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Saving for college/car etc..
Posted on 2/5/25 at 3:50 pm
Posted on 2/5/25 at 3:50 pm
I know everyone here had a million saved for each kid before they were even born but just humor me as a mere mortal.
How much do you plan/want/need to have saved for car/college per kid assuming they go to an instate school with, at minimum, a state sponsored scholarship that covers tuition ala TOPS or HOPE in GA?
How much do you plan/want/need to have saved for car/college per kid assuming they go to an instate school with, at minimum, a state sponsored scholarship that covers tuition ala TOPS or HOPE in GA?
20
Posted on 2/5/25 at 3:52 pm to RandySavage
A few variables still at play:
You want the kid to ball, or just have reliable, safe transportation?
Are books/lab fees/etc covered or just tuition?
Do you want them in a dorm or off-campus?
Greek life?
Lots to consider.
You want the kid to ball, or just have reliable, safe transportation?
Are books/lab fees/etc covered or just tuition?
Do you want them in a dorm or off-campus?
Greek life?
Lots to consider.
Posted on 2/5/25 at 3:53 pm to RandySavage
Posted on 2/5/25 at 3:55 pm to RandySavage
We have START savings accounts for our children.
I have no idea how much is in the oldest (13 yo) one's account. My wife keeps track of that and makes sure we fund it each month.
I have no idea how much is in the oldest (13 yo) one's account. My wife keeps track of that and makes sure we fund it each month.
Posted on 2/5/25 at 3:56 pm to RandySavage
Posted on 2/5/25 at 3:56 pm to RandySavage
I just saved $300 a paycheck from when my son was in pre-k…but he got a full scholarship so I bought him a car.
Posted on 2/5/25 at 3:58 pm to Clyde Tipton
If they qualify for TOPS, 30-40K per kid.
Depending on the type of vehicle and what college he/she chooses.
Depending on the type of vehicle and what college he/she chooses.
Posted on 2/5/25 at 3:59 pm to Clyde Tipton
quote:
We have START savings accounts for our children.
THIS RIGHT HERE. Start putting money in every month automatically the day they are born and you won't miss it. When they hit college tell them that's how much they have to spend. When they say they want to go to NYU for $65k a sememster tell them NO and point to how much is in the account.
Posted on 2/5/25 at 4:00 pm to RandySavage
Depending how old your kid is ai is gonna take all the college jobs and all that will be left is jobs that robots aren’t smart enough to do like welding and plumbing
Posted on 2/5/25 at 4:02 pm to RandySavage
My strategy was to have $100K for the first kid saved by the time they were 18. My second is four years behind. That way, if my first got a full scholarship (that is what happened), I could split the $100K between buying him a new vehicle and sending the rest to Kid 2's education account. You may want to tweak this if they are aiming for more or less expensive schools. If you have 60%-75% saved by the time they leave for college, you'll be good.
Posted on 2/5/25 at 4:07 pm to Ikneauxnuffin
quote:
f they qualify for TOPS, 30-40K per kid.
Depending on the type of vehicle and what college he/she chooses.
Would second this for most normal situations. If you can have 50K saved up by Freshman year you should be fine. If they want to go more expensive/Greek life, etc, that's what part time jobs and student loans are for.
Posted on 2/5/25 at 4:07 pm to el Gaucho
My ideal scenario would be to buy them a low mileage reliable car that will get them through college to their first job (around 20k).
They will easily qualify for the state sponsored scholarships which should cover tuition and in my ideal scenario live at home year 1 (we have a couple of large public universities within 30 min. of the house) and then go live on/off campus after that.
So let's say three years of room & board in a slightly above average/safe, but definitely not lavish, living quarters and lifestyle. I'm thinking 40k would be good but not really sure, thus the thread.
If they want to do something beyond stupid like go to a private OOS school for 60k a year they're on their own.
They will easily qualify for the state sponsored scholarships which should cover tuition and in my ideal scenario live at home year 1 (we have a couple of large public universities within 30 min. of the house) and then go live on/off campus after that.
So let's say three years of room & board in a slightly above average/safe, but definitely not lavish, living quarters and lifestyle. I'm thinking 40k would be good but not really sure, thus the thread.
If they want to do something beyond stupid like go to a private OOS school for 60k a year they're on their own.
This post was edited on 2/5/25 at 4:13 pm
Posted on 2/5/25 at 4:11 pm to RandySavage
Keep in mind TOPS doesn’t cover fees or books. Today that’ll run ya 5k a year. Who knows what that’ll be in 18 years.
Posted on 2/5/25 at 4:19 pm to RandySavage
We bought our daughter a nice used car for her 16th birthday, and that's the only car we're buying. When its paid off its hers to use on a down payment towards the next one, and we'll do the same for our younger daughter. We told both of our girls that we're not paying for out of state tuition, so if they want that option they either need a scholarship or student loans. We will pay in-state what TOPS won't cover. Our older daughter who's about to graduate got a full ride to a JUCO in Alabama to play ball. If she doesn't keep playing, she'll need to come back to LA to finish her undergrad with TOPS. Anything past undergrad they're on their own...
Posted on 2/5/25 at 4:23 pm to RandySavage
quote:
So let's say three years of room & board in a slightly above average/safe, but definitely not lavish, living quarters and lifestyle. I'm thinking 40k would be good but not really sure, thus the thread.
That’s about right, I have 2 in college right now at a state school in Georgia. Rent is 1500 combined. Food they cover. Tuition is covered by Zell Miller/Hope Scholarship.
Posted on 2/5/25 at 4:25 pm to RandySavage
$250 a month for my oldest and $175 for the two others a month. I got a late start. Have about 30k saved for the first and about 17 for the others. Oldest is
I have some rentals in Fayetteville assuming they want to go to Arkansas and that will be strongly encouraged. Housing is far and away the largest cost.
It likely won't cover the full bill and that's okay. They need some skin in the game. They should be able to get through without a massive school debt.
I have some rentals in Fayetteville assuming they want to go to Arkansas and that will be strongly encouraged. Housing is far and away the largest cost.
It likely won't cover the full bill and that's okay. They need some skin in the game. They should be able to get through without a massive school debt.
Posted on 2/5/25 at 4:26 pm to tigergal918
quote:
Our older daughter who's about to graduate got a full ride to a JUCO in Alabama to play ball. If she doesn't keep playing, she'll need to come back to LA to finish her undergrad with TOPS
You can put TOPS on hold for a couple years and use it later?
Edit: Guess so. Google says
quote:
TOPS (Taylor Opportunity Program for Students) can be used to transfer to an eligible Louisiana school after enrolling in an out-of-state institution. However, students will lose one semester of eligibility for each semester spent out of state
This post was edited on 2/5/25 at 4:53 pm
Posted on 2/5/25 at 4:29 pm to Billy Blanks
My plan is to Honda Accord it for each of them. Brand new and drive it for 10 years until they are ready to get their own.
This post was edited on 2/5/25 at 7:59 pm
Posted on 2/5/25 at 4:30 pm to RandySavage
quote:
How much do you plan/want/need to have saved for car/college per kid assuming they go to an instate school with, at minimum, a state sponsored scholarship that covers tuition ala TOPS or HOPE in GA?
How many years do you have before they get to school? Average inflation for tuition has been like~3.5%/year. Then you're going to need to know how much risk you want if you're investing, vs just saving with no return.
Ballpark figure I have been using for current costs are like $25-30k/yr for tuition, room, board, books, though your mileage will vary.
Posted on 2/5/25 at 5:33 pm to RandySavage
I have several in college now and I can tell you that it’s not cheap and I didn’t save enough. Even with scholarships when you factor tuition, fees(kill your with fees) room & board and fraternity/sorority- 25k per year per kid.
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