Savings

For those that are saving for college or just a future fund for their child, how much are you putting away for each kid per month/year? We are doing $200/month, but now I'm wondering if that's too low seeing some people on reddit putting away like $600/month. Our son goes to daycare, so we're already shelling out almost 1k a month for that. So maybe the people that put more don't have their kid in daycare? Idk how to save for retirement and college while also paying bills, daycare, and saving for buffer money and vacations.

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We are doing 200 per month as well. He gets 'bonus' from grandparents here and there. In my opinion this should be sufficient, my expectation will be that he gets at least a partial scholarship if he wants to go to an Ivy League school. Otherwise 200 per month should compound to fund perfectly good school.

I agree. I think $200 is more than enough. Yep, either these folks are striking it rich giving $600 a month or they may not have other expenses 🤷🏽‍♀️ . I think you’re doing a fine job. Thanks for the reminder I need to get back on it for my 3 lo’s. Yes, 🙏🏾for scholarships too!

What are you guys putting it into? I keep meaning to research the best long term return for kiddos and getting distracted :/

@Jeni we've been putting money and a money market account. I know some people so 529 if your state allows it. I think some people do bonds. It really depends on what you want the money for in the future and how much involvement you want with its growth!

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