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Reply to "How much do you save for 529?"
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[quote=Anonymous] There are really good in-state public schools in VA and MD. You can go to those for $20-25k/year all-in (tuition + room/board + fees). Even if college costs increase at 5% per year (and it's been like 2-2.5% above inflation per year for the last decade), that comes to about $250k total per kid. To save up $250k per kid, a lump sum $60k invested at birth, or a $500/mo for 18 years ought to do it. We're currently saving $400 per kid per month, and our 2 kids are infant/toddler. Maybe we'll up it when we get out of daycare. Maybe we'll keep it constant and just add to it with bonuses/windfalls over the years. Maybe we'll leave a shortfall and cashflow the rest from our salary while the kids attend college. At a minimum, we should be able to cash flow the current $6k per year we're putting into each 529. [/quote]
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