529 College Savings Plan

I know Ryan is only 1, but Steve and I have actually been discussing starting a college fund for him since before I pregnant! I’m sure other parents can relate. It’s kinda one of those cliché conversations that all parents have that loses priority after the baby is born. Everyone said to open up a 529 savings plan, but didn’t have a lot of information about them. Steve and I never actually did open an account until after his first birthday. Steve’s grandma and a family friend

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Ryan’s college fund

Babycenter.com has a nifty little calculator that tells you the cost of raising a child… you input some values:

You hit calculate and not only does it give you a total, but it divides it up into categories. It assumes you pay for some things until they’re 18 years old (housing, food, transportation, clothing, healthcare, childcare/education, and miscellaneous) and then it adds in college costs for age 18-22.

Our total? $234,694. That’s about $10,000 a year until they’re 22

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