My dad is a bit of a worry wart and has beat us over the head about beginning to think about this HUGE investment. In fact, in lieu of a typical gift such as a stroller or even some onesies, my parents let me know they rather help me set up a 529 plan.
Now as sleep deprived as I am, I find myself looking into 529 plans or prepaid plans. I was leaning towards the prepaid plan where you pay monthly installments of approx 300 dollars until your child is ready to attend college.
According to the Florida Prepaid Plan you lock in the price but can we make the 300 dollar payments, not with our current budget.
On the other hand a 529 plan lets you set up the plan for as little as 250 and then you decide how and when to make contributions. For example, you can use all the birthday and holiday money for your child. I know it may seem premature to start thinking about this but 2031 will be here before I know it and I have to think about my retirement.
Some useful links for college planning
Not sure which way we are going to go and I guess thats for another sleep deprived night. Have you thought about your kids college educations? If so how early did you start??
Check out GradSave, you can link any 529 college savings to your GradSave profile and then friends and family can easily contribute to your child;s future.
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