Hi All,
Looking for a bit of advice on getting a college fund started for my children. We have no fund setup as yet and no significant savings elsewhere so need to get a start on it. We have just moved into a new home so things are relatively tight while we get settled but we want to at least get started and then over the next little while we can start to increase contributions.
For now it will probably only be approx 150 eur a month, but I also get a yearly bonus of approx 5k which I can take as a share option and intend on doing that with a view to then selling and using that to add to the college fund once the minimum term passes for selling without incurring tax.
My overall question is whether it's worth investing in a 'fund' of some kind with such a small monthly amount, or would we be as well just putting it into a savings account/credit union until we are saving more? My eldest is now 11 so we have 7 years before needing the money and youngest is 5.
Thank you!
Looking for a bit of advice on getting a college fund started for my children. We have no fund setup as yet and no significant savings elsewhere so need to get a start on it. We have just moved into a new home so things are relatively tight while we get settled but we want to at least get started and then over the next little while we can start to increase contributions.
For now it will probably only be approx 150 eur a month, but I also get a yearly bonus of approx 5k which I can take as a share option and intend on doing that with a view to then selling and using that to add to the college fund once the minimum term passes for selling without incurring tax.
My overall question is whether it's worth investing in a 'fund' of some kind with such a small monthly amount, or would we be as well just putting it into a savings account/credit union until we are saving more? My eldest is now 11 so we have 7 years before needing the money and youngest is 5.
Thank you!