We started our 16 yr old daughter's fund as soon as she was born. Our goal was at least $10,000/year by her birthday each year.
If the market went down and her fund decreased, we increased our contribution to make up for it. When the market went up and her fund increased, we still put at least $10,000 per year. This is her 529 plan. We also have a sdavings account she does not know about, savings bonds and numismatics which will all go to her as well.
Our goal is for her to not come out of college in debt. We believe in living debt free and that is how she has been raised.
A lot of people think we are wrong to fund her education but we feel it is our obligation as parents to give her the best possible start which includes her college expenses.
Of course, you have to do what you feel is right for your family. Every family is different. It is also vital to be working on your retirement plans as well. We have also funded our retirement.
Yikes, we have been college shopping and it is very expensive. We are planning on needing about $250,00 for her to come out debt free from college. Our daughter has some high goals and we support her. She has worked very hard in high school to maintain great grades and cheer as well. Who knows where she'll end up??? We've looked at Duke, Penn State, planning to look at AZ and FL. She also plans to study in Italy for at least 1 year.