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Does anyone NOT save for your kids college?
Posted on 8/14/13 at 2:09 pm
Posted on 8/14/13 at 2:09 pm
Is there anyone here who doesn't believe in saving for your kids college, and not including that as part of your financial plan? If so, why? I've always thought this was the normal thing to do, to the extent that it's a major part of our budget and results in us sacrificing other things.
12
Posted on 8/14/13 at 2:13 pm to meeple
I have 2 kids and the oldest is 3. I haven't started saving with that in mind yet.
Posted on 8/14/13 at 2:19 pm to meeple
Hopefully but I have to say, with a kid on the way, I haven't started thinking about that. My parents didn't go to college. They helped while I was in school but when I graduated, I immediately took over roughly $20,000 in loans. Unfortunately for my kids, between that and my wife's PT loans, we will be playing catch up for a long time and they may be in the same boat. I think by that time we'll be much better off, though.
This post was edited on 8/14/13 at 2:20 pm
Posted on 8/14/13 at 2:21 pm to meeple
My wife forced me to.
Posted on 8/14/13 at 2:31 pm to meeple
1. What if your kid has an IQ of 80? You gonna save for that? See my IT'S FRIDAY thread for the miscreants.
2. My parents were dirt poor. They didn't save for my college. But they told me and older Bro the truth up front. Get a scholarship or don't think about college.
3. Bro was slow. He went ROTC. I worked hard and got 75 full rides. Parents didn't pay a cent for my degree.
4. My son was a slacker from day one. He thought 'D's were great. He went Marines after HS and got some reality. He's doing fine now.
Bottom line...I do not believe in saving for your kids. Let them earn it themselves.
2. My parents were dirt poor. They didn't save for my college. But they told me and older Bro the truth up front. Get a scholarship or don't think about college.
3. Bro was slow. He went ROTC. I worked hard and got 75 full rides. Parents didn't pay a cent for my degree.
4. My son was a slacker from day one. He thought 'D's were great. He went Marines after HS and got some reality. He's doing fine now.
Bottom line...I do not believe in saving for your kids. Let them earn it themselves.
Posted on 8/14/13 at 2:40 pm to meeple
I try not to treat my savings as a bunch on different things I do in parallel. All savings go into a big pot and all expenditures come out of the same pot. For example I have plenty of money to buy my next vehicle in cash, but I don't have a dime specifically set aside for it. When the time comes to buy another one, I will do it.
Posted on 8/14/13 at 2:50 pm to meeple
No kids, but I have already decided that I will put some money aside in a savings account when I do have kids. I am going to make it understood from a very young age that if my kids do not want to study something practical like science or engineering then I will not help with college. I do not plan on footing anything extravagant either. I will help with instate expenses.
Posted on 8/14/13 at 3:25 pm to meeple
I plan on starting to save for my daughter's college as soon as I finish paying for mine.
Posted on 8/14/13 at 3:36 pm to meeple
quote:
Does anyone NOT save for your kids college?
We did not save a dime specifically for college. Paid for it out of income. Of course, we took no vacations for 4 years and pretty much no discretionary spending. Son had about 25 grand in scholarships.
It is amazing what one can do when you have no mortgage and don't have a yard full of SUV's.
Posted on 8/14/13 at 5:16 pm to meeple
Not a penny.
Posted on 8/14/13 at 6:12 pm to meeple
No, I figure with what I am paying for her high school, she better get TOPS.
Posted on 8/14/13 at 9:30 pm to meeple
Yes, I plan for my kids because the reality is my kids may very well be average. I can accept that and plan for helping them succeed and pass down a successful model for average. So far, my eldest isnt average but I am responsible for bringing him into this world and because I'm able, I'm responsible to ensure that he passes these ideals to a future generation. I was afforded greater opportunity from my family and have succeeded in large part because being self sufficient was expected.. I will plan and expect that of my children.
Posted on 8/15/13 at 5:18 am to meeple
IMO, a person should save for retirement to the max.
If you have money leftover, I guess 529/Coverdell are ok.
Some of this depends on your income level. It may disqualify you from certain financial aid if you have substantial college savings- because those funds are looked at as 100% belonging to the kid.
Of course, I have Coverdell and 529's for both kids, and transferred my GI bill to them.
I believe with the out of control costs, many will go to community college/local college, then transfer to wherever they can fulfill their degree requirements.
If you have money leftover, I guess 529/Coverdell are ok.
Some of this depends on your income level. It may disqualify you from certain financial aid if you have substantial college savings- because those funds are looked at as 100% belonging to the kid.
Of course, I have Coverdell and 529's for both kids, and transferred my GI bill to them.
I believe with the out of control costs, many will go to community college/local college, then transfer to wherever they can fulfill their degree requirements.
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