College fund For those who have started a college fund for your lo's did you just put it into a savings account in their…

Wow the RESP in Canada sounds amazing! Your country really takes care of its families!

Favoriting so I can research these more later

We have a coverdell for our son that we contribute to every month (no taxes if spent on education), but will probably open a 529 when dh starts making more (no limit on what you can put in). We also have a savings where money from his birthdays and other holidays go. Dh is in finance so he takes care of it all which is nice.

I have a 529 college savings account for both of my children. It is a state qualified account so I get to deduct the amount I contribute on my state tax return, which lowers the amount of income I get taxed on and increases the amount of my refund.

Also, all withdraws are tax free as long as it is used for educational purposes. So all the interest my contributions earn is completely tax free. And if my children receive scholarships and don't need to use the money I won't be penalized for withdrawing the money.

And my state has a matching grant program. They match dollar for dollar up to $600 for 5 years your contributions. So basically your children have the opportunity of an extra $3,000 for college. All completely tax free.

Thanks ladies! All those are really helpful. She's 6 months but I'm going to start putting $50 a month away (not much but it's a start). Plus the money she gets from family and things. I like the idea of her not being able to get into it until she's 21!

We invest monthly in a money market account. It's managed by vanguard and has a variety of mutual funds. That money is meant for the future, whether it be college money or extra retirement savings. We've been averaging 8-10% in returns yearly.

I have Registered Education Savings Plans (RESP's) for both my kids. It is held under my name but they are the beneficiaries. I put $15 semi monthly in to each account and or government pays addition grants and bonds into the account based on the amount the account holder contributes.

Both of my kids have a savings account in there name and they can't withdrawal from it until they turn 21 without me being present.

We have a 529. Our financial advisor manages it. I would highly recommend getting a financial advisor... While u have to pay for their services up front, they are fully tax deductible ?

First federal has an earnie eagle account for kids but there's only first federals in certain parts of Ohio and maybe Michigan. Other banks should have custodial accounts, and if you talk to someone from wealth management they have a specific college savings plan you can get instead.

For our ds1 (ds2 is only 3 weeks so we haven't set up for him yet). We started an IRA and also a custodial savings account. The IRA is to start for his future investments as we want him to have a solid start in adult life. This will be towards a house, retirement, etc. the custodial account can be used toward college if they choose to go or can be moved into investments. The custodial account he can't touch until he's 21 without both his father and I's signatures. The IRA is set up similarly. If he's not acting responsibly yet then there are ways for us to block him from touching the money in either.

Does the US not have RESP's or something similar? That's so strange to me.

We just have a savings account for each of our daughters that they'll have access to when they get older. I never expected my parents to pay for my education, & college isn't for everyone. So I figure if they don't want to go, they can put it towards their wedding, buying a house/car, or traveling. ☺

Dd has an acct in her name but since she's not 18 I am on it as well..I have $20 put auto direct deposit from my checks in it and when she gets money for holidays and report cards we have her put a percentage in there.. It's a secure acct and cannot be withdrawn from.. She's had this since she was 6 and she's 15 now so she's got quite a bit in there! I plan to do this with my son as well! Some banks have special programs that are for kids specifically..

Eta: we had the option to allow her to withdraw at 18 or 21 years old and chose 18 since she will hopefully be in college and will want or need the funds then..

We have a savings account opened up at our bank, it's a minors account that he doesn't have access to until he graduates.

We use usaa's 529 college account. They use it more as an investment opportunity where in you put money into investments and you can determine if you want to invest conservatively or aggressively.

ETA: they only tax you if you don't use it for educational expenses.

We opened a savings account for DS1, but it is currently in mine and my husband's name. We about to do the same for DS2.

Dont do gerber! It is really a "trap". While yes the money isn't taxed wheen you attempt to draw from it you must pay taxes on it.

I would just do a savings account or an educational bond.

Savings