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Started By
Message
Those with children: how much are you saving per child for college?
Posted on 1/31/16 at 12:20 pm
Posted on 1/31/16 at 12:20 pm
I have a 3 year old and a 2 month old.
Not sure what to do here. To pay for 100% of both kid's college (assuming $25k a YEAR) it would cost me about a grand a month.
What are you guys doing?
Not sure what to do here. To pay for 100% of both kid's college (assuming $25k a YEAR) it would cost me about a grand a month.
What are you guys doing?
This post was edited on 1/31/16 at 5:16 pm
Posted on 1/31/16 at 12:25 pm to okietiger
I put $100/month into a 529 for my 3 year old. I'll throw some extra in there every now and then as well.
It's not much right now, but I'm more focused on maxing out my retirements accounts before I really start throwing money in.
It's not much right now, but I'm more focused on maxing out my retirements accounts before I really start throwing money in.
Posted on 1/31/16 at 12:54 pm to okietiger
Gave my four children $10,000 dollars cash a piece when they graduated high school. Both my girls graduated from Florida State. Neither of my boys attended college. One went the military route and the other has a very successful detailing business.
Posted on 1/31/16 at 1:56 pm to okietiger
Nothing unfortunately. Putting all 5 through private school. They'll have to fend for themselves when it comes to college.
Posted on 1/31/16 at 1:59 pm to okietiger
I would suggest nothing. Let them make their own way. My parents told me and Bro when I was age 8 and he was age 14 that they couldn't pay for college.
I got a National Merit full ride. Bro went ROTC and a military career.
I told my son the same thing. He went military, Marines. I have contributed about 10K to my grand kids' college fund. I've recently stopped. They are on their own.
Independence is a wonderful thing.
I got a National Merit full ride. Bro went ROTC and a military career.
I told my son the same thing. He went military, Marines. I have contributed about 10K to my grand kids' college fund. I've recently stopped. They are on their own.
Independence is a wonderful thing.
Posted on 1/31/16 at 3:00 pm to okietiger
Assuming 25k a semester? Holy shite dude.
Posted on 1/31/16 at 3:06 pm to okietiger
I will pay for 4 years in state, non private tuition.
Posted on 1/31/16 at 3:19 pm to okietiger
21 months and 1 month here. We have a plan to start a fund specific to college (E.g. 529) but haven't yet. Currently, we put away $200/month for each, with the goal to have between $40-50k for each of them when it's time. Jobs, scholarships, grants and/or loans will have to supplement. We will probably cover housing when the time comes as well.
Gotta make them work for it a little.
Gotta make them work for it a little.
Posted on 1/31/16 at 6:09 pm to okietiger
$400/month for each of them since birth. I stop once balance + time value to their FR year hits 75% of a 4-yr public university (tuition, room & board) estimate.
If they want 100% or if they want private, they will hopefully work hard for it...and may have to make an ROI/debt decision.
P.S. At rate of college costs increases, I think that 75% is falling. I will guarantee them 75%...risk mine.
If they want 100% or if they want private, they will hopefully work hard for it...and may have to make an ROI/debt decision.
P.S. At rate of college costs increases, I think that 75% is falling. I will guarantee them 75%...risk mine.
Posted on 1/31/16 at 6:23 pm to okietiger
I have 3 left to go and one in college. I didn't put anything back for the one currently in college and it's hard every semester. However, I plan to save $100k per child for the 3 left. If any of them choose not to go dad has a nice windfall. I'm currently at $2,600/ month total for all three to reach the goal.
Posted on 1/31/16 at 6:28 pm to okietiger
6yr old and 4yr old. We have about 10k in one 529 plan. We're hoping for some scholarship money and cash flow the rest. The house will be paid off in 9yrs which will make "pay as you go" easier.
Posted on 1/31/16 at 6:33 pm to okietiger
Way more than most recommend but I'd rather fund it now than when I'm 50
Posted on 1/31/16 at 6:38 pm to okietiger
$3-4K per kid per year in a 2030 target fund. Goal of 75-100k per kid. Hoping for scholarships.
Posted on 1/31/16 at 6:52 pm to okietiger
quote:
I will pay for 4 years in state, non private tuition
But I'm not actively saving for it.
Posted on 1/31/16 at 6:58 pm to okietiger
My kids are 7 & 3 right now. Been funding a UTMA account for each of them with a few thousand since each was born. ($37k & $19k balance in each now)
Hope to continue substantial contributions until college.
Hope to continue substantial contributions until college.
Posted on 1/31/16 at 7:53 pm to okietiger
I'm just cash flowing it. I want to keep control of my money.
Posted on 2/1/16 at 1:05 am to okietiger
3 kids. We started them each with a few thousand in a 529, then put about $200 per month each in the funds. As mentioned earlier, $25k per year for college would be cheap. And I understand that sentiment of "my pop didn't pay for my college, I worked my way through, a little debt never hurt anyone"... BUT a lot of debt has hurt a lot of folks. College costs aren't like they used to be, and to assume you can work while in college and cover the costs is a bit optimistic. I'm also not 100% confident TOPS will be there forever. Plus, maybe my kids will get to go to a better shcool than LSU?
Posted on 2/1/16 at 9:38 am to okietiger
quote:
What are you guys doing?
529 accounts are perfect.
If your kid(s) gets a full scholarship, you can withdraw without penalty.
Posted on 2/1/16 at 11:59 am to okietiger
None. gotta take care of the family first. Should have the disposable budget to cover it when the time comes. Hell, colleges may not even exist in 10 years.
Posted on 2/1/16 at 1:00 pm to okietiger
I have a 2 & 3 and put $210/month each in the La Start 529 Plan. They match a percentage up to $2500 per year.
I also match any birthday or Christmas money they get from relatives into the plan while putting the cash into a standard savings plan.
If I ever manage to get a return on my taxes again I would likely put that in those accounts also.
I also match any birthday or Christmas money they get from relatives into the plan while putting the cash into a standard savings plan.
If I ever manage to get a return on my taxes again I would likely put that in those accounts also.
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