Ready to open a 529 college savings account for your child? My spouse Helen has been looking into options for ours. Truth is, he already has 529’s in two states, but as we’ve both moved and learned more about 529’s, the options we’ve preferred have changed. (For the uninitiated: you are not required to open a 529 with your home state.)
Helen has done extensive research on the 529 options out there, looking at management fees, expense ratios, and more. Here’s the summary of her investigations.
She’s also done a brief overview of the new student loan laws, and a review of a new book about preparing your finances for handling kids and your kids for handling finances.
Have you started saving yet for your child’s education? If so, how?
I commented over at Helen’s site. I like the Utah plan because the fees are low and the website is easy to use and set up the account(s). When my son was born he got a few cash presents and we put those into a 529. He also inherited $800 from his great-grandfather which we put in. My daughter, though, was born a few later and didn’t get nearly as many cash gifts for her birth (partially because my grandfather died before she was born). She also didn’t share in the 17 -way split between great-grandchildren. We contribute equal amounts to the two accounts through automatic monthly bank drafts.