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Chief
We started one right when our kid was born. The earlier you can start, the better. Even if you don’t have a kid yet but are planning, you can open an account in your name and transfer it to them later.
We went heavy the first several months. Not a ton, as my income was only around $80k, but several thousand. And then moved to a few hundred per month. Our daughter is 3 now as we do $100 a month.
For their first/second birthday, you can also ask for money that you’ll put in their 529, instead of gifts. Gifts for a one or two year old are kind of pointless and you get crazy / stupid stuff. And money is way better long term.
^this. I gave up after countless arguments with my in-laws who insisted on giving pointless and now worthless "gifts" for birthdays and Christmas when child was young enough to not understand any concept of gifts. Even $1k over a 18-year timespan compounds so much.
I started as soon as my daughter was born. Unfortunately I had to withdraw some $$ a couple times when husband and I ran into financial rough patch. In the 20 years, i started at $100/mo, increased to $500/mo. My daughter is now a junior in college and I'm so happy she won't be dealing with student loan payments when she graduates.
3 kids - 6, 4, 1.5. Contributing 500 per month each since birth. Know this might be high but will stop / lower payments later on as needed
Oh we’re still young and prioritize travel and the like. SO is a PhD student and we live in Atlanta, we put away a good bit monthly 0-3k depending on how much travel we’ve booked. Corona has been really good for the budget :/. Hit all our IRA and 401k maxes though so want to mostly just have experiences while we’re young. Thanks for the input EY1!
2kids 8 and 12 contributes 1200 every month. From last 6 years.
Conversation Starter
If you are able, I recommend putting more towards your 529s right now with the down market. When market corrects, you’ll have made a great investment for your kids.
Chief
I just need a comparison to see how am doing and see if others have better ideas in terms of other accounts to have instead.
This virus is making me mindful of all financial area’s of my life even more than before.
Started when kid was 2 weeks old. Been contributing between $100-200 a month, every month. Plus additional one times for birthdays, Christmas, etc. Almost 8 now, and we have about $25k in account.
Chief
Smart,
$5k per kid (3 kids) on Jan 1.
Chief
Woow 😳👍🏾
Following. We have a 4 month old and are starting one as soon as we’re done closing on our new house. Any recommendations in this area? What to look for?
Chief
I have two: one through Fidelity and another state of GA one ( Path to college). I contribute more in Fidelity. The path to college is my first one. I put in $300 a month in fidelity which is How much my ex husband is paying in child support and $100 in path to college.
I chose the aggressive plan since my son is 7 ...
Congratulations 🎉🎊🍾🎈 on the new baby and house.
Rising Star
$10k / year per kid (2 currently)
I haven't started yet. Thinking of opening one each for my 2.5 and 0.5 year old. Not sure where to open or the process...
I see, thanks. I am in Texas.
1 kid, 6 years old, started contributing $1,000 per month a few years ago. Current balance is ~$35k.
$200 / month, 2 kids
Rising Star
$200 / month since birth. Our kid received a full ride - academic scholarship though.
Twin 6 y/os. We have been contributing between $1000 and $1200 a month since birth each (actually contribute once yearly when equity vests) and have $75k each. I would suggest you plow money in now while the market is down given the long investment horizon.
We have 2 kids -1.5 and 3.5. We put 13 in each year for each of them.
$250/mo since birth (x2 kids, currently 2, 4, and another on the way). Will contribute more once preschool is completely done with.
250 per month, 1 kid
Do whatever you can to contribute (without lowering your 401k contributions). We scrimped and saved and even downsized to a smaller house. My two kids went to private colleges and have zero debt.
Pro
$150 a month since birth plus all monies from nanas and papas, and all change we put into a piggy bank.