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re: What would be the best account to open to save for your kid(s)?
Posted on 1/23/23 at 6:32 pm to PappaSwolio
Posted on 1/23/23 at 6:32 pm to PappaSwolio
That’s what we did (opened up a dedicated brokerage account) plus a 529. We do a set amount each check for the 529 and fund the brokerage infrequently — think kids birthday and Christmas money and just random times throughout the year where we feel like we have a little extra money sitting around.
Our plan for the 529 is fund it enough to help with college, while the brokerage is to help with a future downpayment on a first home
Our plan for the 529 is fund it enough to help with college, while the brokerage is to help with a future downpayment on a first home
This post was edited on 1/23/23 at 6:34 pm
1
Posted on 1/23/23 at 8:00 pm to TheJunction
Sounds like a solid plan. We may eventually add another account of some sort in our name to grow over the years for future expenses of his that aren’t 529 eligible.
We’re going to stick with just the 529 for now and the monthly auto-contributions we set from our checking account. We haven't yet looked at how another account and its contributions would factor into our budget and if/how much the 529 contributions would need to be adjusted.
We’re going to stick with just the 529 for now and the monthly auto-contributions we set from our checking account. We haven't yet looked at how another account and its contributions would factor into our budget and if/how much the 529 contributions would need to be adjusted.
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