. I believe that my girls have to learn about spending, saving and giving money.
    We have a chart in our house. The first section is jobs my girls must do because they are part of our family. They do not get paid for these jobs. The next part is jobs that the girls can do in exchange for earning money. We keep track each day. The last part of the chart is fees. For example, if the girls jump on the couches they get a fine. At the end of the week we add up the money and subtract any fees. Then we take the total and they can spend 60%. They have to put 30% in savings and 10% they donate (give).
    I want my girls to learn from a young age about spending and saving money. I think if I would just start a college fund for them they would not appreciate it as much as if they earned the money that was saved.
    This is jut my opinion, every family does what is a good fit for them. Great topic for a blog post!
    Jody @ Mommy Moment recently posted..Teaching Kids to Cook #LMDconnectorMy Profile

  4. Kelsey Apley says:

    We don’t have kids but I know that all my nieces and nephews have money in savings for school. Great to start early so you don’t have to worry later!
    Kelsey Apley recently posted..Very Easy Crockpot Venison Roast RecipeMy Profile

  5. Michele Ertter Brosius
    Twitter: savingmichele
    says:

    I have 3 children and the last one will be heading to college in the fall. All of them have or will be starting their college careers in community college to save money and incur less debt. They have Education IRA’s to help get them started, plus Mom & Dad will pitch in some, but the major loans will be their responsibility. We hope we have set them up for a good future with little or no student loan debt.
    Michele Ertter Brosius recently posted..Punxatawney Phil Groundhog Extraordinaire Says Spring is On the Way!My Profile

  6. Angela says:

    Fortunately, I’ve already been down that road with my son. He’s now 26. But I’m already thinking ahead to how I will be able to help future grandbabies.
    Angela recently posted..The Home Depot Do-It-Herself Workshop #DIHWorkshopMy Profile

  7. The Maven
    Twitter: _themaven
    says:

    Since Sebby has Autism, our focus is investing in his primary education, since it makes such a difference.
    The Maven recently posted..Getting Red Carpet with Daily’s Cocktails and Wholly Guacamole #giveawayMy Profile

  8. Amanda
    Twitter: frugalgreenmama
    says:

    I have a 3 & 5 year old and have thought about it but we have yet to decide anything. Food for thought for sure :)
    Amanda recently posted..Interactive Discovery and Fun at the Saint Louis Science CenterMy Profile

  9. Tiffany C.
    Twitter: FabMomBlog
    says:

    I really need to start saving. By the time my children get to college it will be so expensive. A lot more expensive than it is now.
    Tiffany C. recently posted..Walgreens Heart Health Month and Remembering my Dad #HappyHealthy #CbiasMy Profile

  10. Leila says:

    This is definitely an anxiety trigger for me – especially with #3 joining us now! Paying hubby and myself’s way through college is expensive as is and he didn’t finish! How am I supposed to do all 3 kids!? Oye!
    Leila recently posted..Crockpot MealsMy Profile

  11. Jillian W
    Twitter: mommytesters
    says:

    Quite frankly, student loans scare the heck out of me so we’re saving for our daughter every month since a little before her first birthday (she’s 4 now) We do have a 529 account for her and contribute monthly plus we keep a little extra aside and throw that into the account when the market goes down in the hopes of accumulating more shares for her that way strategically. Even so, I’m nervous about saving enough. It seems like the costs are rising exponentially and while I believe in teaching kids to work for things they want through chores and responsible spending I’d prefer not to burden my daughter with tons of debt from an early age if it can be avoided.
    Jillian W recently posted..So Apparently I’m Arm Candy Now…My Profile

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  1. [...] few weeks ago I posted a poll on saving for our children’s college education. And the results were quite different from what I expected. Half of those polled had not yet [...]

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