How much did you save for college this year?

[Anonymous]

And how old are kids and what's your HHI?

We know a ton of people with kids in private and my theory is that they save less than we do.

Our HHI is around $370 and we have a 4 yr old and 6 yr old and we saved $6000 total for both. We also bought a new house, saved a 3 mom supple of salary and max out our 401Ks, so I think that $6000 is adequate, but I get the sense that many people pay for extras like fancy vacations and private schools from being more liberal with their money... Or having family money.

We do not feel we could afford private grade school at all.

Am I wrong?

[Anonymous]

Dc is 7, saved 0 for college. Very expensive year, all assets went down, lucky to be hanging in at all.

[Anonymous]

I save $1200 a year. Not much. We max out our retirement, which is more important financially.

[Anonymous]

OP here - would you mind mentioning hhi? Just want to get a sense if we are above or below most people, proportionally.

[Anonymous]

I save 1200 every year in a 529. Not much and hope to up it by the time he is 5. (Currently 3.5). Single mom making 58k.

[Anonymous]

We saved $2000 for DD. Our HHI is $170.

[Anonymous]

We save about $2k per year in a 529 and have since birth. Our HHI is now over $200k. When child was born it was more like $120.

[Anonymous]

Anonymous wrote:We saved $2000 for DD. Our HHI is $170.

Oh and DD is 3.5.

[Anonymous]

Two kids, 3 and 4 months. HHI of 140K. Do not save for college at all on advice of our financial planner because we don't yet max out of 401Ks and he encourages us to do that before any other saving. So we maintain a three month emergency fund and put 15% or so into retirement. Once we aren't spending $40K on daycare/preschool we will save more, though. (FWIW though this is not much less than private school would be, so certainly on $370K you could do private school if you chose to.)

[Anonymous]

Very, very little. We've saved nothing since March when I basically was furloughed while a couple months pregnant with #2.

Our HHI was around $135k, but it is maybe $110k now. I'm bringing in a couple hundred a month, which basically covers formula and diapers for the new baby.

We've been paying our bills and saving in my husband's 401k. The college savings and other accounts are on hold until either my pt job gets back to normal OR I go back to Ft work. Most of my salary would likely be going to daycare, though.

Damned if you do, damned if you don't.

[Anonymous]

Anonymous wrote:Dc is 7, saved 0 for college. Very expensive year, all assets went down, lucky to be hanging in at all.

HHI is 170K, GS15

[Anonymous]

We saved negative $110,000. 2 kids in college this year. We just drained the accounts for DC1 to pay the final tuition bill.

[Anonymous]

When you all say "maxed out" retirement, are you contributing the full $17,500?

[Anonymous]

Anonymous wrote:When you all say "maxed out" retirement, are you contributing the full $17,500?

Presumably OP means $35K for two. Still, $35K + $6K ought to leave quite a bit to work with off of $370K, even accounting for taxes. I imagine the downpayment took a chunk of that this year, but that won't be a recurring cost, so OP, perhaps you'll have more to work with next year and beyond? Is there also debt involved? Student loans can also gobble income quickly, and not everyone has those.

[Anonymous]

Anonymous wrote:When you all say "maxed out" retirement, are you contributing the full $17,500?

Yes. We only have access to one plan, though, through my employer -- a 457 plan. Same limits as a 401k.