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

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, is that 3k in savings your only cash savings or do you also have a separate emergency fund that you're not counting?

As for the comments regarding selling the house and the realtor fees, I think some of those decisions would be based on how much equity/appreciation OP has in his home. If he paid $600k (assuming little to no down payment) for it 10 years ago and it's now worth $800k, there is a chance he could net quite a profit even with the associated fees.

We have about 25K in a separate savings account, but we do not touch it.

Also, we have roughly 100K in equity in our house.

Yikes. How on earth do you make over 200k but only have 100k in equity? You really need to figure out what you've been spending your money on. I suggest opening a checking account and having one person's salary deposited into the account. Have this account used entirely for loan repayment. Don't use the account for anything else or even carry a debit card with you.

Learn to live on one salary.

As I posted earlier, we were wrong to help out aging parents, as they were what we spent a great deal of money on. Our mistake and in the past.

You are never wrong to help out the elderly, especially when they're your parents. Anyone who harangues you for that is lost in a way that goes far beyond money.

I posted above saying I couldn't believe you had credit card debt in your 50's. I apologize. Money spent on elderly parents is not irresponsible. I think it is honorable.

We have a higher HHI so we are no longer in debt but our savings are also not as great as they can be due to supporting my parents financially. I could not live with abandoning my parents while they were old and sick. I could live with not paying for my children's college education. Hopefully you can do both but if it was one or the other, I would choose to help my parents.