Asking For 529 Deposits - It Worked!
I can hardly believe it, but it seems asking for contributions to my child’s 529 college savings account in lieu of toys actually works.
I wrote before about how making contributions to a college savings account is a great gift. Well, when our baby was baptized recently, people actually did it! Seriously, he got two contributions to his 529 as gifts. I was completely shocked, not because it’s a radical idea, but that someone actually did the sensible thing.
If I could convince everyone to do it, we’d have a lot fewer toys around the house that just end up going to Goodwill after a few months.
It seems like the old-fashioned notion of giving a savings bond, stock, or cash as a gift to a child has been largely forgotten. That’s a shame, because a small sum of money at an early age can grow to a ridiculously large amount by the time the kid has grown old enough to use it. Guess I’m an old-fashioned kind of guy. Or maybe I’m just old. Probably both.
January 7th, 2008 at 6:23 am
Thank goodness! I think my family is sensible, too, but when a restaurant check arrives and Christmastime arrives, it’s like all that goes out the window.
I’ll let you know in August if it works!
January 9th, 2008 at 12:24 am
I think it is great that people gave to the 529 as a gift. My bother in law and his wife just had a baby girl and they don’t need any toys, clothes, etc. My wife and I plan on giving a similar gift, which is something their baby will be able to appreciate when she is no longer a baby.