Money! We all need it — now and in the future. The far off future in which your child packs up his car and drives away from your house…
To reach a college savings goal of $100,000 requires contributions of $256 a month if you start when your child is a newborn. Waiting 8 years to start saving means you will need to contribute $607 a month to reach the same savings goal.
ScholarShare and other 529 plans allow gift givers to deposit funds into your account, which seems like the best holiday gift ever. I wrote more about this after Heather attended a dinner sponsored by ScholarShare last week on our local site, 510Families.com >
Are you bold enough to ask your parents to help you save for college? Do they already do it?
*We are not qualified to give financial advice, or really advice of any sort. Please do research to make good decisions for your family. You can use Google to search for your state name and “529 plan” to get started.
My in-laws write checks every Christmas for the kids’ college funds (AKA Mom and Dad’s saving’s account which we will someday parcel into individuals accounts for the kids). They also get each kid an outfit and toy.
Sarah, I love that tradition, and the consistency. It lets you plan accordingly! I’ve also heard and admired the tradition that children should get one thing to read, one to wear, and one to play with.
@Whit, I like that tradition but my oldest will throw a fit if he opens anything to wear.
@Heather, That makes it even simpler. If you buy clothes just because you want to, don’t make them presents, just wash and put in drawers, no fuss or wrapping paper. I think you could also do an activity as one of the traditions: a class, tickets to some event, or a special day trip.