Thanks for the nice comprehensive post on 529s. We have cited you as one of our favorites in our COPF#81 roundup.
This is my primary financial goal for 2007 I'd like to get funds open for both kids. I am hoping to have them both open by the end of Feb so I can start funding them regularly. We figured out what we can afford per week per child, now I just need to set up the schedule!!!
BTW, thanks for the visit at thefrugalmomma.blogspot.com. I like your site too, I'll visit often!
Lisa,
I was just reading an article that says that college savings should be one of the last priorities -- I think it was eliminating debt, saving for emergencies, saving for retirement and then saving for college -- primarily, because you can try to get your kids money through other means or they can go to less expensive colleges, etc., whereas, you cannot get yourself a "scholarship" for retirement. But, from someone with one in private college who has a partial scholarship and one going to school next year, I wish we had put away just a small amount per child from the time they were born into a 529. Even if it paid for one or two years, it would have saved us a lot of money that we now owe on PLUS loans. That has to be paid back, and, instead of paying money back with interest for the next 10-30 years, we could be contributing more to our retirement today (although we are saving a good amount, it does not seem like nearly enough). So, I hope you do follow through -- just look at your state's 529 plan and see what it offers. It will be worth it.
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