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AprilBabyBoy
LIF Infant
Member since 7/13 206 total posts
Name:
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So how much do you have saved for college?
Sorry, just curious! My oldest is 4 and we have almost $10 k saved for each child. Thanks ladies!
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Posted 5/5/15 11:37 PM  |
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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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So how much do you have saved for college?
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!
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| Posted 5/5/15 11:45 PM |
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Leb
LIF Adult
Member since 12/09 4166 total posts
Name:
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So how much do you have saved for college?
2.5 years old and 20k.
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| Posted 5/6/15 7:50 AM |
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StaceyWill
It's a girl!!!
Member since 6/10 21536 total posts
Name:
Stacey
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So how much do you have saved for college?
She's 3 and has about 15k.
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| Posted 5/6/15 8:04 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: So how much do you have saved for college?
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.
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| Posted 5/6/15 8:13 AM |
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luckysmom
Yes it is! Going as planned:)
Member since 6/07 5339 total posts
Name:
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So how much do you have saved for college?
I have 3 kids. 4 year old twins and a 2.5 year old and we honestly have not saved anything for college simply because we are not in the position to do so. We have our savings acct and we have an acct set up for all three kids with some money in it but that's it. Hopefully in the next few years we can start saving more for them but right now it's not possible.
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| Posted 5/6/15 8:25 AM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: So how much do you have saved for college?
Not as much as we'd like but right now we're in the process of paying off our debts so that we have more money available for things such as our children's college savings. Within the next two years, once the debt is gone, we plan on funneling a lot of money into their college accounts. Also, DH's future earning potential should really be a HUGE help in putting away a good amount of money for each of my kids. Anytime the kids get money I put it in their account and we contribute what we can right now as well.
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| Posted 5/6/15 8:41 AM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: So how much do you have saved for college?
I have an 9 and 11 yo. I am single and sometimes get child support so cannot save that much. I have 40k total. Better than nothing!
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| Posted 5/6/15 8:48 AM |
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Mrs&MrsK
i need sleep ;-)
Member since 2/14 2008 total posts
Name:
L
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So how much do you have saved for college?
i am planning to do $5k a year (per child if we have more). i dont have anything specifically saved yet as he is only 2 mo old. the $ i have earmarked for this years i am considering waiting on as we need to get into a better district which will also help him towards college... i am on the fence so this is why we havent opened the 529 yet.
i am planning on opening a youth acct at bethpage after his baptism. if we ever get that scheduled... LOL (reminder-- need to call church today!)
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| Posted 5/6/15 8:55 AM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: So how much do you have saved for college?
I have $0 saved and I quite ok with that!! we pay a lot of money for full time daycare for both of them  and as a result we really barely get by but we own a house (our mortgage is considerably low compare to most) and put food on the table and rarely deprive ourselves or kids anything.
I am not concerned about college for them now I have plenty of time and really if I want to save for them I can pretend to pay for daycare once they are out for a few years and they will have good savings then for it. Either way my kids will not see a dime of the money for college until after they graduate they will be taking loans out in their own name and if they do good and not mess around I will take care of their loans if they fail classes and not take it seriously they will be stuck paying the loans back themselves just like my parents did for me.
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| Posted 5/6/15 9:05 AM |
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nferrandi
too excited for words
Member since 10/05 18538 total posts
Name:
Nicole
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Re: So how much do you have saved for college?
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.
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| Posted 5/6/15 9:26 AM |
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mnmsoinlove
Mommy to 2 sweet girls!
Member since 3/09 8585 total posts
Name:
Melissa
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Re: So how much do you have saved for college?
We are putting 2,000 away for each child every year. The money is invested and doing really well.
Message edited 5/6/2015 9:31:17 AM.
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| Posted 5/6/15 9:30 AM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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So how much do you have saved for college?
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 10:06 AM |
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mnmsoinlove
Mommy to 2 sweet girls!
Member since 3/09 8585 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.
This is the advice we were given by our finical advisor. It's the reason we are saving the max in 401k and and iras. We also fund our savings account biweekly. We never want to burden our kids with taken care of us. We are funding college savings for them but we have to make sure we can live after we retire.
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| Posted 5/6/15 10:53 AM |
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Annie91606
Brotherly love
Member since 12/07 1816 total posts
Name:
Anne
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Re: So how much do you have saved for college?
Posted by mnmsoinlove
We are putting 2,000 away for each child every year. The money is invested and doing really well.
The same here. We are putting the max in my husband's retirement account, and my IRA ( I am a stay at home mom), so that takes priority.
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| Posted 5/6/15 11:31 AM |
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BsMomma2014
Fly high little one
Member since 6/10 2662 total posts
Name:
nicole
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So how much do you have saved for college?
He is almost 7 months and he have well over 10K
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| Posted 5/6/15 11:36 AM |
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ElizaRags35
My 2 Girls
Member since 2/09 20494 total posts
Name:
Me
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So how much do you have saved for college?
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.
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| Posted 5/6/15 11:40 AM |
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JennyPenny
?
Member since 1/08 12702 total posts
Name:
Jen
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So how much do you have saved for college?
Zero and my girls are 6 & 3. We can barely pay our own bills, let alone theirs.
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| Posted 5/6/15 11:43 AM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: So how much do you have saved for college?
Posted by mnmsoinlove
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.
This is the advice we were given by our finical advisor. It's the reason we are saving the max in 401k and and iras. We also fund our savings account biweekly. We never want to burden our kids with taken care of us. We are funding college savings for them but we have to make sure we can live after we retire.
Agree with this! Add long-term care too! Dealing with an elderly parent now who has nothing!
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| Posted 5/6/15 12:02 PM |
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Mom0710
LIF Adolescent
Member since 9/14 682 total posts
Name:
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Re: So how much do you have saved for college?
Posted by JennyPenny
Zero and my girls are 6 & 3. We can barely pay our own bills, let alone theirs.
Plus one. They have savings accounts but its less then 1k in each. We will help them when the time comes, but I'm focused on the now.
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| Posted 5/6/15 12:06 PM |
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pnbplus1
Family
Member since 5/09 5751 total posts
Name:
Mommy
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Re: So how much do you have saved for college?
We have 2 boys, ages 20 months and 5.5 yr old and we don't specifically save for college. I just don't see how I can possibly save enough for them to attend school. My undergrad was $35-40K PER YEAR 15 years ago! I can't begin to imagine how much it will cost for my sons to go to a top tier school in 12-16 years. If I saved 100K for each that would pay maybe 2 years if that. I took out school loans, quite a bit of them, and managed to pay them off and expect my kids to do the same. That being said, I will do what my parents did which is to provide them with whatever funds they need for books, clothing, meals, etc etc. I don't expect them to work during college, I didn't. And we will help them with tuition in whatever capacity we can in order to minimiize their loans. Same for grad school (I still owe $106K for that)
We fund our retirement accts well and expect to retire comfortably. I'm currently a SAHM but when I return to work I have a really good earning potential.
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| Posted 5/6/15 12:37 PM |
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drpepper318
MIR MIR MIR!
Member since 6/07 8274 total posts
Name:
me
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Re: So how much do you have saved for college?
Nothing actually. I mean I have money saved in general but nothing particularly marked for college. When the time comes, we'll see what happens... for example my brothers & I got full scholarships so you never know & it worked out great for my parents... do I expect the same, no of course not. On the other hand, they might not want to go to college & they might do a trade or something instead (and still do well for themselves). Or if they go to CUNY or SUNY, I think we wouldn't have trouble affording that. So basically, we don't have a 529 or specific account for college. But I'm definitely going to help them out & cover it when the time comes... within reason. I don't imagine we'd be able to afford room & board or a fancy private university (well, without them getting scholarships anyway). We'll see.
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| Posted 5/6/15 1:11 PM |
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Nic1229
LIF Adolescent
Member since 5/13 639 total posts
Name:
Nicole
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Re: So how much do you have saved for college?
Posted by blu6385
I have $0 saved and I quite ok with that!! we pay a lot of money for full time daycare for both of them and as a result we really barely get by but we own a house (our mortgage is considerably low compare to most) and put food on the table and rarely deprive ourselves or kids anything.
I am not concerned about college for them now I have plenty of time and really if I want to save for them I can pretend to pay for daycare once they are out for a few years and they will have good savings then for it. Either way my kids will not see a dime of the money for college until after they graduate they will be taking loans out in their own name and if they do good and not mess around I will take care of their loans if they fail classes and not take it seriously they will be stuck paying the loans back themselves just like my parents did for me.
My husband and I have talked about this exactly. Daycare is VERY expensive.. When DD is out of daycare we plan on having our next.. and when they're both out of daycare we will put all the money we were paying towards daycare into bank accounts for our children
We aren't overly concerned with saving this minute.
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| Posted 5/6/15 2:00 PM |
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Mrs&MrsK
i need sleep ;-)
Member since 2/14 2008 total posts
Name:
L
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Re: So how much do you have saved for college?
Posted by pnbplus1
We have 2 boys, ages 20 months and 5.5 yr old and we don't specifically save for college. I just don't see how I can possibly save enough for them to attend school. My undergrad was $35-40K PER YEAR 15 years ago! I can't begin to imagine how much it will cost for my sons to go to a top tier school in 12-16 years. If I saved 100K for each that would pay maybe 2 years if that. I took out school loans, quite a bit of them, and managed to pay them off and expect my kids to do the same. That being said, I will do what my parents did which is to provide them with whatever funds they need for books, clothing, meals, etc etc. I don't expect them to work during college, I didn't. And we will help them with tuition in whatever capacity we can in order to minimiize their loans. Same for grad school (I still owe $106K for that)
We fund our retirement accts well and expect to retire comfortably. I'm currently a SAHM but when I return to work I have a really good earning potential.
same here re: my parents & what they paid (well my mom)
ETA_ i went to another state's school but had reduced tuition so it was actually cheaper than suny
Message edited 5/6/2015 2:08:20 PM.
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| Posted 5/6/15 2:06 PM |
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summertime
LIF Adolescent
Member since 9/10 852 total posts
Name:
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Re: So how much do you have saved for college?
About 10K for each kid (oldest is 9) in 529 plan. We are more concerned with our 401k and investments which will put us on track to retire early. We save what we can specifically for this but in the end we are more concerned with saving and building assets in general.
Message edited 5/6/2015 2:22:12 PM.
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| Posted 5/6/15 2:20 PM |
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