Separate account for child's future education?

Question

Do you have a separate account where you save money for your child/children's future education?

Answer

We have an account set up for my son but it's not just for future education. It'll be for whatever he needs when he's old enough wether it be school, car ect

Answer

Yes, and everyone should research 529 plans and the tax benefits in your state. In some states, the amount you put in is fully deductive from your state taxes. This means not only does your child have the savings for their future, but you get tax breaks right now.

Answer

As soon as I have a job both children will have one!! My fiancé a.k.a there daddy doesn't believe in budgeting and doesn't even see a point to having a will until your old. Babies are 1&2, but best believe as soon as I get a job ( I have several applications in ) setting up a couple account for my children will be one of the first things I do.

Answer

I do. I try to put in at least $100 a week, sometimes more if I can. If I'm struggling financially, I may drop it as low as $5. I just always try to put back a little for his future needs, whether it be for education or for a house.

Answer

My parents did this for my brothers and I. It helped my siblings and I so much. My fiancé didn't have that kind of help and it was hard for him. So he doesn't want his kids to have to do it all on their own and drown in debt. Education is also really important to the both of us. Its certainly one of our biggest focuses. So we plan on starting education funds for our kids as early as possible.

Answer

Growing up my mom never put aside any money for me or my siblings. It's been hard for me to afford school working at a minimum wage job. I'm in serious debt after just a year at school and I had to take a break from school because of it. When I have kids I'll definitely put aside some money so they at least have some help when it comes to school or a car.

Separate account for child's future education?

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