Any compelling reasons not to have a college fund?
If not, what is the optimal amount to have in there (by the time it's ready to be cashed in)?
How much do you currently put in there per month or year?
Any conditions that you've placed on your child's fund? If so, why?
Is putting it in account that pays 5% interest yearly, a wise choice?
Does each child have their own account? Or is better to pour it all into the one account, but each child receives an equal amount in the end?
I have four children - One of who is determined to be a scientist or engineer. She will start college in 8.5 years time. DH and I agreed to cover all university fees if she could maintain a credit average (65%). My other child dreams of opening up her own business, so her "college fund" will actually be a business fund. Not sure about the other two kids, but I'd like to help them nonetheless. I'm starting from scratch, so all advice is greatly appreciated.