Found this: http://www.geniusfund.co/ that let’s you save money while you spend it but I’m not sure if now is too late for something like this? My son is in 5th grade. Thoughts?
It’s not too late to start saving, but if you’re asking is it too late to save a certain high amount, it may be. But that doesn’t mean you shouldn’t start saving.
Do some math and see what’s comfortable for you. Others can chime in but maybe it’s best after you save each year to move the money into a 529.
That plan looks like http://www.upromise.com/welcome so if you are interested, check it out as well.
Frankly, all those programs do is make saving a bit more convenient. You can do this yourself. For example: take the 5% you save with a Target Visa, and put that savings into a piggy bank whenever you get home from Target, or use your Discover Card cash-back to pay part of your Discover bill, and put an equivalent amount into savings.
Whatever you can save is a good thing, and wherever you save it (529, savings account, CD, shoebox under the bed) is fine. Even if all you have saved is the cost of books, well then your kid has money for books. If all you have saved is the cost of two years at the local community college, well then your kid might be able to afford four years at a state U instead of having to start at the CC and transfer.
And of course, make sure your family has a solid emergency fund and has maxed out any retirement accounts first before you get over-excited about college savings.