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[quote=Anonymous]OP, don't forget to account for the money you'll spend on extended day and summer camp. We went from spending $320/week for daycare to $327/month on extended day, but 10-11 weeks of camp at $350-$500/week can add up. Plus you'll likely end up spending $2K a year on rec activities - a decent dance class alone can run $1,000/year. So unless your daycare is really, really expensive, don't count on saving $12K. (for us, it was more like $5K.) For me, the answer would depend on my mortgage rate vs. the rate I thought I could get in the market. I would also lean more toward putting money in vehicles you could access for either retirement or education, depending on where you need it. (I.e. not in a dedicated 529 or 401K but in mutual funds that can be cashed out whenever.)[/quote]
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