College Fund

Boy do I wish I would have had one of these. Even if it were set up by me while I was still in high school working! Would have made things much easier! Don't you agree??

A lot of parents, mostly in today's world with the younger kids having kids themselves, don't set up a college savings account for their children. I didn't get this set up as soon as I would have liked to, but I did do it early on for SweetPea.
Since she doesn't yet have a social security number yet I can't set up an actual account for her, but I did set up a 'personal savings account'. This way when she is born, I do receive her birth certificate/SSN/ect I will already have a good sum of money to deposit for her. 

Not only does this take stress off of my shoulders in the years to come, but it will also take stress off of her shoulders. I pray that she will push herself and succeed in her high school years, helping her to get to any college she wants, that doesn't mean that scholarships and grants received will pay for everything though. This way she is prepared, I am prepared.

So mommies, daddies single or together, please take this in to consideration. It is very very important. Starting off and going through the years if you just deposit $20 a month until they are 18years old or college bound will give them roughly $4320 (at 18yrs no interest, interest will add on quite a lot more.). Or you could deposit $20every check. Or $50a month (at 18years no interest will give them $10800, again interest will add much more.)

A little bit or a lot is still a huge help to your little one. My stipulation for SweetPea is that she will have to go to college and she will have to have a part time job (working at least 10-20hrs, depending on her school work load).

If it helps, you could even open a Christmas Club account. A Christmas Club account prohibits you from making any withdrawals without being penalized (usually to make a withdrawal it's a $10fee). In October/November they send you a check for the amount of money in the account plus interest, you can then deposit it into a regular savings/Child College fund or open another Christmas Club account.

While planning for baby, make sure you add this to those plans. :)