saving for college on 1 income

iVillage Member
Registered: 03-27-2003
saving for college on 1 income
2
Mon, 08-23-2004 - 3:22pm
I was wondering what everyone is doing to save for college for your children? Is it possible to do it on 1 income? We will be faced with this issue in only 10 years and already i'm worried. I know there are some programs like Upromise and the 529 savings programs. I really would like to stay home with my kids throughout their schooling. TIA!
iVillage Member
Registered: 05-08-2004
Mon, 08-23-2004 - 4:33pm

Hi this is what we do...


We do the upromise program. My dh has a few uncles and they do not have any children and they contribute to their upromise fund and their bank account.


We have seperate savings account for both children...every holiday we buy the kids CD's or savings bonds about 50 dollars a peice..it is really adding up!


We also play around with the stock market, but because we do not know much about it we stick with just a few companies(including dh's and just leave it alone.)


You can consult with a financial advisor as well. It does not matter if you can only invest 5 dollars a week, their are consultants that will help you play around with any amount you can!


Good luck...oh also check your state ours does a program that you commit a monthly amount and you will pay the prices of college now and not the prices of when your child is ready for college..there are restrictions though like they have to attend a college in their state.


God Keeps His Promises



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iVillage Member
Registered: 06-11-2004
Mon, 08-23-2004 - 4:47pm
Check with your bank to see what they offer. There are some great education IRA's and mutual funds you can contribute to. We have our accounts set up to automatically add a certain amount to our children's accounts every month. It doesn't have to be a big amount...a little money can add up quickly over the years.

Gwen