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Spring 2018 College Bill

January 17th, 2018 at 04:34 pm

We have a bill that will be sent out in the next week for our University expenses. The final amount, including books that we were charged is $4,383.69. All of that is housing for the second semester. And we will get reimbursed from the VA over the next few months for just under that amount. Specifically we will receive $4,336.80 to cover housing.

I currently have $5,854 set aside in our college category in our checking account. So there will be no issue paying the bill when it is due in early February. After the bill is paid that will leave $1,470. I expect to need at least $3,700 to cover two online classes this summer. The bill will be due early June. My goal is to pay those out of pocket, and I have been setting aside $410 per month to make that happen. It does appear we are on track!

I increased our younger daughter's Educational Savings amount to $333.33 from $166.66. The maximum amount you can contribute each year is $2000. She turns 18 in July. At that time you can no longer contribute to the account. I increased it in order to get the full amount funded by her birthday.

You add those two amounts up ($410 +333.33) and we are setting aside $743 each month for college expenses. That is what saving and cash flowing look like. And if we had car payments like so many American's it would be even more difficult to make this happen. So happy my 2007 Honda Odyssey with 130K miles still looks and runs great!

6 Responses to “Spring 2018 College Bill”

  1. rob62521 Says:

    You are so smart in putting away this money. I think you do a fine job and it is good that you don't have a car payment. Bravo!

  2. Bluebird Says:

    The maximum was increased to $4,000 per child as of 2018.

  3. creditcardfree Says:

    Do you have a link that indicates that Bluebird. This is a Coverdale Educational Savings account. I don't see $4000 listed anywhere. Likely won't change the amount regardless.

  4. LivingAlmostLarge Says:

    Great work on the no car payment!

  5. Bluebird Says:

    CCF, our state deduction amount was increased to $4,000 per child, apparently not every state, sorry!

  6. creditcardfree Says:

    No problem, Bluebird. I couldn't find it so I was curious where you getting that information.

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