USA. College fund for a baby. What did you do?

Question

My boy is almost 9 months old, and we are thinking about creating a savings account for him. What did you do for your child and why? We are in a search of a best possible way to save $$$ for him to use in the future.

Answer

As a former banker, I legit recommend asking your banker. They’ll know what types of savings accounts they offer that will best work for you and give you options.

Answer

A 401k is a retirement account??
We pay into her savings account each time we get paid.

Answer

I say a normal savings or talking to your banker.
Not everyone wants to go to traditional college and in 529 I believe that's required..
And 401k is retirement fund so you don't want to pull from that for college.

Answer

We have a 529, we set it up the same time I filled out his birth certificate. In our state if you did it in the first 30 days of the babies life the state gave you I think $100 to put into it. My husband also has some stocks as well but that’s for my deck 😂 He’s the numbers guy so he knows more than I do.

Answer

529 is great! We started one when my son was born and he’s 3 now and has over $40,000 saved already! We’re hoping by the time he goes to college he will have way more in case he decides to go to a private school, get his masters, PhD, etc. Our daughter is 5 weeks old and we just set hers up as well. We put money in automatically with each paycheck, plus any money they get from grandparents for Christmas, birthdays, etc. 
We also have an ETrade account for each kid where we put any extra random money they get. My husband has it all invested in relatively safe stocks. If you’re good with the stock market then that’s not a bad way to go because there’s a potential to earn more money that way.

Answer

There is also something called a UTMA account.

Answer

529 is most likely your best bet. Only bad thing about a 529 is if they decide to not go to college although I think there are still options for that. My husband’s cousin’s son graduated from college debt free because his mom had over $250,000 saved in his 529 by time he graduated high school. I believe he has enough to even complete his masters.

USA. College fund for a baby. What did you do?

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