[Submitted Question]

This may be a bit premature but I am wondering when the best time would be to open a savings account for our little one's college expenses. Would it be silly to start saving already even though she is only three weeks old?

[WombToBloom]

No way! College is pretty darn expensive now – I shudder to think what it will be in 18 years! Any little bit you can save for that education, starting now, will put her (and you) in a better position. And that little investment will (hopefully) grow over the years to total more than just your contribution amount. If you can afford to put a little away each month, each quarter, every six months or even each year, go ahead. Investigate a 529 plan which will give you some tax benefits as well.

That being said, most financial advisors will tell you that you need to make sure that you have retirement savings before you think about college savings. If you can only afford one of those, choose retirement. Their logic is that parents and students can borrow money to pay for college. Retirees generally can’t borrow money to live on in their “golden years.”

[labor doula]

Heck NO! SAVE. I have three right now in college, Let me tell you it's not easy all three work to help pay but we can say the two that are graduating this May will owe nothing. the 2nd oldest is planning a few more years this, he will need to do on his own, but the first 4 are behind him. Also be careful where you put your $ these days. All of our children do not plan on attending a local college so much to think about. Just save, a nice thing to do is if your family loves to buy gifts and all the clothes and toy you put the $ away you would use on a gift, This is a gift that will last a life time.

[Knoxville Doula]

It's never too early! Many banks actually have financial advisors available to you free. You could set up an appointment and get some advice. Again, as stated, be careful where you put your money. Congrats on the new baby!

[septembermom]

Start now absolutely! I plan on starting my baby's college and savings fund right away.

[alossa]

As a mother to one, and a step-mother to 4, I am always so worried about how in the world we'll be able to send all those kids to college. We opened accounts for all the kids and every chance we get we tuck away a little bit into each account. We have 5 piggy banks set up in our office and when we have pocket change we toss it into one of them to eventually deposit into the accounts. We also buy bonds so in 7 years, or however many years until they are needed for school (the longer the better), the more they are worth.

[tariq456]

No its not too early..You can now start saving for your little baby.College expenses are soo high and will be very difficult to bear in future if you have not started saving now.I think its the right time to start savings for your baby!
Good Luck!