Tips for saving for college? How much to do you put into your kids college savings acct?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I love the helpful advice like have fewer kids. Might as well say, live in the past when college was cheaper.

We also have four kids and we approach it like anything else in parenting--do the best you can and realize you can't do it all. No one can predict the future but we've been told that college will be about $200k for in-state tuition, room, and board when our preschoolers are ready to enroll. So our goal is to have $100k for each of them to cover half, pay for another 1/4 while they're in school, and let them pay for 1/4. Maybe we'll even get lucky and one or more of them will receive a scholarship. Who knows, although we obviously can't count on it. There's a lot more that goes into having kids and being a part of a family than paying for college. It's an important part of the big picture, but it's not everything. So keep going on vacations with your family and enjoy your time together, just try to be reasonable about it.

This person ^ said it perfectly.

He or she should host their own talk show.

+1 very well said.

I also have four kids and I started 529 for them immediately after they were born. They are now 17, 15, 13 and 7. The seventeen year old will have about 300k in 529 when she turns 18. The same goes for the 15, 13 and 7 years old. I also got very lucky that I invested 50k in 1997 in Apple Stock that I've kept since but I dont' think they will need it.

Classic!!!

OP: I'm struggling to save for my 4 kids college, what advice do you have?

Poster: Each of my four kids will have $300K for college, and I have a ton of other money if they need some. My advice is you should have bought Apply stock back in 1997.

Love it!

The thing is, as bad as that guy's response is, there's really no good reply. there's no secret sauce or trick to saving for college. You budget, make sacrifices, and do whatever you can reasonably do to save up some money. Or you don't. You make it a priority. Or you don't. Of course, it's not easy for most to find extra money. Life is full of tradeoffs.

Show me your budget and I'll show you your priorities.

Not PP, but believe it or not, there are so many families that have very little left over once they fulfill the priorities of keeping everyone fed, clothed, and sheltered. Not everyone has fancy cars, vacations, or cable to cut, because they never had them in the first place. It’s just crazy how costs have risen even in the last 20 years- the cost to attend my alma mater (tuition + room/board) has DOUBLED since I attended in the late 90s.

Given how much taxpayer money goes to universities, we should regulate some kind of "rent control" -- tuition shouldnt be allowed to increase more than inflation.

Perhaps then schools would learn how to manage a budget and not simply spend, waste and charge more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I love the helpful advice like have fewer kids. Might as well say, live in the past when college was cheaper.

We also have four kids and we approach it like anything else in parenting--do the best you can and realize you can't do it all. No one can predict the future but we've been told that college will be about $200k for in-state tuition, room, and board when our preschoolers are ready to enroll. So our goal is to have $100k for each of them to cover half, pay for another 1/4 while they're in school, and let them pay for 1/4. Maybe we'll even get lucky and one or more of them will receive a scholarship. Who knows, although we obviously can't count on it. There's a lot more that goes into having kids and being a part of a family than paying for college. It's an important part of the big picture, but it's not everything. So keep going on vacations with your family and enjoy your time together, just try to be reasonable about it.

This person ^ said it perfectly.

He or she should host their own talk show.

+1 very well said.

I also have four kids and I started 529 for them immediately after they were born. They are now 17, 15, 13 and 7. The seventeen year old will have about 300k in 529 when she turns 18. The same goes for the 15, 13 and 7 years old. I also got very lucky that I invested 50k in 1997 in Apple Stock that I've kept since but I dont' think they will need it.

Classic!!!

OP: I'm struggling to save for my 4 kids college, what advice do you have?

Poster: Each of my four kids will have $300K for college, and I have a ton of other money if they need some. My advice is you should have bought Apply stock back in 1997.

Love it!

The thing is, as bad as that guy's response is, there's really no good reply. there's no secret sauce or trick to saving for college. You budget, make sacrifices, and do whatever you can reasonably do to save up some money. Or you don't. You make it a priority. Or you don't. Of course, it's not easy for most to find extra money. Life is full of tradeoffs.

Show me your budget and I'll show you your priorities.

Not PP, but believe it or not, there are so many families that have very little left over once they fulfill the priorities of keeping everyone fed, clothed, and sheltered. Not everyone has fancy cars, vacations, or cable to cut, because they never had them in the first place. It’s just crazy how costs have risen even in the last 20 years- the cost to attend my alma mater (tuition + room/board) has DOUBLED since I attended in the late 90s.

Given how much taxpayer money goes to universities, we should regulate some kind of "rent control" -- tuition shouldnt be allowed to increase more than inflation.

Perhaps then schools would learn how to manage a budget and not simply spend, waste and charge more.

+1. Was on a few college tours with my nephew and everything is so "fancy" now.

[Anonymous]

We do $8000 a year for our one child. We started when she was 1 and she will go to college at 17. Unfortunately, we still don't think that will fully cover private college but we will hopefully be able to cover the difference with cash flow.

[Anonymous]

Anonymous wrote:We do $8000 a year for our one child. We started when she was 1 and she will go to college at 17. Unfortunately, we still don't think that will fully cover private college but we will hopefully be able to cover the difference with cash flow.

Yeah we likely won’t be able to save enough to fully cover either but expect to both still be working at that point. Heck, we’re paying $3k a month for two kids in daycare right now, so there’s no reason we can’t do this once they’re in college. There are some tax incentives for higher education spending too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I love the helpful advice like have fewer kids. Might as well say, live in the past when college was cheaper.

We also have four kids and we approach it like anything else in parenting--do the best you can and realize you can't do it all. No one can predict the future but we've been told that college will be about $200k for in-state tuition, room, and board when our preschoolers are ready to enroll. So our goal is to have $100k for each of them to cover half, pay for another 1/4 while they're in school, and let them pay for 1/4. Maybe we'll even get lucky and one or more of them will receive a scholarship. Who knows, although we obviously can't count on it. There's a lot more that goes into having kids and being a part of a family than paying for college. It's an important part of the big picture, but it's not everything. So keep going on vacations with your family and enjoy your time together, just try to be reasonable about it.

This person ^ said it perfectly.

He or she should host their own talk show.

+1 very well said.

I also have four kids and I started 529 for them immediately after they were born. They are now 17, 15, 13 and 7. The seventeen year old will have about 300k in 529 when she turns 18. The same goes for the 15, 13 and 7 years old. I also got very lucky that I invested 50k in 1997 in Apple Stock that I've kept since but I dont' think they will need it.

Classic!!!

OP: I'm struggling to save for my 4 kids college, what advice do you have?

Poster: Each of my four kids will have $300K for college, and I have a ton of other money if they need some. My advice is you should have bought Apply stock back in 1997.

Love it!

The thing is, as bad as that guy's response is, there's really no good reply. there's no secret sauce or trick to saving for college. You budget, make sacrifices, and do whatever you can reasonably do to save up some money. Or you don't. You make it a priority. Or you don't. Of course, it's not easy for most to find extra money. Life is full of tradeoffs.

Show me your budget and I'll show you your priorities.

Not PP, but believe it or not, there are so many families that have very little left over once they fulfill the priorities of keeping everyone fed, clothed, and sheltered. Not everyone has fancy cars, vacations, or cable to cut, because they never had them in the first place. It’s just crazy how costs have risen even in the last 20 years- the cost to attend my alma mater (tuition + room/board) has DOUBLED since I attended in the late 90s.

Given how much taxpayer money goes to universities, we should regulate some kind of "rent control" -- tuition shouldnt be allowed to increase more than inflation.

Perhaps then schools would learn how to manage a budget and not simply spend, waste and charge more.

+1. Was on a few college tours with my nephew and everything is so "fancy" now.

It.is.insane. how is it OK to have these grand buildings and grounds?? My niece just went to college in Germany for a year and over there it is nearly free and BARE BONES. guess what? She got a great education over there despite not having a classroom in a building that coat 85M to build.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We do $8000 a year for our one child. We started when she was 1 and she will go to college at 17. Unfortunately, we still don't think that will fully cover private college but we will hopefully be able to cover the difference with cash flow.

Yeah we likely won’t be able to save enough to fully cover either but expect to both still be working at that point. Heck, we’re paying $3k a month for two kids in daycare right now, so there’s no reason we can’t do this once they’re in college. There are some tax incentives for higher education spending too.

Well, most people are put out to pasture when they are older. That's the problem. Age discrimination is alive and well. Unless you had your kids early in life or have a government job which means it is IMPOSSIBLE for you to get shoved out, i would not make the assumption your income will keep pace. I for bbn one will be 47 and 51 when each of my kids go off to school and will count myself as very lucky if I have the same income I have today and i consider myself a fairly young parent.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I love the helpful advice like have fewer kids. Might as well say, live in the past when college was cheaper.

We also have four kids and we approach it like anything else in parenting--do the best you can and realize you can't do it all. No one can predict the future but we've been told that college will be about $200k for in-state tuition, room, and board when our preschoolers are ready to enroll. So our goal is to have $100k for each of them to cover half, pay for another 1/4 while they're in school, and let them pay for 1/4. Maybe we'll even get lucky and one or more of them will receive a scholarship. Who knows, although we obviously can't count on it. There's a lot more that goes into having kids and being a part of a family than paying for college. It's an important part of the big picture, but it's not everything. So keep going on vacations with your family and enjoy your time together, just try to be reasonable about it.

This person ^ said it perfectly.

He or she should host their own talk show.

+1 very well said.

I also have four kids and I started 529 for them immediately after they were born. They are now 17, 15, 13 and 7. The seventeen year old will have about 300k in 529 when she turns 18. The same goes for the 15, 13 and 7 years old. I also got very lucky that I invested 50k in 1997 in Apple Stock that I've kept since but I dont' think they will need it.

Classic!!!

OP: I'm struggling to save for my 4 kids college, what advice do you have?

Poster: Each of my four kids will have $300K for college, and I have a ton of other money if they need some. My advice is you should have bought Apply stock back in 1997.

Love it!

The thing is, as bad as that guy's response is, there's really no good reply. there's no secret sauce or trick to saving for college. You budget, make sacrifices, and do whatever you can reasonably do to save up some money. Or you don't. You make it a priority. Or you don't. Of course, it's not easy for most to find extra money. Life is full of tradeoffs.

Show me your budget and I'll show you your priorities.

Not PP, but believe it or not, there are so many families that have very little left over once they fulfill the priorities of keeping everyone fed, clothed, and sheltered. Not everyone has fancy cars, vacations, or cable to cut, because they never had them in the first place. It’s just crazy how costs have risen even in the last 20 years- the cost to attend my alma mater (tuition + room/board) has DOUBLED since I attended in the late 90s.

Given how much taxpayer money goes to universities, we should regulate some kind of "rent control" -- tuition shouldnt be allowed to increase more than inflation.

Perhaps then schools would learn how to manage a budget and not simply spend, waste and charge more.

+1. Was on a few college tours with my nephew and everything is so "fancy" now.

It.is.insane. how is it OK to have these grand buildings and grounds?? My niece just went to college in Germany for a year and over there it is nearly free and BARE BONES. guess what? She got a great education over there despite not having a classroom in a building that coat 85M to build.

Yes and our politicians are too busy making friends with university people to get their kids into school to call them out.


Even Sanders didn’t want to talk about how Europe is able to provide free or ultra low cost tuition.


Books not buildings!!! Serious students don’t need a sushi bar.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I love the helpful advice like have fewer kids. Might as well say, live in the past when college was cheaper.

We also have four kids and we approach it like anything else in parenting--do the best you can and realize you can't do it all. No one can predict the future but we've been told that college will be about $200k for in-state tuition, room, and board when our preschoolers are ready to enroll. So our goal is to have $100k for each of them to cover half, pay for another 1/4 while they're in school, and let them pay for 1/4. Maybe we'll even get lucky and one or more of them will receive a scholarship. Who knows, although we obviously can't count on it. There's a lot more that goes into having kids and being a part of a family than paying for college. It's an important part of the big picture, but it's not everything. So keep going on vacations with your family and enjoy your time together, just try to be reasonable about it.

This person ^ said it perfectly.

He or she should host their own talk show.

+1 very well said.

I also have four kids and I started 529 for them immediately after they were born. They are now 17, 15, 13 and 7. The seventeen year old will have about 300k in 529 when she turns 18. The same goes for the 15, 13 and 7 years old. I also got very lucky that I invested 50k in 1997 in Apple Stock that I've kept since but I dont' think they will need it.

Classic!!!

OP: I'm struggling to save for my 4 kids college, what advice do you have?

Poster: Each of my four kids will have $300K for college, and I have a ton of other money if they need some. My advice is you should have bought Apply stock back in 1997.

Love it!

You are very pompous you need a giant dose of humility. I'm assuming you aren't Christian either. So , it looks like you have $0 in your spiritual bank account. I recommend you focus on the wealth of heaven instead of wealth on Earth.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I love the helpful advice like have fewer kids. Might as well say, live in the past when college was cheaper.

We also have four kids and we approach it like anything else in parenting--do the best you can and realize you can't do it all. No one can predict the future but we've been told that college will be about $200k for in-state tuition, room, and board when our preschoolers are ready to enroll. So our goal is to have $100k for each of them to cover half, pay for another 1/4 while they're in school, and let them pay for 1/4. Maybe we'll even get lucky and one or more of them will receive a scholarship. Who knows, although we obviously can't count on it. There's a lot more that goes into having kids and being a part of a family than paying for college. It's an important part of the big picture, but it's not everything. So keep going on vacations with your family and enjoy your time together, just try to be reasonable about it.

This person ^ said it perfectly.

He or she should host their own talk show.

+1 very well said.

I also have four kids and I started 529 for them immediately after they were born. They are now 17, 15, 13 and 7. The seventeen year old will have about 300k in 529 when she turns 18. The same goes for the 15, 13 and 7 years old. I also got very lucky that I invested 50k in 1997 in Apple Stock that I've kept since but I dont' think they will need it.

Classic!!!

OP: I'm struggling to save for my 4 kids college, what advice do you have?

Poster: Each of my four kids will have $300K for college, and I have a ton of other money if they need some. My advice is you should have bought Apply stock back in 1997.

Love it!

You are very pompous you need a giant dose of humility. I'm assuming you aren't Christian either. So , it looks like you have $0 in your spiritual bank account. I recommend you focus on the wealth of heaven instead of wealth on Earth.

Wow I’m sure this poster from 1.5 years ago really smarts from your sick burn.

[Anonymous]

We do 500 per month for our 3 year old since she was born, and have another one coming this summer (last baby) and will start one for that baby and do 500 per month for them. Then all the cash we get in cards from grandparents, aunts and uncles etc. also goes in so that's probably another 1000 per year. total. I feel good about that amount but will probably increase the amounts once kids are in public school. It's so hard to know if that will be enough though... we just do our best and hope that the difference we can cash flow while in college.

[Anonymous]

Anonymous wrote:We didn't save. I returned to work two years before DC graduated from HS after being a SAHM. My salary pays the tuition. DC has always had a summer job and this year will have a job on campus to defray expenses.

We saved/had 2 years for eldest than I did this too ramped up work. We are trying to avoid any loans for our kids (even if Bernie forgives them not a guarantee right now).

[Anonymous]

529's didn't come into existence in a big way until our oldest was about 13. But we had always been aggressive savers and pretty good investors thinking broadly about retirement and college. But we did not have distinct college accounts. When 529's kicked in we rolled a lot of our savings into 529's to take advantage of the tax free build up. We have three adult children and I tell them to max out their retirement accounts first and then invest as much as they can in 529's without tightening the belt so much that life feels like nothing but a savings grind.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I love the helpful advice like have fewer kids. Might as well say, live in the past when college was cheaper.

We also have four kids and we approach it like anything else in parenting--do the best you can and realize you can't do it all. No one can predict the future but we've been told that college will be about $200k for in-state tuition, room, and board when our preschoolers are ready to enroll. So our goal is to have $100k for each of them to cover half, pay for another 1/4 while they're in school, and let them pay for 1/4. Maybe we'll even get lucky and one or more of them will receive a scholarship. Who knows, although we obviously can't count on it. There's a lot more that goes into having kids and being a part of a family than paying for college. It's an important part of the big picture, but it's not everything. So keep going on vacations with your family and enjoy your time together, just try to be reasonable about it.

This person ^ said it perfectly.

He or she should host their own talk show.

+1 very well said.

I also have four kids and I started 529 for them immediately after they were born. They are now 17, 15, 13 and 7. The seventeen year old will have about 300k in 529 when she turns 18. The same goes for the 15, 13 and 7 years old. I also got very lucky that I invested 50k in 1997 in Apple Stock that I've kept since but I dont' think they will need it.

Classic!!!

OP: I'm struggling to save for my 4 kids college, what advice do you have?

Poster: Each of my four kids will have $300K for college, and I have a ton of other money if they need some. My advice is you should have bought Apply stock back in 1997.

Love it!

The thing is, as bad as that guy's response is, there's really no good reply. there's no secret sauce or trick to saving for college. You budget, make sacrifices, and do whatever you can reasonably do to save up some money. Or you don't. You make it a priority. Or you don't. Of course, it's not easy for most to find extra money. Life is full of tradeoffs.

Show me your budget and I'll show you your priorities.

Not PP, but believe it or not, there are so many families that have very little left over once they fulfill the priorities of keeping everyone fed, clothed, and sheltered. Not everyone has fancy cars, vacations, or cable to cut, because they never had them in the first place. It’s just crazy how costs have risen even in the last 20 years- the cost to attend my alma mater (tuition + room/board) has DOUBLED since I attended in the late 90s.

Given how much taxpayer money goes to universities, we should regulate some kind of "rent control" -- tuition shouldnt be allowed to increase more than inflation.

Perhaps then schools would learn how to manage a budget and not simply spend, waste and charge more.

+1. Was on a few college tours with my nephew and everything is so "fancy" now.

It.is.insane. how is it OK to have these grand buildings and grounds?? My niece just went to college in Germany for a year and over there it is nearly free and BARE BONES. guess what? She got a great education over there despite not having a classroom in a building that coat 85M to build.

It's quite simple. The federal government turned on the spigot for student loans. Combined with an influx of foreign students that are willing to pay full freight. Under other circumstances, supply and demand would have kept costs in check. Now that a couple of generations of students have graduated and realized that loans have to be repaid, we're trying to stuff the genie back into the bottle, and it's going to be painful for both students and the colleges. The irony is that Sens. Warren and Sanders think paying offf everyone's loans and pouring more government $$ into colleges will fix the problem.

[Anonymous]

Make student loans dischargeable through bankruptcy.

That would generate change.

[Anonymous]

Anonymous wrote:Mine are teens. For the most part, I’ve put $4k for each in 539s every year. Look like I’ll have about $90k for kid 1 and maybe $100k for kid 2 by the time they hit college. For kid 1, we’re aiming for total cost of attendance of no more than $30k/year which should be completely doable between savings, current income, and kid 1 work study and summer job. That’s in line with our state schools here in VA.

Unless you kid is really bright, not too bright or has a major not offered.

Also some majors cost more. Business or nursing and some majors are five years like accounting and pharmacy.