crapaudblanc
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As early as possible could be a good answer according to your financial situation. Saving right away might put you in a dire stituation if you have to pay for other loans, or want to save for retirement or depending on where you stand in your investments and cash reserve (3 to 6 months of living expenses). If you meet some of your other financial obligations then you can start a 529, otherwise wait a little bit but no latter than 5 years before college start. Also you can tranfer $25K per year to your children as estate planning. These $25K can go in the 529. For PA $10K is deductible from your PA return. PA will accept any 529 nationwide. You should look for a nationwide 529 and not something necessarily specific to PA.
Check with your financial advisor.
Good luck |
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CHARLES R
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As early as possible. Theres a concept in finance called the time value of money.
If your child were born today and you invested $50/month at 8% interest, you'd $24,000 saved up by the time your kid was 18.
If you waited until your kid was 8 and started to save $90/month for 10 year at the same 8% interest rate, you'd have $16,000 saved by the time your kid was in college.
Both scenarios require a total outlay of 10,800 during the lifetime of the investment.
So you're better off investing as early as possible. |
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KyLoveChick
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As soon as you know baby is on the way!!
Savings bonds. When your child is small, ask for savings bond in lieu of gifts.
Many states have plans where you can pre-pay for college. |
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chmar11
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As expensive as it is I would say start saving as soon as
you know you want to have children (don't wait till you know
its on the way). And if you know you want more then one I
would say save for the amount your thinking of having.
You can always disperse the money to other things if you
don't have that many. |
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Mikey
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Never too early, and anything you can contribute on a regular basis helps. Try having it taking from your checking acct every week or month so you don't forget.
Congrats again! |
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Kel
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Start NOW!!! Yes - those college accounts are a good way of saving for it.....I'll tell you from the experience we're going through.....it's like paying a second mortgage if you don't put something away for it. |
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sherl pagan vtâ„¢
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hmmm...you probably should have started last week...lol
bb |
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bibsian
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about 10 years BEFORE you have the kid
it costs a fortune !!!!!
all the best
Ian |
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ALEXANDRA-MARIA S
|
from the time you decide to bring a child in life!! |
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linda
|
At birth
put some "a few dollars" into savings EVERY pay cycle, never skip saving a little every pay day, before long it will become a habit and you want even miss a few dollars every pay day.
How much do you spend every pay cycle on soda and or coffee, you can afford that much into a saving account for your child.
good luck |
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Charlotte S
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ASAP... pretty much the second you find out your having a child... we all want what's best for our children and for them to be happy... you don't know what college there going to go to but no matter which one it is... it's going to be alot of money... as far as strategies goes... I'd say from now on just try to put aside as much money as you can... depending on how much your pay check is maybe even try to put half of it away for a college fund and then spend the other half on other things... But it's deff. never to early to start a college saving plan for your child. Good luck to you! =] |
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llselva4
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SET UP A SAVINGS PLAN (MANY BANKS HAVE THEM SPECIFICALLY FOR COLLEGE) AS SOON AS HE/SHE IS BORN. DO NOT WAIT, TIME GOES BY QUICKLY. FAMILY AND FRIENDS CAN CONTRIBUTE FOR SPECIALLY OCCASIONS LIKE BIRTHDAYS AND HOLIDAYS. YOUR CHILD HIMSELF/HERSELF CAN CONTRIBUTE AND LEARN TO SAVE ALSO. BY THE TIME HE/SHE IS 18 YOU'LL HAVE A NICE NEST EGG. COLLEGE IS VERY EXPENSIVE NOW, I'M SURE IT WILL COST EVEN MORE IN 18 YEARS. WE DIDN'T SAVE LONG ENOUGH AND HAD TO USE A COMBINATION OF SCHOLARSHIPS AND LOANS(EQUITY AND SALLIE MAE). NOW WE ARE NEAR RETIREMENT AGE, MY CHILDREN WILL BE PAYING OFF THEIR LOANS FOR THE NEXT 10 TO 20 YEARS AND WE WILL BE PAYING OFF EQUITY FOR A WHILE. PLEASE, PLEASE, FOLLOW MY ADVICE. |
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Michael B - Repeal Prop. 8!
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As soon as you can. College can cost as much as $27,000 a year in California!!! Imagine how much it will be in 18 years! |
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Steve R
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As soo as they are born. Savings bonds are terrible, 3% at best. Stick with a 529 plan. You can invest in any of the 50 states' 529 plans, unless there is an incentive to the PA plan (matching funds). |
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kveldulf_gondlir
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I would say, considering the cost of a college education these days, you should start one, well, yesterday. Truth to tell college is getting so much more expensive that by the tiem your child is of age it culd take the price of a small house for even a mediocre education. Although if the trends stay like they are you might consider looking into California colleges, they are considerable below the national average in costs, yet Stanford, UCLA, Pepperdine and one or two others are still in the narions top schools. |
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