Reply to Best financial planning tip for donut hole families

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[quote=Anonymous][quote=Anonymous]So paying off things like car and consumer debt is already done.  What other financial planning did you think made an actual difference for families that are full pay oos but will really struggle to be full pay.  [/quote]

It will depend on how long you have before college. If the car is paid off, hopefully you have still been saving the $ per month you used for the car payment to go into short term savings for tuition? Same idea, if you were paying X amount per month to pay off credit card debt: pay your savings account the same amount! Food and sports expenses will go down once the kid is in collge--the extra "saved" goes toward tuition. In other words: you need a full budget overhaul: look to see where every dollar has been going each month for the past year and cut, cut, cut the spending and put the difference into savings, even if your kid is not going for a few years: even a few hundred per month will start to add up. 
 If you are young(40s) you can temporarily trim retirement savings for 3 yrs and just plan on working longer. You can take out a HELOC if the rates are good or a no-interest-for 24 mos credit card if you get desperate. [/quote]

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