Having my first baby soon. How much did you put in a 529 or another kind of account at the birth of your child?

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I think most people put like $1M to $2M aside at birth then contribute additional yearly and into various vehicles, like 529, spendthrift trust, etc. Might be a bit conservative, but probably a good starting point.

funnylikesmarthelpful

Pssssh, 1-2M are you’re kids going to state schools and a public high school. The poverty is loud here. Do you expect your kids to drive normal Hondas and Nissans when they turn 16? Ew😂😂😂

likesmart

University hopefully by then will be eradicated (just kidding)

likefunnyuplifting

A few thousand that I had on hand. And then heavier monthly deposits at the beginning which I slowly reduced.

Keep in mind you can start one at any time, they don’t have to be born yet. Just open in your name and transfer to their name later.

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$0 for both my kids

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I put in 2500 at birth then 50 a month.

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I put in 10k at birth & 450/month. I put it into my name since I have multiple kids it will give me a bit of wiggle room if one goes to college and another does not. I will move the money to their accounts as needed to pay for school.

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Went with $3k annually because that's the state tax deduction cap, but it's a decent place to park money later after I'm making enough to fill out 401k, IRA, etc

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My wife and I took half of our emergency savings and put it there with the plan to replenish the savings. Keep in mind 529 contributions are post tax so they can be withdrawn at anytime without penalty. We figured we’d be safe from needing all emergency savings immediately so why not let the interest accrue with a larger amount given it’s not truly locked up

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I’ve heard $2400 a year up until they are 18 can get you 2 years of college ( I’m assuming that’s market conditions are good and can’t tell you if that’s still valid with inflation)

I’ve done $100 per month since my kids were 2. Using Utah (my529.org) since my home does not have tax benefits or offer lower cost investment options.

None at birth. We have college taken care of (GI Bill) but began to put $100/month and $500 occasionally into a UTMA starting around 6 months of age. Kid’s 5 and has ~$30,000.

This entirely depends on your budget / needs comfort level. Many unknowns on future cost of college and you can add to account any time. Like most compounding things sooner is better. I think I just opened each account with a couple hundred dollars and then just set an auto monthly contribution I liked. That said, because I am not a huge fan of vehicles which constrain your ability to cash out, a good portion of the amount I contribute to their education will likely come from general investments, not dedicated education accounts.

We do $10K / year per child. For new child, we make sure to get the $10K in before end of calendar year.

5K to start and we do 5K each year.

Grandma here. We put $2k each for our 5 grandchildren into the SC 529 plan this year. Recently found out it was a good tax benefit and a transfer of wealth for my husband and I to the grandkids.

We do the annual gift tax exclusion (x2, because two parents). We estimate we will be “done” by the time each kid turns 10. Vanguard has a good calculator on their website. Grandparents put in another 5k or so per kid annually.

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