College Funds

Noah's 2nd birthday is at the end of this month and I really don't want to buy him any more toys. However, I don't think it is fair to not get him anything because I spoiled him rotten for Christmas. So I decided since he wouldn't notice this year that there wasn't a present from Mom and Dad that we could get away with starting his college fund for his birthday present. My only dilemma is I don't know the first thing about College funds because neither Tim nor I had one.

Can anyone lead me the right way. Is a particular fund better than another?


Chris and Hilary said...

That is such a good idea! My sister and her husand give their kids savings bonds every year for their birthday. I know you can pick a certain amount and then it's printed like a certificate and you give it to them. I believe you have to be present for them to cash it, so that way you wait until they graduate to cash them and put them in an account.

Crystal said...

Good call on his birthday gift. Neil said he would recommend a 529 plan. He said you can set one up thru your bank or the the company that handles your investments.

Doug and Amy said...

You can also do the utah saves route. http://www.utahsaves.org/resources/financialproducts.asp
We have found lots of information on saving and plans where financial institutions help. We were able to buy our house with money we saved with a plan for first time home buyers called IDA. Great idea, he will thank you for it later!

Rachie said...

I have no idea because Ryan does that sort of thing. He puts $25 away every paycheck toward their savings account.