(Closed) Saving for College

posted 7 years ago in Babies
  • poll: How much are you putting away per month for college?
    $0--not a parental obligation to pay for college : (7 votes)
    16 %
    less than $200 : (15 votes)
    35 %
    $200-400 : (7 votes)
    16 %
    $400-600 : (2 votes)
    5 %
    $600-800 : (0 votes)
    $800-1000 : (0 votes)
    $1000+ : (1 votes)
    2 %
    Unsure/Other : (11 votes)
    26 %
  • Post # 3
    Member
    1944 posts
    Buzzing bee
    • Wedding: June 2009

    From the time of birth?! That’s half my mortgage payment…

    Post # 5
    Member
    1944 posts
    Buzzing bee
    • Wedding: June 2009

    Yes I’m aware of that. 🙂 Still just found it a little crazy!

    Post # 7
    Member
    7082 posts
    Busy Beekeeper
    • Wedding: July 2009

    If our daughter goes to the university that I work at, she will pay 0 tuition.  We’ll still have to pay room and board if she doesn’t want to stay at home ;P

    But one perk of being an older mom, is that by the time she’s a junior I’m eligible to start taking out of my 401K.  So that can pay for Junior and Senior years!

    Post # 9
    Member
    13099 posts
    Honey Beekeeper
    • Wedding: July 2010

    We don’t have children yet, but when we do, we’ll work with a financial planner to determine how much we should be putting away each month (and how/where to save/invest it) to be able to pay for our childrens’ educations.

    Post # 10
    Member
    2201 posts
    Buzzing bee
    • Wedding: August 2010

    We haven’t decided yet, but I think we’re hoping to help pay at least half the costs. My parents set aside enough to cover my entire college expenses. DH’s parents didn’t contribute at all. We both thought there were pros/cons to each, so splitting it down the middle might be a happy medium.

    Post # 11
    Member
    828 posts
    Busy bee
    • Wedding: January 2011

    we’ve got some set aside and will continue to save – but we really hope he’s a good student & gets some scholarships 😉 

    Post # 12
    Member
    1263 posts
    Bumble bee
    • Wedding: September 2009

    Not P yet, but in the next few years, we’ll squirrel away what we can (which frankly won’t be too much).  DH’s salary will go up substantially after he is finished his residency (roughly 2 years) so that’s when we’ll really start trying to save.  Seems crazy to save so soon, but the time value of money can’t be beat!

    Post # 13
    Member
    7431 posts
    Busy Beekeeper
    • Wedding: October 2009

    Insurance agent here….might I suggest getting an Indexed or Variable Universal Life insurance policy? Basically, its life insurance and cash value built into one.  You can take money out of the cash value when the kid hits college, TAX FREE, and still have a death benefit in case the unthinkable happens. 2 birds, 1 stone

    Post # 14
    Member
    1962 posts
    Buzzing bee

    I will save but I hope my kids are like me and get scholarships.  I am not down with spending tens of thousands of dollars on college (unless they are stellar and in that case, I shouldn’t be spending that much).

    I just tend to think people spend too much on higher ed without having reasonable expectations of earning potential on the way out.

    Thoughts?

    Post # 15
    Member
    7082 posts
    Busy Beekeeper
    • Wedding: July 2009

    @beekiss:  Yes, it was part of my evil plan.  (rubs hands together and puts finger up to mouth)… By then it’ll be one million dollars (Austin Powers reference for those who are really thinking I’ll have one million dollars for the kid at age 20!)

    The topic ‘Saving for College’ is closed to new replies.

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