Frugal Babe

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College Savings Plan On Autopilot

June 17, 2008 By Frugal Babe

I’m feeling very productive today.   I’ve gotten lots of work done, and I just opened a 529 plan for our son.   I set it up with a $100 deposit, and a recurring $100 monthly deposit starting in July.   I also set up a UPromise account – we’ll see how that goes… I don’t think that they give credit for money spent at thrift stores.   But it looks like grocery stores count, so it should add up to something.   The 529 plan was very easy to set up – I had done all my research last month, so I knew what plan we were going to enroll in.   The money will be invested in Vanguard funds, which is good, and the whole process, including UPromise, took me about 30 minutes.   We chose an age-based investment plan, so we don’t have to do anything.   The account will be automatically funded from our bank account every month, and it will just do its thing for the next 18 years.   Love it.

Filed Under: baby, savings 2 Comments

Comments

  1. Michelle says

    June 17, 2008 at 6:55 pm

    Fantastic :) I wish I had the income to do this!

    Reply
  2. Smart Girl = MP says

    June 17, 2008 at 9:37 pm

    Very Nice.

    My sister and her husband didn’t do the 529 program for their two boys, but they did save for the boys’ educations in just the same way. However, they really encouraged the boys to study hard. Each boy got an academic scholarship! What happened to the college funds? My sister and her husband both got their “dream” cars!

    Reply

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