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Elizabeth Marie
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1.58k
05/03/19 at 11:38AM UTC
in
Money

How to save for my kid’s future?

Full disclosure, I’m not a mom but one day I might be. I’m in my early 30s and I already feel like I should have started a college fund for my non-existent kid already. Are there any savings tips that you’ve implemented to help with your son/daughters future?

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CouragetoBeSeen
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43
05/06/19 at 10:46PM UTC
I suggest while you don’t have children save as much as you can for your retirement. That way time will be in your favor and you will maximize compounding. We started a 529 for each off our children when they were born and have an automatic payment to their account every other week. One of my sons has special needs so when they created Able accounts we transitioned him over to that instead of continuing to fund his 529 plan.
Lea Fichter
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171
Recruiting for Camuto Group (Designer Brands)!
05/08/19 at 5:11PM UTC
This is great advice
Anonymous
05/08/19 at 12:54AM UTC
Saving for a retirement before kids is such a great idea.
Rebecca Lake
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400
Freelancer, blogger, homeschooling mom of two.
05/04/19 at 12:07AM UTC
I'm saving for my kids' college in 529 plans. I also have custodial savings accounts set up for them that are their "getting started" funds, meaning it's money they could use to buy a first car, pay for school expenses that their college funds don't cover, travel, start a business, etc. Automating is a good way to save for that kind of thing without thinking too much about it. Technically, you can't start a 529 until you have a child but you could still save money in CDs, high-yield savings accounts, money markets, etc. right now. Those can earn more interest than a regular savings account. And a great thing about 529s is that anyone can contribute money to them on behalf of the child. So if you have a child (or two, or three or however many) you can contribute money to it for them but so can their grandparents, aunts, uncles, cousins, etc. And any money you withdraw for qualified education expenses is tax-free!
Francesca Vanderwall
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610
05/14/19 at 7:55PM UTC
Just to clarify, you can start a 529 plan and name yourself as the beneficiary, then transfer to the child when they exist. I set one up years ago with stock I inherited, knowing that kiddo's grandma would be thrilled with the idea that she helped pay for their education.
ReneeCasteelCook
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131
Author. Eater. Mother. Reader.
05/08/19 at 5:51PM UTC
Love the "getting started" funds! I have a daughter and am pregnant with twin girls #weddingfunds haha
Rebecca Lake
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400
Freelancer, blogger, homeschooling mom of two.
05/08/19 at 6:11PM UTC
Lol, I didn't even think of a wedding fund but yes, I suppose that too.
Lady Pele
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3.96k
Retired Project Manager
05/03/19 at 1:11PM UTC
Anytime I'm saving for something big, I like the money to be withdrawn from my check so that I never see it. It's sometimes too easy to use it for something else "just this once". 401k, Roth IRA, credit union account, whatever is applicable. Dave Ramsey has some thoughts here: https://www.daveramsey.com/blog/saving-for-college-is-easier-than-you-think This include info on ESA's, 529's, and the UTMA/UGMA.

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