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07.02.08, 06:56 AM General Topics
7 replies
Any financial savvy moms out there? I started a 529 for my dd pretty much from birth. I'm stil concerned I'm not saving enough for her because I'd love it if she didn't need to take out any loans. Hopefully she'll be brillant and get a scholarship but if not how much should I save monthly for a state school and how much for private? [ Reply | Watch | Flag ]
General Topics 07.02.08, 06:56 AM Flag
 

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our goal is to have 250k in each child's 529 by the time they go to college. [ Reply | More
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General Topics 07.02.08, 06:57 AM Flag
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That's great, how much do you save each month per child? [ Reply | More
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General Topics 07.02.08, 06:59 AM Flag
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i think we put in 12k last year for each child. next year dh said something about putting 55k towards both??? it does something like max it out for a coupke of years. i'm not entirely sure, but you could probably talk to an accountant about it. [ Reply | More
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General Topics 07.02.08, 07:01 AM Flag
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^^^sorry, so that would be a thousand a month. we dont do monthly deposits though - lump sums at some point during the year. usually we do it right before year end to save on the taxes. [ Reply | More
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General Topics 07.02.08, 07:03 AM Flag
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Thanks! I'm not sure we can afford quite that much but as dd will no longer require to have pre school tuition paid and is going to public school this frees up the budget a bit to up her 529. [ Reply | More
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General Topics 07.02.08, 07:07 AM Flag
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that's great. it's really a good avenue to direct moeny and saves you taxes. do what you feel comfortable with. [ Reply | More
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General Topics 07.02.08, 07:08 AM Flag
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I'm not savvy, but I looked online and private could cost $100K per year by the time a baby now gets to college! That being said, I am putting away what I can now but you are supposed to do your 401K first. We also just try to save in general. [ Reply | More
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General Topics 07.02.08, 07:38 AM Flag
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