Saving suggestions

[#1]

I've been a member for over a year now and I've been saving for my son. We have another child on the way. If I create another 529 for the second child, by adding the beneficiary here does new savings dollars get split amongst the two? Does the amount I saved so far stay with my first child's account? Thanks.

[#2]

purplenoon, congratulations on your soon to be expanded family.

You can add another beneficiary to your Upromise loyalty account.  And at that point you can allocate the money in your loyalty account however you like between the two beneficiaries.  And then you can link a second 529 account to your Upromise loyalty account.

To add a beneficiary, go here: https://lty.s.upromise.com/member/home

Next, click on "Manage my account" and then click on "Add a beneficiary" on the left hand menu.

And for more information on Upromise administered 529 plans, visit:

http://529.com/

[#3]

I believe the allocation you had previously doesn't change.  It starts to allocate new funds when you add the new beneficiary.  If you already had $200 allocated, then that stays and new earnings are split on your new %s.

[#4]

How you divide your upromise money and in what percentages is up to you.This is done under my account...manage my account.I would suggest however      that you also consider the average amount that you earn on a quarterly basis.   I know you want to be fair to both your children but remember if you don't use all the money in one account it can transfer to another relative. Upromise transfers money quarterly  when you have earned at least $25 in the quarter. Thus you would need $50 in a quarter to benefit from the transfer, otherwise you will have to wait until the next quarter and hopefully you will have $50.

At one point I was contributing to 3 accounts, then realized I had to go back to one account in order to get the transfer for the quarter,  and allow the money to begin workng in the account. otherwise sometimes it would take 6 months before money was transferred and I thought that was too long. Since your children are different ages, you could save for the oldest first (with upromise-never stop your own contributions for both accounts), or you can save for one one year and the other the next year. But it depends on your totals for the quarter.