We have saved for college. Just not a lot at this point. Maybe $4K each. I'm sure it's a bit less now!
I even have college funding on hold for this year because of the home equity loan payoff. Of course, we probably shouldn't be doing a Disney vacation instead of funding college. But we are. Dave Ramsey would be soooo mad at me!
College saving is just a bit foggy to me. The costs are increasing so fast. How do I keep up? How do I know they will go to college or even where? We'll be moving a couple times before college starts for our oldest. Should I save a set percentage? Do I come up with a dollar figure to shoot for and hopefully exceed?
Retirement saving seems easier. Save as much as you can or pick a percentage. When you get to retirement...spend less than you have. Isn't the recommended amount to spend about 4% of your accumulated balance?
Of couse, my kids do well in school, so I think some scholarships will be available. I'm not opposed to them having jobs. I'm also willing to use cash available at the time to pay to assist them.
And now, with the market the way it is...do I even save in the stock market? My oldest only has 6 more years of schooling before college.
Hmm...as I write this I realize that because college is closer than retirement, I'm feeling the inadequacy of my planning and saving. I hope I don't get this feeling in retirment.
Next years plan WILL include college. I just need to decide if the amount we were saving last year is enough and where it should go. Wish me luck!
Foggy College Costs
May 19th, 2009 at 01:34 pm
May 19th, 2009 at 03:15 pm 1242746140
Are we in the same boat?! We discontinued college savings to tackle the debt; sadly, that is now after the $6,200 surprise of the roof. I am glad that I can pay cash for it, but am getting antsy to plan for college as well. My oldest is 7 years away. We've got about $20K total, but that is for everyone (5 thus far).
May 19th, 2009 at 03:54 pm 1242748440