Parents: Do you save for college?

Discussion in 'The Water Cooler' started by Hooker, Aug 15, 2013.

  1. The Old Man

    The Old Man Die Hard Bowhunter

    Joined:
    Jun 22, 2012
    Posts:
    2,889
    Likes Received:
    4,845
    Dislikes Received:
    5
    Location:
    North Dakota
    Didn't save. Wish we had. Kids borrowed money for school. I'm paying it off over 10 years. I'll be done when I retire.

    Hook, You might want to start saving for a wedding too. I'm still paying that one off too. :(
     
  2. frenchbritt123

    frenchbritt123 Grizzled Veteran

    Joined:
    Nov 4, 2010
    Posts:
    4,708
    Likes Received:
    159
    Dislikes Received:
    2
  3. Hooker

    Hooker Grizzled Veteran

    Joined:
    Feb 17, 2009
    Posts:
    8,045
    Likes Received:
    2
    Dislikes Received:
    0
    Location:
    Louisiana
    Seems about right.

    Although our baby has been much cheaper than I was expecting. Not including nanny costs, we might spend $50/month on her right now
     
  4. buttonbuckmaster

    buttonbuckmaster Grizzled Veteran

    Joined:
    Jul 25, 2008
    Posts:
    4,195
    Likes Received:
    1,061
    Dislikes Received:
    0
    Location:
    southern IL
    $50?? Breast feeding and cloth diapers? Seemed like my kids cost $50 a day when they were that age :)
     
  5. Hooker

    Hooker Grizzled Veteran

    Joined:
    Feb 17, 2009
    Posts:
    8,045
    Likes Received:
    2
    Dislikes Received:
    0
    Location:
    Louisiana
    yeah breastfeeding

    and one of the large boxes of diapers only costs like $40 and they usually last about a month right now
     
  6. 130Woodman

    130Woodman Grizzled Veteran

    Joined:
    Sep 18, 2008
    Posts:
    4,860
    Likes Received:
    91
    Dislikes Received:
    4
    Location:
    Wisconsin
    I have a stash for her college some money I inherited and some of mine. Every year I max out my 401k and I take a look at my checking account and take 25% of that money and put that in her mutual fund.
     
  7. drenman

    drenman Die Hard Bowhunter

    Joined:
    Sep 1, 2009
    Posts:
    1,199
    Likes Received:
    165
    Dislikes Received:
    0
    Location:
    Nebraska
    Yes, we have 529s for both kids but the reality is that won't even come close to covering it. My son graduates this year and even after putting in what we thought was good amount a month since he was 5 there is maybe enough in there to pay for part of one year.

    Definitely max your 401K before you put money in their 529, your child having a college degree doesn't mean you can live with them when you retire. You don't want to be a burden on them in old age.
     
  8. JLS

    JLS Weekend Warrior

    Joined:
    Jul 30, 2013
    Posts:
    726
    Likes Received:
    0
    Dislikes Received:
    0
    Location:
    North Missouri
    We didn't start a savings plan just for their college as we wanted them to do all that they could . We did pay what we had to when we had to but they all done a great job of finding scholarships or going with the GI bill . My biggest expense was paying for a summer class every once in a while just to lighten their coarse load , when needed .
     
  9. wl704

    wl704 Legendary Woodsman

    Joined:
    Jun 25, 2012
    Posts:
    21,620
    Likes Received:
    55,005
    Dislikes Received:
    56
    Location:
    greater-Charlotte NC
    Add in the other sunk cost of crib, diaper bags (matching purse), baby Toms, clothes, stroller, etc and I bet your avg cost per month increases substantially!

    Oh, and if you extrapolate over 18 or 20+ years...and add in a few more...

    -Bill
     
    Last edited: Aug 15, 2013
  10. tfox

    tfox Grizzled Veteran

    Joined:
    Jul 25, 2008
    Posts:
    5,915
    Likes Received:
    8
    Dislikes Received:
    0
    Location:
    henderson ky
    I am of the opinion college is their(student) responsibility and agree with much of hooks assessments in the second paragraph of his first post.

    I am there for my daughter. Her car, insurance, phone and such. Provided she is doing her part. She slacks off, then so do I.

    She had a 3.9 gpa as a freshman. A small dance scholarship and now has a job. Seems to be working.


    Problem is with the student loans being setup per parents income (unless she becomes pregnant and moves out on her own, then the government pays for it) she can only borrow a certain percentage of the actuall cost. The rest we had to take a loan out for and she will be paying us back.

    She does get a chunk back at tax time because if the student loans.

    Sent from my SAMSUNG-SGH-I317 using Tapatalk 2
     
  11. Blarney22

    Blarney22 Die Hard Bowhunter

    Joined:
    Aug 6, 2013
    Posts:
    1,420
    Likes Received:
    674
    Dislikes Received:
    0
    Location:
    Wisconsin
    Set up a 529 College Savings Plan for your kid(s) and contribute what you can to it. Every State has one. The money grows tax free and is invested in the market with the potential to grow thanks to compound interest.

    I don't plan on paying for the entire thing but I'll do the best I can to help. If you save all your money to pay for your childrens schooling you will end up living in their basement at retirement because you will have underfunded your 401(k)
     
  12. Germ

    Germ Legendary Woodsman

    Joined:
    Jul 24, 2008
    Posts:
    15,118
    Likes Received:
    3,101
    Dislikes Received:
    44
    Location:
    "The" Michigan
    Hooker it really starts to cost you cash as they get older, they out grow clothes in months and sometimes weeks if they hit a growth spurt. I have bought 3 pairs of soccer shoes in the last 7 months and they were not worn out, just to small. She went from a kids 6 to a ladies size 8 in less than a year.

    Here is what I spend just on my daughter
    School 11,000(this is my choice, but it's still expense)
    Soccer Club $2,500

    They above is not counting food, doctors, glasses, braces etc.

    Yes I save for her college.
     
  13. Lester

    Lester Grizzled Veteran

    Joined:
    Mar 29, 2011
    Posts:
    8,439
    Likes Received:
    2,578
    Dislikes Received:
    7
    Location:
    Buffalo Minnesota
    We opened money market accounts and savings accounts for both of our children when they were born. When they get cash for anything they get to keep some to save for whatever they want, buy some stuff and the rest goes into the savings until there is enough to put more into their money market account.
     
  14. jackflap

    jackflap Die Hard Bowhunter

    Joined:
    Mar 4, 2009
    Posts:
    1,363
    Likes Received:
    591
    Dislikes Received:
    1
    Location:
    Panhandle of Texas
    I can only speak of my own experience with my son who is halfway through college. As long as he makes good grades (3.0 or better), stays out of trouble, takes a full course load and puts what he makes in the Summer towards his college, I am going to pay the rest so that he doesn't have a huge debt starting out his career.

    Like many of you, I had no choice but to put myself through, working full time on the evening shift at a grocery warehouse and going to classes in the morning. I am proud of this but at the same time, I missed out on a lot of the college experience by doing so. I know there is fine line between spoiling and helping, but I did save for his college and can afford to help him, so that is what I am doing.

    He has never dropped a class, has a 3.6 GPA, and will finish his undergraduate in Accounting in MAY 2014 after only three years. If he was just partying and had a low GPA, I would do things differently, but as long as he upholds his end of the bargain, so will I.
     
  15. jackflap

    jackflap Die Hard Bowhunter

    Joined:
    Mar 4, 2009
    Posts:
    1,363
    Likes Received:
    591
    Dislikes Received:
    1
    Location:
    Panhandle of Texas
    I put savings for his college in a 529 account and it has worked out nicely.

    Also, FWIW, some of you that have kids that are interested in sports...depending on the sport (my son played baseball), there High School Summers will most likely be filled up with Summer Leagues that can limit the amount of work they can do towards saving for college.

    We could start a whole other debate on the over emphasis of sports at the High School level, but the reality is that if your child goes to a school of much size at all, they will most likely have to really concentrate on that sport in order to compete unless they are really athletically gifted. And if they are, you will still have them in everything you can pertaining to that sport hoping they can make it to the college level.
     
  16. Rick James

    Rick James Grizzled Veteran

    Joined:
    Jul 24, 2008
    Posts:
    5,173
    Likes Received:
    1,272
    Dislikes Received:
    3
    Location:
    N. Illinois
    I paid for my school on my own (paid off), and am still paying for my wifes school (about half paid off). With us going to a single income as of tomorrow so my wife can stay at home with our little man, we aren't able to double up on the existing school loan for my wife anymore. As of right now I'm inclined to start saving something for the kid once my wifes loans are paid. I don't think we will pay for all of the schooling or even half of it, but if he's a hard worker we will find a way to help him when that time comes.
     
  17. tfox

    tfox Grizzled Veteran

    Joined:
    Jul 25, 2008
    Posts:
    5,915
    Likes Received:
    8
    Dislikes Received:
    0
    Location:
    henderson ky
    My son just did a couple months of physical therapy for his pitching/throwing arm. That was about $2000. His feet have cost about the same with custom orthodics and such. It was actually a shoulder issue.

    Cleats are rediculous. I was buying them 2 1/2 sizes big just to get through a season and he was in adult sizes when he was 8. They're more expensive.


    This past season I had to buy 2 pair :(


    Dance was/is extremely expensive as well. Daughter had both feet operated on between her junior/ senior seasons in high school. It had to be done if she was going to continue to dance. Might have been able to live with it otherwise.

    I agee, it only gets more expensive.;)

    Sent from my SAMSUNG-SGH-I317 using Tapatalk 2
     
    Last edited: Aug 15, 2013
  18. rybo

    rybo Grizzled Veteran

    Joined:
    Jul 24, 2008
    Posts:
    4,459
    Likes Received:
    3
    Dislikes Received:
    0
    Location:
    Pittsburgh, PA
    This thread makes me glad I don't have kids
     
  19. tfox

    tfox Grizzled Veteran

    Joined:
    Jul 25, 2008
    Posts:
    5,915
    Likes Received:
    8
    Dislikes Received:
    0
    Location:
    henderson ky
    Best money I've ever spent:D

    Sent from my SAMSUNG-SGH-I317 using Tapatalk 2
     
  20. fatsbucknut

    fatsbucknut Die Hard Bowhunter

    Joined:
    Feb 15, 2009
    Posts:
    1,410
    Likes Received:
    0
    Dislikes Received:
    0
    Location:
    Pa
    It sucks paying $700 a month for school loans for the last 8 years with 7 more years to go. I don't want my kids to have to do the same. We're planning on helping out as much as we can with housing, food, etc. but our kids (only have one currently) will be responsible for a chunk. I'm really hoping that our local university is still offering 75% off tuition for employee's children when that time comes. I'll take whatever job I can get there to save that kind of money.
     

Share This Page