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Started By
Message
Spinoff to the kids most expensive thread....Parents, do you plan to cover
Posted on 7/8/14 at 9:54 am
Posted on 7/8/14 at 9:54 am
all of your kids' college expenses?
My approach to this is I'm saving a certain amount every month for each child and whatever's there when they start college is what they will have. I know for a fact that I will not be able to cover all of those expenses so I'm trying to teach my kids to work hard in school to earn scholarships so if they chose to go to college they are able to do it without taking on student loan debt.
This is the approach my parents used with me and my sibling and it worked out well. Both of us acquired our undergrad degrees without any debt.
I'm placing more emphases on saving for retirement versus saving for my kids' college expenses. I want the best for my kids, but they will have to shoulder some of the responsibility if they want to go to college and the way to do that is do well in school and get good grades. If they don't, the consequence is they will have to pay a portion of their expenses on their own.
There's no way I can save adequently for both retirement and college expenses for two kids. I chose to fully fund retirement and save what I can for their college expenses.
My approach to this is I'm saving a certain amount every month for each child and whatever's there when they start college is what they will have. I know for a fact that I will not be able to cover all of those expenses so I'm trying to teach my kids to work hard in school to earn scholarships so if they chose to go to college they are able to do it without taking on student loan debt.
This is the approach my parents used with me and my sibling and it worked out well. Both of us acquired our undergrad degrees without any debt.
I'm placing more emphases on saving for retirement versus saving for my kids' college expenses. I want the best for my kids, but they will have to shoulder some of the responsibility if they want to go to college and the way to do that is do well in school and get good grades. If they don't, the consequence is they will have to pay a portion of their expenses on their own.
There's no way I can save adequently for both retirement and college expenses for two kids. I chose to fully fund retirement and save what I can for their college expenses.
19
Posted on 7/8/14 at 9:55 am to Hammond Tiger Fan
Reminds me of that comedian that says "if you can't get a scholarship, it means you're not smart enough to be going to college."
Posted on 7/8/14 at 9:56 am to Hammond Tiger Fan
No, I don't plan on covering all the expenses, but depends on what we have at the time.
I want her to work. Definitely earn her spending money and have some sort of vested interest in her education.
I want her to work. Definitely earn her spending money and have some sort of vested interest in her education.
Posted on 7/8/14 at 9:56 am to Hammond Tiger Fan
Same. I'll save what I can, but if my kid really wants college....he/she will have to earn it.
I'm not paying for some BS women's studies degree or some other useless crap like that.
And I agree...your retirement savings should come first imo.
I'm not paying for some BS women's studies degree or some other useless crap like that.
And I agree...your retirement savings should come first imo.
Posted on 7/8/14 at 9:56 am to Hammond Tiger Fan
quote:
I chose to fully fund retirement and save what I can for their college expenses.
this is what I'm doing as well
I'm putting some back now, but I will not really start saving until I'm able to max our my retirement accounts
Posted on 7/8/14 at 9:59 am to Hammond Tiger Fan
I hope to be able to cover tuition for sure. I don't want them to have to make a life decision that major due to the fact that they can't afford the tuition. If they get into a great school without a scholarship, I don't want the to turn that down to go to a lesser school just because they have the scholarship there. I fully understand if people have other ideas for that, but that's just a personal goal I have for myself.
But I do hope to ween them off of living expenses after the first two years. Teach them the responsibility for when they go out on their own. I'm not close to this yet, so I'm not authority. Just what goes through my head at this point in my life.
But I do hope to ween them off of living expenses after the first two years. Teach them the responsibility for when they go out on their own. I'm not close to this yet, so I'm not authority. Just what goes through my head at this point in my life.
This post was edited on 7/8/14 at 10:00 am
Posted on 7/8/14 at 9:59 am to Salmon
I am neither funding my retirement nor their college. We will take every day as it comes.
Posted on 7/8/14 at 10:02 am to Hammond Tiger Fan
I've got a 529 set up for my 4 year old. I put $20 a week in it right now and will add a little bit more a week once I'm out of debt. I'm hoping there is enough in there when he gets to college to cover tuition. And I plan on him having a job to cover his personal stuff just like my wife and I had to do.
Posted on 7/8/14 at 10:02 am to KG6
quote:
But I do hope to ween them off of living expenses after the first two yea
Yeah I ain't paying for all of that. My kid will not be a grown up mooch.
I might let them live at home while in college but they aren't getting a totally free ride.
Posted on 7/8/14 at 10:03 am to Hammond Tiger Fan
Good thing for me thats 18 years from now 
I was blessed enough that my parents helped out alot
I was given a certain amount of money of month was told do whatever with it. Rent, Bills, Food, Booze etc.
If I didn't pay the rent or other bills so I could booze well then thats on me so it taught me to not be a jackass. Good thing I made enough in the summer to booze at least through the fall semester no problem.
I was blessed enough that my parents helped out alot
I was given a certain amount of money of month was told do whatever with it. Rent, Bills, Food, Booze etc.
If I didn't pay the rent or other bills so I could booze well then thats on me so it taught me to not be a jackass. Good thing I made enough in the summer to booze at least through the fall semester no problem.
This post was edited on 7/8/14 at 10:05 am
Posted on 7/8/14 at 10:03 am to Hammond Tiger Fan
(no message)
This post was edited on 7/8/14 at 11:16 am
Posted on 7/8/14 at 10:04 am to Hammond Tiger Fan
of course I do
Posted on 7/8/14 at 10:04 am to Lacour
none of this really matters anyways because public colleges will soon be free
Posted on 7/8/14 at 10:06 am to lsunurse
My parents covered my living expenses throughout college. I turned out fine. I'm very conscious about my money, consider myself to be pretty responsible, etc. So many kids go off to school and get a job to pay for everything and they end up worrying about the job and the money they are making more than school. Your degree is worth more than waiting tables. I knew several people who became restaurant managers or bar tenders instead of using their degrees. I don't want that to happen. I think it's all about how you raise your kid, not if you pay for everything or not. There's problems on both sides.
Posted on 7/8/14 at 10:07 am to lsunurse
quote:
I'm not paying for some BS women's studies degree or some other useless crap like that.
I wouldn't called any education useless but that's just me
Posted on 7/8/14 at 10:08 am to lsunurse
quote:
I'm not paying for some BS women's studies degree or some other useless crap like that.
While I understand this totally (I have a friend returning for fricking piano and I keep telling him he's insane), not all people are math/science oriented.
I wouldn't refuse something in the liberal arts just because they aren't proficient in math/science.
Girlfriend of mine's parents convinced her for her whole life that she would love being an orthodontist. She didn't make straight A's or anything in high school, was just average. She went through 3 years of struggling like crazy in college and finally told her parents she just couldn't do it. There was no way she'd get into dental school.
Her dad flipped.
But, I mean shite, she just can't do it.
Posted on 7/8/14 at 10:08 am to Salmon
quote:
Posted by Salmon none of this really matters anyways because public colleges will soon be free
Yep and hopefully more trade-focused, but I doubt it.
Posted on 7/8/14 at 10:08 am to uway
quote:What's your plan then?
I am neither funding my retirement
Posted on 7/8/14 at 10:09 am to Hammond Tiger Fan
I'm not planning on TOPS being around when my kids are in college so I think I will have to put up some money unless they can get scholarships. I would rather put up the money to cover their tuition than have them be in debt when they are in their early 20's.
Posted on 7/8/14 at 10:09 am to uway
quote:
Yep and hopefully more trade-focused, but I doubt it.
That's what trade schools are for, not colleges
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