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Post by lilmermaid on Jun 11, 2012 7:42:34 GMT -6
What have you done to starting saving for your kids to go to college?
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Post by supermommy on Jun 11, 2012 7:56:09 GMT -6
Nothing...I don't believe it's my job to pay for college for my kids. If I happen to have extra money and we are financially set its different then...they do both have savings accounts but it is not specifically for college.
My parents didn't pay for my college and I never expected them to. They helped with what they could and that was that. Besides do you know what college is gonna cost in the future? Probably no point on going 10 yrs from now because nobody will be able to afford it.
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Post by laurac on Jun 11, 2012 8:30:36 GMT -6
We never did either and I know now it sure would have helped but we never had any extra to start our own savings account let alone one for the kids. I have 2 in college now (one almost out) and thankfully they are good students and got a lot of $$ in scholarships and grants.
We, too, have helped out where we could. Groceries, money when needed, tvs, dishes, etc.
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Post by bunsy on Jun 11, 2012 9:19:14 GMT -6
Also, nothing. The kids did have 2-3 thousand in a savings account of money accumulated early in their life--my mom gave me money one year cuz she gave my brother money. I split into the kids accounts. Those are now invested, ds1 took his money out.
You can get loans for college, you can't get loans for retirement.
We are helping ds2 right now with school--interest free loan from us--but we won't be able to do that all the way through. We'll play it by ear. He's doing his first 2 or 2 1/2 years at a community college to save on expenses.
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Post by merrr on Jun 11, 2012 9:26:30 GMT -6
Nothing. On the flip side I do have a retirement account set up. It is more of a solid financial investment to plan for your retirment than put money away for your kids college (if you have to choose between the two). Like Bunsy said, you can get loans for college but not for retirement.
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Post by laurac on Jun 11, 2012 9:48:43 GMT -6
I've always heard that your kids will live longer than you will, so don't spend your retirement on them for college.
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Post by ReneeW on Jun 11, 2012 10:10:15 GMT -6
Unfortunately I'm still paying off my OWN student loans (SIGH ....) so those have to be taken care of first. The kids have savings accounts from getting money for birthdays, Christmas etc. over the years, and at some point we may start a 529 or what have you. At this point we don't have the funds to start an account for them, plus we need to ramp up our retirement savings. But down the road when the kids are older and I'm working more I hope to save more for them so that, unlike me, they won't still be paying for college 15 years after they graduate!!! (Granted, college is CRAZY out of control expensive so even with what we can save they'll probably be paying for college years later.) I need to encourage them to major in a career area that they'll enjoy but that has a higher income, unlike me--journalism major, what was I THINKING??!!?? Not to mention that I worked full time for about 6 years (low-paying but fun jobs to top it off) and then went down to part-time work after I had kids, so ... no wonder it's taking me forever to pay off my loans.
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Post by lilmermaid on Jun 11, 2012 11:39:24 GMT -6
So glad to know I'm not alone with not saving for them! DH wants to do something but we just don't have extra funds right now. They do have money market accounts that their Great Grandma puts holiday money in, instead of buying them a gift. They also have savings bonds. We will help them the best we can with all the extras.
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Post by bunsy on Jun 11, 2012 11:59:56 GMT -6
AND who knows what the state of education will be when your little ones get to that point. A college degree isn't a guarantee like it used to be.
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Post by sarahisis on Jun 11, 2012 13:48:03 GMT -6
Kinda..were starting the gerber grow up plan for both kids this summer. That will give them some money to either continue to save or cash out as an "adult." My husband also plans to teach at a university wherever we set down our roots so the kids can go to school for almost nothing.
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Post by elizac on Jun 11, 2012 13:58:43 GMT -6
We do not have college fund accounts for our children. We do have investments/savings which we could use to help out our children if needed. I have received full scholarships for all of my education (BA, MA and PhD) based on my grades, research, achievements, etc. DH worked full time to get through undergrad and graduate studies. So, we do not have the background of parents paying for us and we intend to teach our kids to seek other opportunities for college funding prior to asking for help from us.
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Post by love on Jun 11, 2012 14:00:41 GMT -6
Guess we are the odd balls out. DS has a savings and college fund account. We feel it isn't right for him to go to college and have all this debt out when he is done. We can and will do anything we can to help him NOT have that struggle DH and I did. We will also help him egt student loans if they are needed.
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Post by irish on Jun 11, 2012 16:31:19 GMT -6
We have a savings account for DS. Once he's an adult he can decide what he wants to do with it, but he will be strongly encouraged to put it towards school!
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Post by jlschlangen on Jun 11, 2012 19:48:42 GMT -6
We have savings accounts for our kids. Unfortunately we haven't been able to put much in it what has gone it has come from family for first communions, baptisms, Christmas', birthday's.
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Post by dara1012 on Jun 11, 2012 20:10:54 GMT -6
We have a savings account for DS the money is intended for college or educational experience. We don't put money in it as I am in grad school and still have undergrad loans (go figure!), but my brother gives money for birthday and Christmas b/c he says DS has too many toys (which is true!), DS's grandparents give money and my aunt and uncle give lots of savings bonds for gifts.My undergrad loans will be paid before I am done w/ grad school so I will only have one set of loans.
My parents were (and are) very generous with helping my brothers and I with education so I want to help DS too, but won't take out loans for him or give up our retirement. I expect him to work hard and save for himself and help contribute as well, I believe that kids who put $$ into college work harder for their grades than kids who get a free ride from mom and dad (this is what I have observed in the staff I supervise who tell me that they are paying for school vs just working for fun money). My dad had his college paid for by a wealthy grandfather and my mom worked her you know what off to pay for college and seminary (along with loans/grants/scholarships). My mom cleaned toilets at a mall to have enough to finish seminary....she definitely taught us that no job is beneath us and I have worked in factories and warehouses during the summer to have enough money for school. I wish I was as frugal as my parents and that is something I am trying to improve....then I would have more money saved for us and for DS.
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