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MissJones
I need a nap!
Member since 5/05 22132 total posts
Name:
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So how much do you have saved for college?
This thread scared me. Oh well. You can take out loans for school. Can't take out a loan to retire.
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Posted 5/6/15 6:20 PM  |
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Sash
Peace
Member since 6/08 10312 total posts
Name:
fka LIW Smara
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Re: So how much do you have saved for college?
He has a several thousand saved, but I only contributed about 200. It's all from him working. My SS, his parents have nothing saved.
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| Posted 5/6/15 6:42 PM |
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mrsboss
my little love
Member since 12/09 5054 total posts
Name:
Me
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Re: So how much do you have saved for college?
Posted by MissJones
This thread scared me. Oh well. You can take out loans for school. Can't take out a loan to retire.
Yes exactly. I max out my 401k. It's just not doable to save money like that with daycare and living expenses right now.
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| Posted 5/6/15 8:33 PM |
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melbalalala
Little Lady
Member since 5/07 5014 total posts
Name:
Melissa
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Re: So how much do you have saved for college?
Posted by Cpt2007
We have very little saved for their college. Any financial adviser worth their salt will tell you that it is much more important to save for your retirement and let your children figure out their college financing when the time comes (if they indeed end up going to college). And on that score, we're saving the max to our 401(k)s, so we're in good shape for where we are in our careers.
When we stop paying for daycare and are able to put something away, we will, but for now, the focus is on making sure we have the money to live off of after we retire so that we aren't a burden to our children.
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| Posted 5/6/15 9:25 PM |
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gina409
TWINS!
Member since 12/09 27635 total posts
Name:
g
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Re: So how much do you have saved for college?
I hope some of your kids loan my kids money in the future
Message edited 5/6/2015 10:17:45 PM.
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| Posted 5/6/15 10:17 PM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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Re: So how much do you have saved for college?
Posted by gina409
I hope some of your kids loan my kids money in the future
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| Posted 5/6/15 10:24 PM |
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Michelle1110
My family is complete
Member since 1/12 2338 total posts
Name:
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So how much do you have saved for college?
8 months, $8,000 in 529, but mostly from family
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| Posted 5/6/15 10:52 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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So how much do you have saved for college?
DD who is 2.5 has $6k
DS who is 2 months old has $1k
These are gifts and we save $10 a week for each kid. It's what we can afford so be it
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| Posted 5/6/15 11:15 PM |
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Re: So how much do you have saved for college?
Glad some said how they have that money as I was going to ask if this is all saved money from yourself or from gifts.
I have older kids and don't have anywhere near where some on here have stated.
1. We don't have big parties where they get a lot of money.
2. We had to stop saving for years due to finances.
3. We have started saving again but very little but it will be something and I don't feel bad as we are also saving for retirement and do the best we can.
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| Posted 5/7/15 8:05 AM |
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Re: So how much do you have saved for college?
Posted by nferrandi
8 year old has over $60k, 5 year old has 40k. We will probably stop at 100k for each and hope with the interest accumulated that it's enough for at least state schools.
Wow. Have you saved this all or do you have large parties that the kids get a lot from other people?
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| Posted 5/7/15 8:06 AM |
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Sash
Peace
Member since 6/08 10312 total posts
Name:
fka LIW Smara
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Re: So how much do you have saved for college?
Posted by gina409
I hope some of your kids loan my kids money in the future
He can't he's too busy loaning it to me
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| Posted 5/7/15 9:11 AM |
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myminions
LIF Toddler
Member since 2/14 454 total posts
Name:
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Re: So how much do you have saved for college?
Posted by Cheeks24
Posted by jessnbrian
only is 6 months, $4K. $10K by 4 yo is great! I've honestly been surprised by how many people don't have anything saved - while our 529 has a large minimum, there are many others that don't. Even $25 per month makes a big difference!
I am not surprised. Many people aren't in the position to save for their children's education. It is also more responsible to save for your retirement than your child's education. So once people are in a good place with that, then the contributions should start towards education.
This is what I have been reading. Also, what happens when you have two or more kids ... how easy will it be to save for college for each child? I'd rather have a really good credit score, own my house, pay my cc in full each month. I want to put myself in a position where I have sufficient retirement funds and the ability to help with college ...how much to help ... not sure. My kids will have to take a loan to help too. Who knows too ...college is not for everyone and I have seen some successful people doing better than my M.S. degree and DH Ph.D they may need very little education after HS. They might even get good scholarships.... I think about it but not drive myself crazy.
Message edited 5/7/2015 9:56:22 AM.
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| Posted 5/7/15 9:54 AM |
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myminions
LIF Toddler
Member since 2/14 454 total posts
Name:
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Re: So how much do you have saved for college?
Posted by MissJones
This thread scared me. Oh well. You can take out loans for school. Can't take out a loan to retire.
I agree ... pensions and defined benefit plans are disappearing. My had will have a DBP from Con Ed but those who recently started or have been there a few years will not.
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| Posted 5/7/15 9:59 AM |
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jessnbrian
Only God knows His plan for us
Member since 4/13 7238 total posts
Name:
Jessica
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Re: So how much do you have saved for college?
Posted by myminions
Posted by MissJones
This thread scared me. Oh well. You can take out loans for school. Can't take out a loan to retire.
I agree ... pensions and defined benefit plans are disappearing. My had will have a DBP from Con Ed but those who recently started or have been there a few years will not.
Agreed. We are EXTRAORDINARILY lucky in that DH works for a company that still has a pension plan for anyone that started in 2014 or earlier (I believe they are doing away with it for future employees). We also have 403b's and 401k's and IRA's - in terms of retirement we are ahead of where we should be based on the typical recommendations. If we were not, we wouldn't be saving the way we do for ds' education, though we would still be putting something away, no matter how small.
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| Posted 5/7/15 10:06 AM |
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tann22
LIF Adult
Member since 6/05 2421 total posts
Name:
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Re: So how much do you have saved for college?
DS is 6 and has $30k in his 529
DD is 4 and has $20k in his 529.
We're very fortunate that right now we are able to
contribute money into their 529's. Who know what the future hold and if we will be able to continue to contribute.
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| Posted 5/7/15 10:52 AM |
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Re: So how much do you have saved for college?
Posted by tann22
DS is 6 and has $30k in his 529
DD is 4 and has $20k in his 529.
We're very fortunate that right now we are able to
contribute money into their 529's. Who know what the future hold and if we will be able to continue to contribute.
Have you saved all of this yourself or did you have help from gifts?
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| Posted 5/7/15 3:06 PM |
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ml110
LIF Adult
Member since 1/06 5435 total posts
Name:
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So how much do you have saved for college?
DS is 4.5.... last year, ILs started an account for him and i believe they put 30K into it. He is their only grandchild, and my husband is their only child- what can i say?? LOL
its looking like they will be able to do that for the next couple of years, which we are VERY thankful for!!!
BUT its set up so that ILs get the money if they were to need it, for a nursing home or whatever in the future. so we can't 100% count on all of it being there- but its a definite start!!!
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| Posted 5/7/15 4:37 PM |
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mosh913
baby boy coming spring '11
Member since 5/05 3133 total posts
Name:
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Re: So how much do you have saved for college?
Nothing. We are saving for our retirement and bought a fixer upper 6 years ago so much if our $ has gone into our house. We will take loans when the time comes and they will have to as well. Right now we are in too much debt to put any $ aside for them.
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| Posted 5/7/15 8:38 PM |
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Pinkisles
<3
Member since 11/13 2868 total posts
Name:
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Re: So how much do you have saved for college?
Posted by ElizaRags35
We're poor lol. So nothing for college and nothing for retirement. We're pretty much screwed.
DD does have several accounts set up by family members which will be used towards college. DH and I personally do not have anything saved for it.
Same.
Threads like these always make me feel bad. Idk why I even open them 
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| Posted 5/7/15 11:17 PM |
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Re: So how much do you have saved for college?
Posted by Pinkisles
Posted by ElizaRags35
We're poor lol. So nothing for college and nothing for retirement. We're pretty much screwed.
DD does have several accounts set up by family members which will be used towards college. DH and I personally do not have anything saved for it.
Same.
Threads like these always make me feel bad. Idk why I even open them
Dont feel bad as you get threads like this but when you start talking to people, everyone seems to be in the same boat. Only on this board is everyone is doing so well. No one has answered yet either if they saved the money in such a short time or if they were gifts. I find it hard to believe that anyone can save that much in such little time unless you are making bucco money or get bonuses. Sorry, I just leave in reality. The poor reality of only being able to save a very little as it costs so much to live on LI.
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| Posted 5/8/15 7:56 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: So how much do you have saved for college?
Threads like this are pretty silly IMO depending on income, gifts, help from family the numbers will vary greatly. Meet with a financial professional to discuss options.
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| Posted 5/8/15 8:03 AM |
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Re: So how much do you have saved for college?
Posted by DiamondGirl
Threads like this are pretty silly IMO depending on income, gifts, help from family the numbers will vary greatly. Meet with a financial professional to discuss options.
I get that people are always curious about how much other people make and how much money they have and to see if they are on track with others. It IS pretty silly because everyone is different and behind a computer, anyone can say anything too.
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| Posted 5/8/15 9:45 AM |
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