s/o Save for kids' college or pay off student loans?

[Anonymous]

OP I wouldn't save any for your kids' college. You can't afford it. State colleges are fine. DH didn't get any help from his parents. We married young and easily the two of us paid off his student loans (80k) before 30.

You need to start saving for retirement so you're not a burden on your kids. Don't put them in the position of helping you plus paying off their own student loans.

[Anonymous]

Also start to read Michelle Singletary, she writes with the Washington Post. She gives great advice and can get you almost excited about saving and getting rid of debt. Read her "Color of Money" chats. You will see you are not alone in your position. https://www.washingtonpost.com/people/michelle-singletary/?utm_term=.d3b04a89b437

Also post your budget

[Anonymous]

Anonymous wrote:OP I wouldn't save any for your kids' college. You can't afford it. State colleges are fine. DH didn't get any help from his parents. We married young and easily the two of us paid off his student loans (80k) before 30.

You need to start saving for retirement so you're not a burden on your kids. Don't put them in the position of helping you plus paying off their own student loans.

+1. I agree. They can take out loans for school, but you can't take out loans for retirement. There are avenues open to kids to help offset college costs. My DH received a full scholarship and stipend package through the ROTC when he received no parental help. Not everyone wants to go into a university ROTC and be committed to the military after graduation, but it's a trade-off. We started our life together without loans (and both have master's degrees too).

[Anonymous]

Here's our rough budget -- I don't have it here at work, but they are rough numbers.

car loans 575
credit cards 350
529s 400
savings 250
gas 300
groceries 1000
medical OOP (Rxs and therapy) 450
mortgage 3350
student loans 1000
utilities 300
internet 250

We have health/dental insurance from FEHB and vision through my wife's employer.

(She has about $300K in her employer's 401k and a pension plan.)

[Anonymous]

Anonymous wrote:Here's our rough budget -- I don't have it here at work, but they are rough numbers.

car loans 575
credit cards 350
529s 400
savings 250
gas 300
groceries 1000
medical OOP (Rxs and therapy) 450
mortgage 3350
student loans 1000
utilities 300
internet 250

We have health/dental insurance from FEHB and vision through my wife's employer.

(She has about $300K in her employer's 401k and a pension plan.)

Why is internet $250? Does that include cable / phones?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Just tell your kids they are screwed.

Thanks. I have actually considered the value of my life insurance as they would be better off if I weren't around any longer.

I only hope you are joking, and I'm sorry you're on the recieving end of a typical dcum pile-on. You are worth way more than that to your kids. Plenty of people get through college without parental money. There are smart choices they'll be able to make, and opportunities with community colleges and state schools that won't cost a fortune. I'm the pp who said listen to Dave Ramsey, and I mean it. You'll hear people who dug out of bigger holes. You can do it too. Hugs.

Thanks

[Anonymous]

At first glance, your car loans seem high for your situation. How close are you to getting those paid off?

How much money do you have in savings currently? in 529's? In retirement accounts?

[Anonymous]

OK after seeing your budget, forget retirement or saving for college. Pay off your credit cards first.

Your internet is very, very high. $250? Mine is $65.

car loans 575- HIGH
credit cards 350- Pay this off first!
529s 400- I thought you weren't saving for college?
savings 250- why savings if you have cc debt?
gas 300
groceries 1000
medical OOP (Rxs and therapy) 450
mortgage 3350
student loans 1000- you need to pay more than the minimum
utilities 300
internet 250- sky high. Mine is $65 for internet plus netflix

[Anonymous]

Anonymous wrote:

Anonymous wrote:Here's our rough budget -- I don't have it here at work, but they are rough numbers.

car loans 575
credit cards 350
529s 400
savings 250
gas 300
groceries 1000
medical OOP (Rxs and therapy) 450
mortgage 3350
student loans 1000
utilities 300
internet 250

We have health/dental insurance from FEHB and vision through my wife's employer.

(She has about $300K in her employer's 401k and a pension plan.)

Why is internet $250? Does that include cable / phones?

verizon FIOS -- wife works from home and we have to pay for our own internet

[Anonymous]

You call your house a shitshack. Why is the mortgage so high though? $3350 is very high considering how much in student loans you have and your income.

[Anonymous]

My fios is 102 (including tax/fee) a month - cable/phone/TV

[Anonymous]

Anonymous wrote:At first glance, your car loans seem high for your situation. How close are you to getting those paid off?

How much money do you have in savings currently? in 529's? In retirement accounts?

car loans will be paid off in 2017

Have 3K in savings, 10K in 529s, and my 401K is about 250K

[Anonymous]

Anonymous wrote:OK after seeing your budget, forget retirement or saving for college. Pay off your credit cards first.

Your internet is very, very high. $250? Mine is $65.

car loans 575- HIGH
credit cards 350- Pay this off first!
529s 400- I thought you weren't saving for college?
savings 250- why savings if you have cc debt?
gas 300
groceries 1000
medical OOP (Rxs and therapy) 450
mortgage 3350
student loans 1000- you need to pay more than the minimum
utilities 300
internet 250- sky high. Mine is $65 for internet plus netflix

Do you never go out to eat or buy a birthday present? There seems to be a lot missing which is probably how you ended up with CC debt.

[Anonymous]

You claim you live in a shitshack, but with that mortgage, it's tough. Honestly, I'd sell your place and rent something for awhile. After all, your kids are moving out within a couple of years anyway. Throw every cent of anything you make from the sale of the house at your student loan debt. Then trim EVERYTHING from that budget and start chunking it at your debt.

Dave Ramsey would tell you to stop all savings -- of all types-- and throw everything at your cc debt until that's gone, then attack your car debt (or sell your nice cars and buy beaters), then go for your student loan debt.

It's going to take you years to pay all of this off and if your wife already has $300k in her 401k, you may just need to let that sit and churn while you get rid of this crazy noose around your necks.

[Anonymous]

Anonymous wrote:You call your house a shitshack. Why is the mortgage so high though? $3350 is very high considering how much in student loans you have and your income.

Presumably they live somewhat close in. That's not a huge mortgage given their income, and at this point I think there are other opportunities to cut back expenses/increase their income.